accounts prep 2, help please
lauram
Registered Posts: 49 Regular contributor ⭐
hey
ok so ive had a long break from studying due to waiting on new books for the new guidelines with AAT etc, and am feeling a little lost now.
this is the first part of the assignment and im already lost lol.
You are told that all receipts have been banked with the exception of £11000 which he has retained for his own use.
His assets and liabilities at 31 March were:
2009 2010
Bank Balance 1500 2000
Debtors 9100 9900
Rent paid in advance 100 200
Inventory (stock) 4400 5300
Wages owing to staff 350 440
Unpaid heating bill 135 145
Creditors 5215 6205
Vehicle (cost) 9000 9000
Provision for depreciation 900
Capital 17500
Michael took a coat worth £100 from stock during the year for his personal use.
Analysis of Michael's bank statements has revealed that the following payments were made during the year:
Paid to suppliers of electrical goods 34000
Rent and rates 3000
Heat and light 805
Motor expenses 1150
New fittings for the shop 750
Wages paid to staff 2000
Bank charges 105
a) Draw up Arthurs bank ledger account and identify how much money was paid in during the year.
now i looked back at some old notes, and for the bank accounts, things included were b/d, receipts from debtors ( i dont have that figure), payments to creditors (again we are not supplied with that figure), drawings, expenses, c/d amount.
the only thing is, the assignment is online and you have a drop down box to choose from, and drawings isnt even listed there for this part, so im guessing it doesnt show on the bank account then?
help please
ok so ive had a long break from studying due to waiting on new books for the new guidelines with AAT etc, and am feeling a little lost now.
this is the first part of the assignment and im already lost lol.
You are told that all receipts have been banked with the exception of £11000 which he has retained for his own use.
His assets and liabilities at 31 March were:
2009 2010
Bank Balance 1500 2000
Debtors 9100 9900
Rent paid in advance 100 200
Inventory (stock) 4400 5300
Wages owing to staff 350 440
Unpaid heating bill 135 145
Creditors 5215 6205
Vehicle (cost) 9000 9000
Provision for depreciation 900
Capital 17500
Michael took a coat worth £100 from stock during the year for his personal use.
Analysis of Michael's bank statements has revealed that the following payments were made during the year:
Paid to suppliers of electrical goods 34000
Rent and rates 3000
Heat and light 805
Motor expenses 1150
New fittings for the shop 750
Wages paid to staff 2000
Bank charges 105
a) Draw up Arthurs bank ledger account and identify how much money was paid in during the year.
now i looked back at some old notes, and for the bank accounts, things included were b/d, receipts from debtors ( i dont have that figure), payments to creditors (again we are not supplied with that figure), drawings, expenses, c/d amount.
the only thing is, the assignment is online and you have a drop down box to choose from, and drawings isnt even listed there for this part, so im guessing it doesnt show on the bank account then?
help please
0
Comments
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...............DR...................................................CR.....................................
Balance b/d...........1,500....................Electrical Goods/Creditors............34,000
Receipts................42,310..................Rent and Rates..........................3,000
......................................................Heat and Light............................805
......................................................Motor Expenses..........................1150
......................................................Fittings.....................................750
......................................................Wages......................................2000
......................................................Bank Charges.............................105
......................................................Balance c/d................................2,000
...........................43,810.................................................................43,810
Balance b/d............2,000
I'm not certain, but I think that might be it. The £11,000 drawings were taken before the receipts were paid into the bank account, so don't feature in the bank account.0 -
hey
yes thanks i managed to sort it, mainly because its actually one ive already done before and they just changed the name lol.
the second part of the assignment really threw me, and to be honest im thinking of stopping studying. i started off great but missed the date to register with AAT before 1st july, and therefore had to have a break from studying whilst they sorted out new assignments which are now computer based ones, and they seem a lot harder then the paper ones were.
im just really struggling and its not making much sense to me right now.0 -
The actual material itself hasn't changed that much so you should be OK with that. What has changed as you're finding out, is the style of question, they're more like the NVQ skills tests rather than the exam papers.0
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Hi lauram. It would seem a shame not to continue when you started off well. Putting together accounts from incomplete records is one of the most difficult parts of the level, and I'm sure you will get the hang of this with a bit more work. The question you put up on your other thread is particularly tough, but once you have done a few of these they will become much easier I promise.
I've only studied Costs and Revenues so far, but haven't really found that the CBAs are particularly more difficult than the written papers. The way the questions are structured may be a little different though. Have you got one of the latest textbooks that is written specifically for the new QCF scheme?0 -
Hi lauram. It would seem a shame not to continue when you started off well. Putting together accounts from incomplete records is one of the most difficult parts of the level, and I'm sure you will get the hang of this with a bit more work. The question you put up on your other thread is particularly tough, but once you have done a few of these they will become much easier I promise.
I've only studied Costs and Revenues so far, but haven't really found that the CBAs are particularly more difficult than the written papers. The way the questions are structured may be a little different though. Have you got one of the latest textbooks that is written specifically for the new QCF scheme?
hi, yes i think im used to the terms and that from the paper formats, and it seems to have changed slightly, that along side having 2 months off from studying hasnt helped. i do want to stick with it, just got really frustrated that i didnt know where to start with the assignment mentioned on my other thread.
thanks for taking the time to get back to me hun xx0
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