FRA section 1 trial balance

any2002uk
any2002uk Registered Posts: 88 ? ? ?
HI

Just got an email from my tutor who got all exam papers and i asked her to check whether the closing stock should be included in trial balance, she checked and she said yes it did ask you to included the closing stock after you found the figures from calculation.

Did anyone included the closing stock on trial balance?

Comments

  • SueA
    SueA Registered Posts: 1 New contributor ?
    FRA Section 1 Trial Balance

    Hi there

    I didn't include the Closing Stock and I also left out Capital as well. I thought the piece about closing stock was very confusing, it said the closing stock wasn't included and we had to work it out later on in the paper. I don't remember it saying we had to add it in once we'd worked it out.

    I thought all of Section 1 was horrible, it wasn't laid out in the same way as any of the previous papers and the questions were very confusing, I didn't have a clue what they were asking me to do!
  • safrica
    safrica Registered Posts: 106 ? ? ?
    SueA wrote: »
    Hi there

    I didn't include the Closing Stock and I also left out Capital as well. I thought the piece about closing stock was very confusing, it said the closing stock wasn't included and we had to work it out later on in the paper. I don't remember it saying we had to add it in once we'd worked it out.

    I thought all of Section 1 was horrible, it wasn't laid out in the same way as any of the previous papers and the questions were very confusing, I didn't have a clue what they were asking me to do!

    I have to disagree with that, have a look at Dec 2003 paper, the section 1 is the exact replica......:ohmy:
  • meibaker
    meibaker Registered Posts: 481
    i didn't include the closing stock as well, now i wonder what's more i've got it wrong!
  • rachy1975
    rachy1975 Registered Posts: 366
    well we shall find out tomor when they put the exam up...24th isnt it??
    :001_smile:
  • any2002uk
    any2002uk Registered Posts: 88 ? ? ?
    i am waiting for tomorrow! what time will all exam papers come online? midnight on wednesday? the being day of wedneday or it will be display at 9am because all staff at AAT will be in office to put it on.
  • A-Vic
    A-Vic Registered Posts: 6,970
    Does anyone know if anyone is going to do the FRA and ECR paper for us?
  • rachy1975
    rachy1975 Registered Posts: 366
    A-Vic wrote: »
    Does anyone know if anyone is going to do the FRA and ECR paper for us?

    not sure, sandyhood has done ecr already...there is an earlier thread
  • A-Vic
    A-Vic Registered Posts: 6,970
    rachy1975 wrote: »
    not sure, sandyhood has done ecr already...there is an earlier thread

    The exam How? the paper hasnt even been released yet
  • rachy1975
    rachy1975 Registered Posts: 366
    A-Vic wrote: »
    The exam How? the paper hasnt even been released yet

    not sure its on about page 2 of the threads on here....ill try and link but never done it on here before...

    http://forums.aat.org.uk/showthread.php?t=22910
  • any2002uk
    any2002uk Registered Posts: 88 ? ? ?
    they are online now.

    it said closing stock is not available

    then in next page it said you need to calculate the closing stock. if it said not available then i need to included the closing stock when it is available. what do you think?
  • pussycat
    pussycat Registered Posts: 10 Regular contributor ⭐ ? ⭐
    it does say on the tb page that cloisng stock is not yet availabe, but it does not mention anywhen when calculating closing stock that it needs to included in tb!!! not 100% sure on how the question is worded as to whether or not it needs to be included!!!!!
  • spursfan323
    spursfan323 Registered Posts: 28 ? ? ?
    No-one seems to have picked up on the fact that it makes no difference whether or not you post closing stock, seeing as you would have posted closing stock as a DR to the BS and the identical item as a CR to the P&L.

    ...it makes no difference!!!!
  • roy ramphul
    roy ramphul Registered Posts: 38 Regular contributor ⭐ ? ⭐
    I was wondering I just completed the FRA 09 Question Paper. In section 2 where there was an adjustment of Drawings for Dave, is it necessary to open a Dave's Drawings Account in the Extended Trial Balance because I Just debited Dave's Current A/c as an adjustment.

    Therefore I included as part of the balance b/d in Dave's Current A/c.
  • Rachey
    Rachey Registered Posts: 589
    No-one seems to have picked up on the fact that it makes no difference whether or not you post closing stock, seeing as you would have posted closing stock as a DR to the BS and the identical item as a CR to the P&L.

    ...it makes no difference!!!!

    Do you really think everyone on here is that stupid? :lol: Of course we know it makes no difference in the balancing figure... HOWEVER, people are worrying because if they have asked us to include it and we havent done, then we wont gain all the marks as we have clearly not read the question properly!
  • AK002
    AK002 Registered Posts: 2,492
    I was wondering I just completed the FRA 09 Question Paper. In section 2 where there was an adjustment of Drawings for Dave, is it necessary to open a Dave's Drawings Account in the Extended Trial Balance because I Just debited Dave's Current A/c as an adjustment.

    Therefore I included as part of the balance b/d in Dave's Current A/c.

    Current account = profit and drawings.

    To the OPs question, i never included the stock as it told you to balance off the trial balance and then you turned the page to the stock question.
  • roy ramphul
    roy ramphul Registered Posts: 38 Regular contributor ⭐ ? ⭐
    The Closing Stock was part of cost of goods sold which would have included the opening stock, purchases and Closing Stock of 30,000. Therefore the Closing Stock in the Trial Balance is extended to the Balancesheet.
  • Rachey
    Rachey Registered Posts: 589
    The Closing Stock was part of cost of goods sold which would have included the opening stock, purchases and Closing Stock of 30,000. Therefore the Closing Stock in the Trial Balance is extended to the Balancesheet.

    That was a really tricky thing to put in! I know some people who didnt even notice and stuck it in a suspense account! But we were talking about the closing stock in section 1, not section 2. Just to avoid any confusion.... :001_tongue:
  • roy ramphul
    roy ramphul Registered Posts: 38 Regular contributor ⭐ ? ⭐
    I think the calculation of Closing Stock in section 1 is not necessary to put in the trial balance because usually whenever I have been practicing final accounts, the closing stock always appeared underneath the trial balance.

    If it was going to ask us to enter the closing stock in the trial balance, we would have entered it on dr and cr side in which all other previous papers as asked us to because the Accounts were already written up in the trial balance.

    Because we were asked to prepare a trial balance before the calculation of closing stock, I do not think we are supposed to enter the closing stock in the trial balance.
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