FRA June 09

Ian

Hello,
I feel sorry for the people that struggled, this is not a dig at them but I was reasonably happy with the way the exam went. I thought that it was quite similar to the past papers, and there was nothing in that paper that was not in previous ones. Cost of goods sold I found hard to place but in the end it worked out as my difference due to closing stock being entered in the P/L and the BS. Once I removed this everything else worked fine. I think that there is a lot of negativity regarding this exam and remember it was not all that many months ago that the same people were complaining about the dec ECR who went on to pass. Wait until the results come out before deciding that you got it all wrong!

AK002

Exactly how i feel mate.

Paper had the same sorta content as past papers nothing "new" cropped up bar the cost of goods sold as you say.

My TB balanced, ETB balanced as did my BS.

Lots of negativity towards this exam.

safrica

I also agree with you.......the fisrt part of the exam even sounded familiar to a past paper I had worked through.....well, have a look at Dec 2003, section 1 is all the same format... and content :ohmy:, same depreciation method & rates, same amount of prepayment,etc...:001_rolleyes::001_rolleyes:

AK002

safrica, just had a look and you are right. Almost identical.

katsutlieff

Oh Lordy I did that paper the night before the exam, no wonder it all seemed so familiar.

tigger37

I had practiced all of the past papers from 03 - 08. I recognised alot of sameness from each exam in different areas. The only twist that tripped me up in the end was the closing stock fig of 30k which I stuck in my p & L when it was already accounted for the the cost of goods sold line. SO my profit was out by 30k, but I believe that will be my only error in the whole paper as that profit of 100k then followed throughout the rest. This is ok since I should only be marked down once for that wrong figure yes?

AK002

Yep you will only loose one mark for that.

My tb also didn't balance but as it was out by £30,000 i just removed the £30,000 credit from the P&L for the stock...

Ian

What did you put for the last question regarding the value of the cars not being £62K?

AnnieN

62k Assets

I just put down a recommendation of using an asset register to record all the details of pur price nbv etc so that errors would not be made. I have no idea if this is right, but it was the only thing that came in to my head!

rachy1975

Ian wrote: »

What did you put for the last question regarding the value of the cars not being £62K?

it asks what action you would take because of the differences...between the list(£47k) and the trial balance cost (£62)....

i put you would check that nothing is in the garage being repaired as the list is what is on the premises at the moment....also check no one has rented or lent the car out...also you would check that it hasnt been disposed of during the year and not removed form the fixed asset register...if none of those its prob been stolen and needs to be claimed on insurance!!!!

this question comes up quite often in the simulations