FRA exam today

Afternoon all .... So how did everyone find it? Was it as hard as some people expected curtosy of the ecr exam? I for one am glad it's over, personally I found it ok so it'll be nice to see if anyone feels the same or if I'm just kidding myself lol x
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Comments

  • missy
    missy Registered Posts: 76 ? ? ?
    OMG, that exam was exactly how i wanted it to be. NICE lol
  • missy
    missy Registered Posts: 76 ? ? ?
    such an easy going paper... thanku AAT lol after taking such a beating from the ECR paper on monday i really needed this. x
  • kellyriddell
    kellyriddell Registered Posts: 84 ? ? ?
    I'm glad someone else feels the same way! When do we get our results?
  • wesjp23
    wesjp23 Registered Posts: 9 Regular contributor ⭐ ? ⭐
    I found myself re-reading it all to see if they were trying to catch us out anywhere. Overall actually enjoyed it compared to ECR!
  • missy
    missy Registered Posts: 76 ? ? ?
    results are out in Feb arent they? i dont even want to know my results for unit 6 :(
  • dieselhead
    dieselhead Registered Posts: 28 ? ? ?
    It was practically identical to the June 2007 paper, even down to some of the numbers such as 135 - you had to multiply it by 2/3 to determine the prepayment just like in the jun07 paper. Well certainly the first question was.

    For Q1, I got 81,610 for the trial balance totals

    Q2; 8,738 for the adjustment column totals
    27,513 for the net profit and 10,213 for the total net assets

    Did everyone else get the same, or did I go horribly wrong somewhere?
  • dieselhead
    dieselhead Registered Posts: 28 ? ? ?
    Was a bit worried that those answers weren't round numbers; they usually are in exams.

    I wasn't sure where to put the profit on disposal and the provision for doubtful debts adjustment in the P&L statement - so I just tacked them on at the bottom underneath the expenses and prayed.
  • dieselhead
    dieselhead Registered Posts: 28 ? ? ?
    Given that I sat the exam in a mosque, it was an appropriate place for a prayer. I just hope that Allah looks favorably on my answers ...
  • missy
    missy Registered Posts: 76 ? ? ?
    your Doubtful debt Adjustment of £38 went into the profit and loss it usually goes under the income section, it was a (cr) in the profit and loss. Didnt go under the revenue expenses they are all DR
  • missy
    missy Registered Posts: 76 ? ? ?
    Aww i'm sure Allah swt was looking out for u.
  • dieselhead
    dieselhead Registered Posts: 28 ? ? ?
    Yes I seem to remember the figure of 38 for that adjustment

    Did you get the same bottom line?
  • kellyriddell
    kellyriddell Registered Posts: 84 ? ? ?
    My figures were very similar if not the same, did anyone put the accrual in of 250 curtosy of altering the general expenses? My theory is everything balanced, and in section 2 the adj p and l along with the balance sheet all balanced and corresponded with everything else so I can't have done too badly lol
  • Lena
    Lena Registered Posts: 15 Dedicated contributor ? ? ?
    dieselhead wrote: »
    It was practically identical to the June 2007 paper, even down to some of the numbers such as 135 - you had to multiply it by 2/3 to determine the prepayment just like in the jun07 paper. Well certainly the first question was.

    For Q1, I got 81,610 for the trial balance totals

    Q2; 8,738 for the adjustment column totals
    27,513 for the net profit and 10,213 for the total net assets

    Did everyone else get the same, or did I go horribly wrong somewhere?

    Got exactly same figures for Q2!
    Don't remember Q1...

    I am glad it is over:).
  • dieselhead
    dieselhead Registered Posts: 28 ? ? ?
    Yes I put the accrual in for 250 in the adjustment columns.

    It was a bit unclear I thought about whether to reduce the bank balance by 2,400 in the adjustment columns ... but I suppose you must otherwise the balnce sheet wouldn't have balanced.

    When the bank balance is an overdraft do you put it under current liabilities in the BS?
  • kellyriddell
    kellyriddell Registered Posts: 84 ? ? ?
    The accrual was for question 1 that I am refering too, I put the bank balance in assetts for some reason even though it was an overdraft, thinking about it don't think I shouldve done but hey lol - my proforma that I made fir myself from previous balance shhets were always in assets as never had an overdraft so was automatic for me to put it in assets!
  • missy
    missy Registered Posts: 76 ? ? ?
    the accrual was in section 1 wasnt it? i cant remember what i got for my profit and loss but it all balanced i know the bank was overdrawn there was a 700 adjustment for personal use purchases cr 700 drawings dr 700 which was a tricky one
  • missy
    missy Registered Posts: 76 ? ? ?
    when your bank is overdrawn its a current liability in the balance sheet. x
  • Marga
    Marga Registered Posts: 981
    did the paper and glad is over ...having done unit 6 on monday then i did Unit 30 yesterday and unit 5 today ...my confidence (shattered on unit 6 is back with me) :)


    I didnt get an overdraft bank but anyways ....i am glad with what i did
  • missy
    missy Registered Posts: 76 ? ? ?
    doesnt matter what you got, aslong as you got it to balance lol x
  • Marga
    Marga Registered Posts: 981
    yeah it did balance...if it doesnt we just open a suspense account lol ...
  • beavis182
    beavis182 Registered Posts: 130 ? ? ?
    i didnt do the Unit 6 exam as just knew i wasnt at all ready. I studied really hard for the FRA exam today and it wasnt too bad at all. I managed to finish it in 45 minutes and felt it was quite easy.. except the last few bits on Stock Valuation. I think that was the only part i messed up on but hoping its enough to get me a pass!
  • beavis182
    beavis182 Registered Posts: 130 ? ? ?
    PS there was a really cute girl doing the exam as well in our group and it made it just that much better :-)
  • Marga
    Marga Registered Posts: 981
    i didnt remember anything about stock valuation so i probably have that one wrong but i three in some numbers just so i wouldnt leave it blank
  • pinoyLiz
    pinoyLiz Registered Posts: 92 ? ? ?
    Marking the exam

    How do u think AAT mark the paper? is it per task or per correct amount/answer written?
  • beavis182
    beavis182 Registered Posts: 130 ? ? ?
    it was the last few quick questions.. re-valuing the stock figure for meat products.. i cant even remember really.
  • Tessy
    Tessy Registered Posts: 1 New contributor ?
    Hi! All these numbers ring a bell. I found it quite easy...I hope I did look at all questions. First section ended with the trial balance and the second with the P&L and Balance Sheet. No appropriation accounts or partnerships. Everything balanced. So I hope I did well.
  • missy
    missy Registered Posts: 76 ? ? ?
    i think with that question u didnt need to value the stock that was four days old becoz u wouldnt be selling it, was all to do with SSAP9 lower of cost or NRV. x
  • Marga
    Marga Registered Posts: 981
    beavis182 wrote: »
    it was the last few quick questions.. re-valuing the stock figure for meat products.. i cant even remember really.

    yeah i know which ones you aretalking about....pies...i was so hungry and they were throwing in pies!!!


    lol
  • missy
    missy Registered Posts: 76 ? ? ?
    Marga wrote: »
    yeah i know which ones you aretalking about....pies...i was so hungry and they were throwing in pies!!!


    lol
    haha funny u say that, i was hungry too at the time! lol
  • exam panic
    exam panic Registered Posts: 157 ? ? ?
    don't worry

    If not balance the aat will give you axtra to make it balance . I did last year 1 section 1 balance but my working was right so I passed
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