Skills test D1908

annefreeman

Hi All

Is anybody able to confirm the answers with me for the above skills test for Unit 5 please? I'm just needing to confirm the current account answers as I'm not resure if I have my appropriation of funds set out correctly. I've worked on the basis that the interest on the capital account is shown in the current account appropriation layout and I'm not sure now if I've got that wrong or not.

I've worked out that the current account splits would be as follows:

Lucy - Open balance 1,134.75 : interest 500 : profit 48,988 : balance c/d 50,622.75
Monica - open balance 1,781.26 : interest 500 : profit 34,991 : balance c/d 37,272.26

Grateful for any guidance you may have. Thanks for reading.

Rinske

I think you got the opening balance or the rest on the wrong side for both.

In both cases the opening balance should be on the debit side (see current account balances on p 11 of the answer booklet) and the interest and profit go on the credit side.

Leaving the balances to be carried down to be 48,353 for Lucy and 33,710 for Monica.

I hope this helps,
Rinske

annefreeman

Thank you so much for this. I've been looking at it again this evening and was sure I'd gone wrong somewhere but couldn't see where......its a silly mistake to make now, but as soon as I read your reply I saw where it was.

I haven't got the answer papers to refer to, so couldn't tell where I was going wrong. Sometimes at least if you have the answers, you can work backwards from there.

Many thanks again.

Rinske

I have the answers if you need them. However, that's at home, so it would have to wait till tonight. It's too big to attach to the forum, I tried! But if you let me know your email address, I can email it to you!