FRA exam today
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Also took that exam today. Found section two much easier than any past papers I've seen. However the trial balance in section 1 just would not agree for the life of it. Ended up (after lots of re-calculations) with a difference of 2700 missing in the credit side. Anyone have any idea's of what this could have been? I ended up putting a suspense account in to agree the balance sheet with a not explaining how in a working scenario if this happened i would get my supervisor to take a look etc.. But do you think by it not agreeing I won't pass?0
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Yeah, the meat pies bit was confusingly written I thought. I made it a £25 reduction in closing stock value.
Ben0 -
MTF,
The figure 1350 which is half of your 2,700 rings a bell - it was the figure they gave for a rent payment covering the quarter from 1 Sept - 30 Nov
Did you do something funny with that?0 -
my BS didnt balance with my P&L apart from that think i did ok? the abd debt in section 1 was it a write of or a provision? think i got that wrong!!!0
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1350 was the figure they gave for rent from 1st sept - 30 Nov, but the question was asking you to do the account for 30th sept so you accrued 9000
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That wouldn't have been an accrual but a prepayment - if I'm being honest I can't remember the questions in detail, I don't know how everyone can remember so much in detail!0
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only 350the 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
I think it was only 350 - not 700?!0 -
350 was to cancel the dr entry wasnt it? then another 350 which was the correct entry on the cr side, that came to 700 ... not sure if im right though, but if you have a dr entry which is meant to be on the cr side i'm sure you have to enter it twice on cr side to have it sitting in the correct place. x0
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i cant remember what the year end date was, can anyone remember?0
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ur right, i cant remember i'm sure there was an accrual and a prepayment in there, i cant remember the figures, the accrual may have been in general exp.kellyriddell wrote: »That wouldn't have been an accrual but a prepayment - if I'm being honest I can't remember the questions in detail, I don't know how everyone can remember so much in detail!0 -
The £900 was a prepayment and the accraul was £250
I believe it wasn't £700 for task 2 but £350.
You had to reduce purchases by £350 and increase drawings by £350
The profit and loss figure (that I came to) was £27,513 (or there abouts)0 -
As far as I can remember bothh the prepayment ref rent and the accrual ref general expenses were both located in section 1 - prepayment was put in as a credit in the rent account and dr prepayment accrual was dr general exp 250 and cr acrruals 250 thy were the double entries. I thought as the exam was over I'd sleep like a log last night as I've not been sleeping well for the past week due to stressing over the exam but last night was the worst having to go to work on 4 hourssleep is not advisable kept waking up numbers and credits and debits going through my head! The aat should compensate us for lack of sleep due to nerves/stress!0
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Hi to all
I have done the paper and was really worried all my balances where right. the only mistake i have done i did not put the part exchange allowance in the disposal so i opened a new account and i had a loss of 525(i think it was that amount) and tuck away the (600) part exchange allowance in the P&L . but all in all in when i think i have done all the past exams paper it was quite easy.
I just forget about it cause what ever mistake i have done i cant change it so i gonna enjoy christmas and then back to study0 -
if i remember 900 was prepayment 250 accrual
when it said that the personal items were charged to the purchases accounts i took it as it left the drawings and went to the purchases so i CR 700 purchases and DR700 drawings to balance this ....didnt touch the bank account for anything
did you get a profit of 75 for disposing of the equipment? 600 - 525?0 -
i did the same with the personal use questionif i remember 900 was prepayment 250 accrual
when it said that the personal items were charged to the purchases accounts i took it as it left the drawings and went to the purchases so i CR 700 purchases and DR700 drawings to balance this ....didnt touch the bank account for anything
did you get a profit of 75 for disposing of the equipment? 600 - 525?
Purchases CR700
Drawings DR700
I got a profit of 75 on the disposal which i put in my profit and loss under (added income) i also put my prov for doubtful debts adjust of 38 in added income becoz we were decreasing our provision for doubtful debts. My bank was overdrawn so it went in the current liabilities section of my balance sheet. That got me thinking for a while but then becoz it said no enteries where made at all for the disposal/exchange it could have been possible that the bank may have become overdrawn. x0 -
well i did the same as you on the PL ie added the two incomes
i took the 2400 paid for the new equipment from the equipments account not the bank althought it said it was paid from the bank
there was a past paper that did the same ie not used the bank so i just remembered this thats why my bank is not overdrawn....
i had at the end in the equipment account
DR 600+2400 =3000 cost of new equipment
CR 2100 +2400 which was the disposal of the first equipment and the money to go to the bank to paid for the second vehicle0 -
Hello, every one. I think the exam was very easy and hopefully we will be OK.
Q1) The trial balance fig was 81610,
Two objectives Relevance and Comparability, Depreciation rate for 4 years : St Line Method 25% ,Prfit on disposal £75, Decease in Provision £38
Q2) Adjustment fig 8738
Net Profit :27513
Balance Sheet: 10213
Closing Stock Revaluation :155
Change in Stock : 180-155=25
Profit fig will decrease
Goo luck every one, Any comments Please?
Thanks0 -
accounts boy wrote: »Hello, every one. I think the exam was very easy and hopefully we will be OK.
Q1) The trial balance fig was 81610,
Two objectives Relevance and Comparability, Depreciation rate for 4 years : St Line Method 25% ,Prfit on disposal £75, Decease in Provision £38
Q2) Adjustment fig 8738
Net Profit :27513
Balance Sheet: 10213
Closing Stock Revaluation :155
Change in Stock : 180-155=25
Profit fig will decrease
Goo luck every one, Any comments Please?
Thanks
i think everything the same (or most of it) aside of the stock revaluation which i made up as i didnt revise this lol0 -
Im sure i got 80990 (or something similar for my section 1 balance. All my class mates got that figure aswell ? got th 27153 for the profit and 10213 for my net assets. Im pretty confident ive passed, i thought that pies thing at the end was abit of a joke it was like primary school maths if you ask me. I wasnt in class for the stock costing lesson and i still managed to do it. Im just not looking forward to my June unit 6 exam or my simulation next week. Anyone done there simulation for unit 5 yet ?0
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bugger. i definately got the stock valuation wrong then.. i increased it by 80 to give a total of 260. It was the only thing i didnt revise on and it bloody came up! lol. I was panicing about Goodwill accounts and profit aportioning for partnership and that didnt come up!0
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bugger. i definately got the stock valuation wrong then.. i increased it by 80 to give a total of 260. It was the only thing i didnt revise on and it bloody came up! lol. I was panicing about Goodwill accounts and profit aportioning for partnership and that didnt come up!
i think they threw that in cause they wanted to just add some questions to cover space on the papers ....as a goodwill question would have given many marks i think
anyway i think there were three tasks with one of the tasks with two questions no?
so i got the first task correct were it was the theory about the cost valuation
then the pies questions which i got incorrect
and then the third one saying if it was more gross profit or less profit - even if my calculations were wrong i still managed to say we would get less profit0 -
The pies question was pretty easy if you think about it ....
There were 80 pies at £1.25 50 at £1.15 (which you used as the NRV was less than the cost price) and then the others were thrown away so it was just 80x1.25 + 50x1.15. I was revising goodwill etc and was surprised that it didnt show up. I didnt get the right balance on my P&L/Balance sheet as i had my provision for doubtful debts in as a plus 38 when it should have been a negative of 112 but i managed to find it after half an hour and alot of panicking ! if i hadnt made that error id of been done in an hour and a quarter.
Thought the questions were v.easy aswell on foundation i was sat there for longer on the questions than the t-accounts work !
reading some of the Unit 6 students comments their exam was horrendous ! im not looking forward to June at all now think the AAT have messed up with that exam !0 -
The pies question was pretty easy if you think about it ....
There were 80 pies at £1.25 50 at £1.15 (which you used as the NRV was less than the cost price) and then the others were thrown away so it was just 80x1.25 + 50x1.15. I was revising goodwill etc and was surprised that it didnt show up. I didnt get the right balance on my P&L/Balance sheet as i had my provision for doubtful debts in as a plus 38 when it should have been a negative of 112 but i managed to find it after half an hour and alot of panicking ! if i hadnt made that error id of been done in an hour and a quarter.
Thought the questions were v.easy aswell on foundation i was sat there for longer on the questions than the t-accounts work !
reading some of the Unit 6 students comments their exam was horrendous ! im not looking forward to June at all now think the AAT have messed up with that exam !
i think the pies calculations was easy if you knew what you had to do ...i didnt so i ended up multiplying the 50 pies for the difference between the cost price and the selling price lol
never mind
did you do unit 30 then on tuesday?0 -
It wasnt really that i knew what to do, i was at the hospital with my daughter on the stock costing lesson so missed out on all that FIFO,LIFO stuff (even though that wasnt really relevant in the exam) i just tried to use my common sense i guess. I just remembered that SSAP9 thing and used that method.
I think were doing unit 30 after we have done unit 6 , is that the short unit ? and is it just simulation based ?
If youve balanced on your section 1 TB and done your P&L and BS right on section 2 i wouldnt worry about the questions as the the other parts are the most important. In foundation i must have got all my journals wrong as i didnt understand them and i still passed !0 -
accounts boy wrote: »Hello, every one. I think the exam was very easy and hopefully we will be OK.
Q1) The trial balance fig was 81610,
Two objectives Relevance and Comparability, Depreciation rate for 4 years : St Line Method 25% ,Prfit on disposal £75, Decease in Provision £38
Q2) Adjustment fig 8738
Net Profit :27513
Balance Sheet: 10213
Closing Stock Revaluation :155
Change in Stock : 180-155=25
Profit fig will decrease
Goo luck every one, Any comments Please?
Thanks
How on earth do you remember these numbers? Did you write them down and take out with you?0 -
i did the same with the personal use question
Purchases CR700
Drawings DR700
Can you explain why it's 700 and not £350.
Presumably it was something that was bought from business bank account and was personal but mistakely charged to purchases. The original (wrong) journal was presumably:
Purchases 350DR
Bank 350CR
so you'd have to reverse by:
Purchases 350CR
Bank 350DR
Then doing the correct transaction of:
Drawings 350DR
Bank 350CR
This can be shortened to:
Drawings 350DR
Purchases 350CR
Why 700? Doubling up is only if it was put in the right account but a credit instead of a debit or vice versa. Here you are simply removing it and placing in a different account.0 -
I'm sure i got the same net profit, but i think my balance sheet turned out at £10,123. How did i leave out £90?0
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hey,Can you explain why it's 700 and not £350.
Presumably it was something that was bought from business bank account and was personal but mistakely charged to purchases. The original (wrong) journal was presumably:
Purchases 350DR
Bank 350CR
so you'd have to reverse by:
Purchases 350CR
Bank 350DR
Then doing the correct transaction of:
Drawings 350DR
Bank 350CR
This can be shortened to:
Drawings 350DR
Purchases 350CR
Why 700? Doubling up is only if it was put in the right account but a credit instead of a debit or vice versa. Here you are simply removing it and placing in a different account.
I'm not sure if i'm right but here's why i think it was 700.
The question said val took out items worth 350 for her personal use. This was debited to the purchases acnt.
now the correct entry for this would have been - cr purchases 350 and dr drawings) she didnt take out cash so the bank doesnt even come into it.
however the 350 was was sitting as a dr entry in the purchases and we know it should have been a credit. So you needed to cr purchases 350 to clear the wrong debit entry which was put in there, and then another 350 for the correct entry that should have been in there in the first place. So in total you were crediting the purchases acnt with 700. The double entry to that was in drawings so if you credited purchases 700 you had to debit drawings.
hope that helps clear up the 700 ( i did it this way, but not sure if im right, makes sense though)0 -
FRA exam
Well after £300 at Kaplan an failing the exam twice already a feel a little more confident, I DID forget to put the accrual in and opened a suspense. Hey Ho I did the right entry just the wrong name!?!
I don't know about that £700 everyone is talking about though I got the same gross profit, but was £660 out on balance sheet !? ! Anyone have any clues what that could have been so I can kick myself?0 -
i just realised what everyone is saying ,
The question was that the lady had taken £350 worth of items for personal use it said nothing about it being in the wrong account to begion with? So I CR purchases £350 and Dr Drawings £350 Why would we involve the bank when it wasn't mentioned ?0
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