Unit 5 progress test 1 Help!!!

Soph06

Hi

Could someone tell me the total figures for the trial balance for Kaplan progress test 1 John Risdon?

I can't for the life of me get the figures to balance and can't work out where i went wrong.

Please can someone put me out of my misery.

thanks in advance.

DIPS6369

Hi

I would like to help, but we are using the Osbourne Books for Intermediate Course, would it possible for you to upload the your exercise so that I can possible have a look at the same

Soph06

Hi
thanks for offering to help. This morning I managed to get the figures to balance somehow and posted my paper before looking at this post. Hopefully any feedback I will get from Kaplan would help me realise what mistakes I made.


It's good to know people are here to help.

Veggie Sausage

Hi Soph06,
I wonder if you could let me know the total figures. Mine seem to be out and I'm not sure what I'm doing wrong.
Thanks!

susiewong

Unit 5, progress test 1

Hi, I am also struggling with this unit, I have read and re read but things do not seem to be sinking in!!!

I have managed to get onto the progress test but fell at the first hurdle which was to work out the capital. Now I have seen the equation in the Kaplan book but now cannot find it for love nor money..

Please can anybody help??

Cheers Susie

Veggie Sausage

Hi Susie
I worked out the first question as capital= assets-liabilities.
I still can't get the trial balance right (it's out by nearly £4000!) but I have just given up and sent the progress test back because I can't see what I've done wrong. I thought I was understanding it ok until I did this test!

sarahkillip

im struggling with task 1.4-1.6 dont understand how you can work out straight line depreciation as they haven't given you the useful economic life? HELP!!

Rinske

sarahkillip wrote: »

im struggling with task 1.4-1.6 dont understand how you can work out straight line depreciation as they haven't given you the useful economic life? HELP!!

Usually they give a percentage of depreciation and the depreciation to date. Combined with the cost of the asset.

If it is a straight line it means it's calculated via the percentage of the depreciation.
Say if the depreciation is 10% per year, the depreciation will be 10% of the original cost of the asset.

I hope this helps,

Cheers,
Rinske

sarahkillip

thanks, Rinske, that makes sense, just stared at the question so long I couldn't see the obvious!

davejvh

hey all,

I got mine to balance at 65,615 after some long hard checking.
**I don't know if this is correct!**

but here are the mistakes i found i had made (or almost made) going through the test- maybe they will help:

*did you include the bank balance as an asset in q1?
*did you use the correct stock balance in the trial balance? (read ch12 ETB)
*when you did the disposal account in 1.4, did you remember to take that provision out when doing task 1.6?
*did you (re)calculate the capital correctly before writing out the trial balance?

Veggie Sausage

£65615 is the correct answer. My figure for capital was wrong as I forgot to add the cash received from sale of van.
Now I'm stuck on progress test2!