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FRA UNit 5 short test 3 Arthur Manderson

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Comments

  • crispycrispy Trusted Regular SouthamptonRegistered Posts: 456
    Hello,

    Looking back at the qeustion it said that:

    ' £ 11,000 of receipts were not were not banked and kept for personal use'

    Therefore I saw the journal should look like,

    Dr Drawings £ 11,000
    Cr Debtors Control £ 11,000

    If the receipts were paid into the Bank the journal would be:

    Dr Bank £ 11,000
    Cr Debtors Control £ 11,000
  • lauramlauram Feels At Home Registered Posts: 49
    ok thank you for that, im still really having trouble with just where to start, i have drawn up t accounts for everything listed, and am thinking that i start by putting the opening balances in them, and am i right in thinking that they should all match up with the 2005 balance which are the closing balances?
  • lauramlauram Feels At Home Registered Posts: 49
    im also having trouble with whats in the bank account, as i thought drawings were listed in the bank account? but on the solution given they arent?

    the way i feel right now, i just arent getting this at all and am so stressed with it all, sorry to go on.

    xx
  • lauramlauram Feels At Home Registered Posts: 49
    me again lol , i also noticed that suppliers on yours is 3,400, on my sheet is actually 34,000 is that a mis print then maybe?
  • lauramlauram Feels At Home Registered Posts: 49
    ok so ive gotten as far as this:
    ive started my bank account and have
    bal bd (DR) 1,500 from 2004

    and then in CR i have
    suppliers 3,400
    rent 3,000
    light/heating 805
    motor expense 1,150
    fittings 750
    wages 2,000
    bank charges 105

    then we should have a bal c/f of 2,000 which they gave us

    and im not balancing.

    on the example someone kindly gave on here theres an amount of 11,710 in DR side for debtors - but ive looked at the example and i just cant figure out where this came from, as no payments are being stated as being given by a debtor in that year, why am i being so damn thick????
  • crispycrispy Trusted Regular SouthamptonRegistered Posts: 456
    Hello,

    I didn't have the actual question when I did this but used the information on the first page.

    From looking at the qestion there were opening and closing Debtors so the assumption is there were credit sales involved. Any receipts from credit sales would be entered as:

    Dr Bank
    Cr Debtors


    I started by first constructing the Bank Account - the balancing mssing figure would have to be any receipts from customers (debtors). With this I could then complete the Debtors Account and the missing figure as the sales figure.

    I then completed other accounts by filling in any missing information (which is marked by a * on my answer). As I said I haven't seen the actual question or model answer so hope my attempt was correct - however I believe my technique was sound.
  • lauramlauram Feels At Home Registered Posts: 49
    ok thank you, i will have another go in a little while when my headache is gone lol.

    it just baffled me that the amount taking for drawings of £100 wasnt on the bank account as i though drawings showed on a bank account.

    i am also a little worried that my payment to creditors shows at 34,000 on the question and not 3,400 like the first poster said.

    i kind of feel like im out of my depth right now, not knowing where to start with something like this, that im sure many people didnt have any trouble at least making a start on.

    thanks again, im sure il be back posting later on. xx
  • crispycrispy Trusted Regular SouthamptonRegistered Posts: 456
    If you are tired or not feeling too great, then this makes trying this sort of question more frustrating. The best thing to do if you are struggling is to put it down / forget about it and have another go when the time is better.
  • lauramlauram Feels At Home Registered Posts: 49
    well i started it earlier and have now had a little break from it so going back to have a look again, its just not sinking in right now, where to start and where to go next etc. i feel really stupid for not getting even the beginning of this particular question.
  • lauramlauram Feels At Home Registered Posts: 49
    hello,
    i just wanted to let you know that i have just completed this assignment using your solution as a guide, it was great having something to refer back to and see how you did it then figure out why you did it that way etc.

    im still a little baffled as to why the drawings for £100 didnt have to go on the bank book, but aside from that everything else made sense - i think in my head i had this idea that i needed to fit it all in the bank account when things like accurals, prepayments and that didnt have to etc.

    thank you so much for your help and aplogies for my mutliple posts.

    laura
    crispy wrote: »
    Hello,

    I didn't have the actual question when I did this but used the information on the first page.

    From looking at the qestion there were opening and closing Debtors so the assumption is there were credit sales involved. Any receipts from credit sales would be entered as:

    Dr Bank
    Cr Debtors


    I started by first constructing the Bank Account - the balancing mssing figure would have to be any receipts from customers (debtors). With this I could then complete the Debtors Account and the missing figure as the sales figure.

    I then completed other accounts by filling in any missing information (which is marked by a * on my answer). As I said I haven't seen the actual question or model answer so hope my attempt was correct - however I believe my technique was sound.
  • snowmaraudersnowmarauder Feels At Home Registered Posts: 99
    Hi ya, just had a good read through this, like to keep my hand in over the summer hols. I understand from the info, the 100 was goods taken for own use. If so they are already assigned to the purchases, so they have to come out of the purchases. Im going to have a go at this myself.
  • lauramlauram Feels At Home Registered Posts: 49
    Hi ya, just had a good read through this, like to keep my hand in over the summer hols. I understand from the info, the 100 was goods taken for own use. If so they are already assigned to the purchases, so they have to come out of the purchases. Im going to have a go at this myself.

    yeah i think i get that now, just confusing when yo get used to having to put drawings on the bank account normally, then come across something where it doesnt need to be - you are right though, he took it from the business purchases so it comes from purchases and then drawings account so doesnt need to be in the bank account.
  • snowmaraudersnowmarauder Feels At Home Registered Posts: 99
    Can someone send me this one, so I can have a go myself, thanks

    [email protected]
  • amyjayne27amyjayne27 Trusted Regular Registered Posts: 314
    Hi Laura,

    If it makes you feel any better I really struggled with this short test, I got a merit + in the end but forgot to show my workings for sales and purchases so was marked down. Let me know if you need help.
    I am also really worried about the FRA exam, just started revising for my exam on the 19th July and I have to look at my books for every question!

    Amy
  • lauramlauram Feels At Home Registered Posts: 49
    sorry i dont have it to hand at the moment as have sent it all back for marking.

    amy - glad to know im not alone, i have my skills test for it mid july, have just completed the simulation practice one on branson and really found it hard, someone kindly sent me the answers so i kept doing bits and then checking it etc.

    im not required to do another pracitce one before the real skills test, but theres one called harvey in my osbourne book which im going to attempt just cos i really dont feel confident at all.

    does anyone know what happens if you do fail the skils test? i mean, can you re take it straight away or have to wait a period of time?

    thanks x
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