So how did you find it?

Just wondered how everyone go on today.

I thought it was quite a good paper although I was thrown by a couple of questions.

Suspense Account

I had to think twice about this one as it said to correct the mistakes and then post the correct postings. I hope I was right in crediting the £120 posting and then debiting the correct £1200.

Also, on the bank reconciliation question I was thrown by not having to take into account the £1364 receipt on 9th November. Surely if this had been counted in the previous months rec. it would have cleared in the bank well within the 9 days!!! I had to cross out all my totals and balances!!!

Apart from that, I thought it was a good paper and feel I have done OK!!!

Famous last words!!
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Comments

  • MargaMarga Experienced Mentor Posts: 981Registered
    i think it was a good paper ....not many tricks up?

    about the suspense account yeah i think you are right , well that is what i did, also i did that on the first one were it said it had been entered twiced...
  • SystemSystem Posts: 103,153
    IAC 30 , results

    Hello everyone,
    does anyone know what's the minimum score to pass the exam IAC 30 Unit, and when will the results be ready?
    Thanks
  • NnelilanNnelilan Settling In Nicely Posts: 19Registered
    Also, on the bank reconciliation question I was thrown by not having to take into account the £1364 receipt on 9th November. Surely if this had been counted in the previous months rec. it would have cleared in the bank well within the 9 days!!! I had to cross out all my totals and balances!!!

    Same here...I just put it down to AAT having a bit of fun...I guess the £1364 should have been a payment, not a receipt. I left my reconciliation unbalanced for just this reason - rightly or wrongly :(
  • SystemSystem Posts: 103,153
    Foundation/Certificate For students taking NVQ/SVQ Level 2 or the AAT Certificate in

    Same for me for the bank reconciliation, I spend 50 minutes trying to reconcile it and I couldn't.
    Not enough luck I suppose. The rest was quite easy and similar to past exam papers.
    Do you know anything about the results?
    Thanks
  • katylou2404katylou2404 Just Joined Posts: 1Registered
    Still don't get the bank reconciliation question

    I thought the paper was OK too apart from the bank reconciliation - I also left it unreconciled because I couldn't think of a reason to leave the £1364 out - can't wait to see the Chief Assessors 'weaker candidates' comments on that one!!!
  • ykwong1978ykwong1978 Feels At Home Posts: 48Registered
    I found the exam pretty okay.
    I am ok at the reconcilation as I tend to look at the starting balance in the statement and the ledger account and if they are different amounts, I work the difference and see if there is an entry in the bank statement that will cancel the difference and ignore that entry.
    I may have messed up in the journal entry as I debited 1080 instead of crediting 120 then debiting 1200.
    I cannot remember what else may have threw me, I think this was a straightforward exam.
    Do we find out our results in February??
  • ThomasDThomasD Settling In Nicely Posts: 19Registered
    I just left the 1364 out of the cash book altogether. I dealt with the 120 and 1200 seperately too.

    Anyone know exactly when we find out our results?
  • alexmitchellalexmitchell Feels At Home Posts: 58Registered
    Yeah that blooming bank reconcilliation threw me as well. I couldnt get the bank reconcilliation figure to match the balanced cash book figure.

    In the end I discovered the opening balance in the bank statement wasnt accounted for in the cash book. When i added it to the credits it made the cash book figure and the reconciliation total the same amount.

    Anyone else do this? Pretty sure its correct


    Also, what did you guys put for the first <blank> in the last question on writing the letter?

    01 dec 09

    dear sir

    invoice 111111

    " __________ for the above invoice. Received today."


    any thoughts?
  • ykwong1978ykwong1978 Feels At Home Posts: 48Registered
    That stumped me, as I could not think of anything to go before the word "for"
    I wrote "thank you" as that was the only thing I could think of. lol
  • MargaMarga Experienced Mentor Posts: 981Registered
    Yeah that blooming bank reconcilliation threw me as well. I couldnt get the bank reconcilliation figure to match the balanced cash book figure.

    In the end I discovered the opening balance in the bank statement wasnt accounted for in the cash book. When i added it to the credits it made the cash book figure and the reconciliation total the same amount.

    Anyone else do this? Pretty sure its correct


    Also, what did you guys put for the first <blank> in the last question on writing the letter?

    01 dec 09

    dear sir

    invoice 111111

    " __________ for the above invoice. Received today."


    any thoughts?

    hey:
    thats how i did my bank and cash reconciliation

    also i did use Acknowledge/Confirmation as the word for the letter
  • ThomasDThomasD Settling In Nicely Posts: 19Registered
    I put 'Thank you' in the first blank too. I think that's fine.

    I didn't notice the opening balance being unaccounted for in the reconciliation though. Hmmmm.
  • angietangiet New Member Posts: 8Registered
    another "thank you" from me too. Took me forever to do the reconciliation question but it balanced in the end.

    Did anyone else notice that one of the cheques paid out cleared in the bank account on 19th yet wasn't entered in cash book until 25th? or am I just going loopy?

    Does anyone know when the paper and answers will be available on here? I thought they went on at 9am today for some reason
  • Rebecca498Rebecca498 Feels At Home Posts: 33Registered
    Hi Everyone,

    I was also stumped by the reconciliation and wrote at first included the 1364 payment, but then wrote up the side of the page saying to leave that out then re-added it all up and it all balanced ok then, it just looked a bit messy!

    I also put 'thank you' for the first word and did 1200 and 120 for the suspense account.

    One thing I know I've definitely gotten wrong is the revenue and capital expenditure. Its not something I could remember at all :(
  • dziumbrauskaitedziumbrauskaite Feels At Home Posts: 42Registered
    I left bank reconciliation unreconciled... I spent much time on that , but anyway couldn't reconcile it...shame, that when I was attempting past papers all the bank reconciliation were so easy to reconcile.I never thought, that I will be struggling on that...
    And for the results.. I don't know the pass rate, but the results will be revealed on 16th February.
  • talismantalisman Just Joined Posts: 3Registered
    I struggled on back rec also. I spent about 30 mins on it. I got it to reconcile in the end, but bit of a mess on page. Not sure if the figure i ended up with is right either.

    I wonder if they give partial marks for some of the questions?
  • SilentlispSilentlisp Just Joined Posts: 4Registered
    Hello everyone,

    Just wondering, what was the last part of the 2nd section of the exam?? Was it the bank rec or was it a set of questions??

    Thank You..

    Hope all of you passed the exam..
  • talismantalisman Just Joined Posts: 3Registered
    2.18 Bank Rec
    2.19 Complete Invoice Calcs
    2.20 Fill in blanks of letter

    From what i can remember anyway....please correct me if i'm wrong.

    Mike
  • SilentlispSilentlisp Just Joined Posts: 4Registered
    Oh.. Thank you Mike..

    I asked that because one of my friends who took the exam said that he left immediately after finishing the bank rec, so that means he left 2.19 and 2.20 unanswered..

    I should tell him that later..

    Oh and how many points do you think were there in 2.19 and 2.20??

    Thanks..
  • LaureenLaureen Just Joined Posts: 4Registered
    We didnt have the letter in our exam, was this a different exam to the one I took yesterday. I had the reconciliation, but I struggled getting my trial balance to balance. I didnt subtract the VAT when posting entries and put the charitable donation as a credit instead of a debit (Silly mistake, I work for a charity so put it as a receipt instead of a payment.) I created a suspense account for the small amount that didnt balance anyway. Hope I passed. Dont think I can wait till Feb for the results. Wonder what the pass mark is.
  • ykwong1978ykwong1978 Feels At Home Posts: 48Registered
    tricky questions on IAC paper

    Hi,

    Just wondering if anyone remember any tricky questions in this year papers.

    I think it was straightforward, but now forgotten most of the questions (my memory sucks)
  • SilentlispSilentlisp Just Joined Posts: 4Registered
    to Laureen:

    I think you and my friend had the same exam coz he said there was no letter in his..
  • DC Harry BattDC Harry Batt New Member Posts: 6Registered


    Also, what did you guys put for the first <blank> in the last question on writing the letter?

    01 dec 09

    dear sir

    invoice 111111

    " __________ for the above invoice. Received today."


    any thoughts?


    I did the exam yesterday and i don't remember a question like that, thought the bank rec was the last question... please tell me i've not missed the last page or something stupid!
  • SharleenSharleen Feels At Home Posts: 36Registered
    Had the same thing with the bank rec but just took out that rogue 1364. The timing seemed odd but I put a note next to it saying 'outstanding lodgement' as if to show that I had crossed it out for a reason rather than just because that's what my difference was! I'm sure there was an opening balance in the cash book though, on the debit side, as there was only one other entry and then the closing balance on that side, no?

    Anyway, if we were all only stumped on this and the journal entry hopefully we all did good!
  • NnelilanNnelilan Settling In Nicely Posts: 19Registered
    I'm sure there was an opening balance in the cash book though, on the debit side, as there was only one other entry and then the closing balance on that side, no?

    That's exactly how I remember it...can't wait to see the exam paper on the Website
  • margery dawemargery dawe Just Joined Posts: 4Registered
    Thank God I wasn't the only one who struggled with the bank rec. then!!!

    I left the £1364 out in the end and ignored it, although I can't remember anything about the opening balance on the cash book!!

    The letter I filled in with Thank you too.

    Some people were doing the NVQ paper in the room at the same time, so maybe that's why people are saying they didn't have letter.... they were just simply doing another paper.

    What did people put for the capital and revenue expenditure. The only one that stumped me was fitting a letter plate to the door. I put capital exp. as it is improving an asset (ie the building), was I right?

    I didn't realise the paper would be on website so quickly.
  • LynneadeleLynneadele Just Joined Posts: 1Registered
    Iac 30

    Hi everyone
    Thank goodness there are more of you out there that had problems with the reconcilliation! I finished the paper and went back to that question and took over half an hour doubting everything I'd learnt and juggling the figures round to try and get the figures to balance, before the light finally went on and what a relief! A bit mean to show the payment in so late in the month though.
    How did any of you find the balancing of the sales control ledger with the subsidiary ledgers, with that journal entry sneaked in at the bottom?
    Yes, I too put 'thank you' for the start of the letter and I'm sure that will be right.
    Sometimes the answers are too obvious, which makes you look for a catch!
    Fingers crossed for us all.
  • SilentlispSilentlisp Just Joined Posts: 4Registered
    Were there questions at the very back of the exam paper?? I think lots of students missed those ones..
  • ykwong1978ykwong1978 Feels At Home Posts: 48Registered
    Silentlisp wrote: »
    Were there questions at the very back of the exam paper?? I think lots of students missed those ones..
    I did the Diploma AAT IAC exam which included the letter; maybe the people who did the exam by NVQ level had a different paper (where the letter was not included).
  • Tina WTina W New Member Posts: 6Registered
    Phew!

    Soooo glad everyone had probs with the rec, I thought it was just nerves getting to me!

    I managed to reconcile it in the end, by leaving out the receipt, but I was sooo annoyed as it was the one part I was feeling really confident about! Bit worried tho as I did not put any notes as to why I was not including it.

    Journal corrections stumped me a bit with how they asked us to show each individual correction, but I done the same with the £120 and the £1200.

    Cant believe we have to wait until Feb :(

    Also, I put 'thank you' on the letter lol
  • alexmitchellalexmitchell Feels At Home Posts: 58Registered
    I didn't realise the paper would be on website so quickly.

    Is it up already? I had a quick look but couldnt see it anywhere...
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