FRA - Pass rate?
AmyRichardson
Registered Posts: 89 Regular contributor ⭐
Hi all
Did the FRA exam today.....and my trial balace didnt balance. so i put a suspense account in, i then realised AFTER the exam the reason it didnt balance is because i forgot to add on the balance from the accrued admin expenses and i think i did the VAT control account the wrong way around.
however i did transfer the balance on the VAT control to the TB correctly.
And then if it couldnt get any worse on the appropiation account i split it 6 months each and it should have been 9 Months and 3 Months.....however my calculations were correct to match the 6months and 6 months share.....
does anyone think i will have to re-sit?
Cheers
Did the FRA exam today.....and my trial balace didnt balance. so i put a suspense account in, i then realised AFTER the exam the reason it didnt balance is because i forgot to add on the balance from the accrued admin expenses and i think i did the VAT control account the wrong way around.
however i did transfer the balance on the VAT control to the TB correctly.
And then if it couldnt get any worse on the appropiation account i split it 6 months each and it should have been 9 Months and 3 Months.....however my calculations were correct to match the 6months and 6 months share.....
does anyone think i will have to re-sit?
Cheers
0
Comments
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we are alound to talk about the exam now i think, it's after 8pm
does anyone remember what they got the trail balance to balance at? and can anyone remember if they got as there Net profit on the P&L?0 -
My net profit was 115,000! and my figure on tb i cant actually remember but think was something like 389914? i duno haha smething? what did u get i might remmeber the figurre!
Amy as long as you carry on your error it doesnt matter u loose mark for not the correct answer but gain if did what u did right dont worryx0 -
thanks
it just frustrated me !!......
i also got 115,000 net profit x0 -
i think i got for net profit 109,300 or 103,900 something divisable by 3 anyway but think i forgot to take off the purchase adjustment. this was after doing it in pencil and re calc a couple of times as the figure i was getting didnt make sense for 3 partners. on the trial balance i was 20 out and had put one figure in a 14,750 on credit off the info supplied, should have been 14,570 and did correct it. did people sort the accrual as credit and pp asset so debit. goodwill acc, confused me, as always does, as they turn it 45 deg. no columns. have people noticed these exams are just like last dec. and very similar, too introduce the cbe's i suppose. also what about the adj/journals. admin 2,600 and take it out of accruals, was that right. as it then cleared sus.0
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389914 sounds familiar. how did you sort the app. etc out with a sus acc. that happened to me on sim and i had forgot to put acc dep through on journal, hope its not a re-sit x0
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I got £115,000 net profit too, closing stock confused me a bit, wasnt sure how to do the journal for (e) :-/0
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Closing stock:
41600 - 2750 + 1000 = 39850 (I think!) 2750 was the damaged goods and 1000 is how much they sold them for
therefore the journal entry....
Dr Closing stock Balance sheet 39850
Cr Closing Stock P & L 398500 -
Thanks AmyRichardson I did get that figure, I think I was just confusing myself with the journal, trying to make it sound more complicated than it really is!0
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thats what i got. stock minus cost damaged goods plus scrap value, that what i stuck in me head from costings x0
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Oh dear I got 116,700 or something like that for net profit. Looks like I may have missed something there!!
Am going to stop stressing about it now and wait until 16th August. At the end of the day the worst thing that can happen is that I have to re-sit and let's face it nobody died it's not the end of the world.
Hope everybody has a well deserved drink tonight.
J0 -
Net profit 115000 for me.
Closing stock agree as well.
Was completly stumped on the Bank account though - how ever many times i tried couldn't get it to balance. Ended up putting in an extra line and calling it Xmas party!
Trial Balance did though first attempt! Yeah!
And I'm so enjoying my glass of wine!0 -
i coudnt get the bank account to balance was out by £4500 coudnt find it anywherer0
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AuntieT - I love the idea of your Xmas party for the Bank Account. They always say to put a suspense account into the TB if you can't get it to balance so surely you have to get points for creativity on that one!0
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does anyone remember what they got for the balance on the trial balance on 1.6?
i think i got something like 394914 or somthing odd like that!0 -
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Hi everyone. I tried and tried but i could not get my trial balance to add up..had to give up in the end. finished the rest of the paper no problem. i really struggled with trial balance and my page looked a mess with all the jigging and juggling. can anyone tell me please how they worked out the accural/admin costs..and also think i got the vat account wrong..what did you all put. would i still get marks for trying?0
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catheriner3482 wrote: »does anyone remember what they got for the balance on the trial balance on 1.6?
i think i got something like 394914 or somthing odd like that!
I'm afraid I can't remember the exact figure but I'm sure it had 914 on the end!0 -
Hi everyone. I tried and tried but i could not get my trial balance to add up..had to give up in the end. finished the rest of the paper no problem. i really struggled with trial balance and my page looked a mess with all the jigging and juggling. can anyone tell me please how they worked out the accural/admin costs..and also think i got the vat account wrong..what did you all put. would i still get marks for trying?
I can't remember the figures I'm afraid Jackie but from what I can remember for the admin we had a brought forward prepayment to add to the bank figure then a carried forward prepayment to deduct and finally the accrual to add to get the final figure.
The VAT account was a credit balance - again I can't remember how much but we basically had a brought forward credit balance to which we had to add the total VAT on sales (cash and credit) and then on the debit side was the figure we had calculated for the one that had included VAT in the bank account. The balance carried down on the debit side therefore became the brought forward balance on the credit side to include in the TB.
Hope that's of some help!0 -
hopefully 394914 on 1.6 is right. seem as i messed up the P&L, i ended up with £111000 as my NET profit.0
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what a relief the exams over! i'm trying to relax but i'm still thinking back to the exam argghh. i got same figure as everyone for my TB. think i got a different figure for net profit though but can't reallly remember. definitely liked section 1 better than section 2. i made a mess of my VAT account so i had to cross it out and draw out a new one below it then i wrote a note "see below" lol. roll on august0
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Mine wouldn't balance either so as some others have said i stuck in a suspense account to make it balance - going along the lines of I'd obviously made an error (most likely on that pig of an accruals and prepayment question).
Emma 123 - I also mucked up the VAT A/C and had to cross it out and do another below!
Hope eveyone gets the results they are hoping for in August!!0 -
does anyone remember what they got for 1b) the SLCA?
does £87905 sound right to anyone?0 -
i worked it, as admin 2650 admin and the same for accrual and 2x 2650 for sus. i had 2650 to account for. and i remember something off dec 09 paper it was acc. tb i got 394914 but because of not minus pur adj i didnt get the right net profit. oh my god oh in a fit, mmm **** xx0
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oh please please please let £394914 be right for section 1 tb. as that would mean most of the other parts in section 1 were right as the figures carried forward. can't believe i didn't get £115000 for net profit. i wish we didn't have to wait so long for our results. :-(0
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What did people get for the insurance prepayment in section 1?
x x x0 -
I got that too, (394... figure for trial balance) but looking at other answers posted, I'm doubting myself.....OH NO!0
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My VAT control acct was credit balance 6500......
In DR side I had VAT payment to HMRC from Bank, and opening balance I think, and in CR side, I had the value off vehicle running costs, and the sales VAT figure.....this left £6500 credit balance I think, I HOPE!0 -
My VAT control acct was credit balance 6500......
In DR side I had VAT payment to HMRC from Bank, and opening balance I think, and in CR side, I had the value off vehicle running costs, and the sales VAT figure.....this left £6500 credit balance I think, I HOPE!
hi,
this is what i had lets hope the best 0 -
it was a horrible feeling when in the middle of the night i have realized why my TB not balanced (bl**d* accruals and prepayments), thank God I ve put the diff to suspense, but still i could kick myself. such an idiot...
i want to go back and correct it now lol
how did everybody cope with the retirement of jack? I managed to deduct his currenct acc. from his capital lol (pls dont mention it to anyone lol)0
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