Unit 5 progress test 1 Help!!!

Soph06Soph06 New MemberPosts: 14Registered
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.

Comments

  • DIPS6369DIPS6369 Settling In Nicely Posts: 17Registered
    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
  • Soph06Soph06 New Member Posts: 14Registered
    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 SausageVeggie Sausage New Member Posts: 8Registered
    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!
  • susiewongsusiewong Feels At Home Posts: 29Registered
    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 SausageVeggie Sausage New Member Posts: 8Registered
    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!
  • sarahkillipsarahkillip New Member Posts: 8Registered
    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!!
  • RinskeRinske Font Of All Knowledge Posts: 2,453Registered
    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
  • sarahkillipsarahkillip New Member Posts: 8Registered
    thanks, Rinske, that makes sense, just stared at the question so long I couldn't see the obvious!
  • davejvhdavejvh Settling In Nicely Posts: 19Registered
    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 SausageVeggie Sausage New Member Posts: 8Registered
    £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!
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