AP2 Failed

Mollypod88

Hi All,

Well I failed AP2 this week :crying:

Any tips from people who have failed and passed a re-sit?

Thanks

hague79

Hi Mollypod88

I failed AP2 today for the 3rd time i really don't know if to carry on can't handle another FAIL! same thing twice now Incomplete Records were you find the missing figure??? GUTTED can't seem to get this one right any tips on Revision will help me and " Incomplete Records" dare i say it :mad2:

Nat.

hague79

If i have the ledger i can do it its when i get Mark up or Margin?? need the formula??

Thanks Nat.

Mollypod88

That's what I failed with as well! I only had 1 did not meet. Im gutted as well. Have you done the greenlight exercise?

hague79

yeh iv done them but only got 40% really need to know were im going wrong how did you do on them?

Clarekaye

Mollypod88 wrote: »

That's what I failed with as well! I only had 1 did not meet. Im gutted as well. Have you done the greenlight exercise?

Actually cringed at this... You only got ONE did not meet, I am doomed I tell you doomed! :crying:

MarkT

Clarekaye wrote: »

Actually cringed at this... You only got ONE did not meet, I am doomed I tell you doomed! :crying:

Stop it... There is nothing to fear about this - you just need to keep at it - 1 did not meet will not actually fail you, it needs a little more including a few m and b's

I am away until Sunday night, but I will make a post then of pointers in simple basic form of some of the issues that a lot of people seem to have a grasp of to see if I can help flick a switch that maybe your tutors aren't :001_smile:

No guarantees, but its worth a try - you can all do this - hell, if I did, you can

KaySarah

Give me the heads up on pm when you Post that one M .. told you you should be teaching! lol
and Thank you .. in advance.

janwal

Have subscribed to the thread so I don't miss it

KaySarah

janwal wrote: »

Have subscribed to the thread so I don't miss it

How does one do that Jan? I don't know how.

Jo Clark

KaySarah wrote: »

How does one do that Jan? I don't know how.

Hello KaySarah

I'm sure Jan won't mind me answering this... if you go to the beginning of the thread, there is an option on the right hand side called thread tool (in a blue bar). If you click on that you can subscribe to any thread you like.


JC

KaySarah

Thanks Jo :001_smile: I'll try it now. You're a star!

All Done Another lesson learned today woohoo!x

janwal

Hi

Thanks Jo

I find it really useful and also you can email a thread to yourself or someone else, so you can keep hold of vital bits of info..........like Sandy's lessons!! and Mark's notes.

Jan

Mollypod88

Thanks Mark! That'll be really helpful. I am starting AP2 tomorrow with the re-sit on 5th April

Mollypod88

I've had a look at my feedback sheet and had the following:

Borderline: Accounting for changes in partnerships
Did not meet: Incomplete record techniques

I can't even remember what these mean!! I'm really not feeling confident for the re-take now Just don't know how I'm going to improve

MarkT

Mollypod88 wrote: »

I've had a look at my feedback sheet and had the following:

Borderline: Accounting for changes in partnerships
Did not meet: Incomplete record techniques

I can't even remember what these mean!! I'm really not feeling confident for the re-take now Just don't know how I'm going to improve

That is pretty tight, however, I am trying to piece together the thread as promised and I will post it as soon as I possibly can - more likely it will be tomorrow now as I don't want to throw a load of information on a thread without giving it some layout :001_smile:

Jo Clark

I've had a look at my feedback sheet and had the following:

Borderline: Accounting for changes in partnerships
Did not meet: Incomplete record techniques

I can't even remember what these mean!!

Hello Mollypod

Sorry to hear your news, however the following link may help you understand the areas you need to improve upon

http://aat-interactive.org.uk/aat/practice_assessments/practice_assessments/3/Accounts%20Preparation%20II/Mapping_document_for_Accounts_Preparation_II.pdf

You can also download this document for future reference, it is in .pdf format.

If you look at page 3, there is a whole section on Incomplete Records and what this covers. In short, incomplete records means that there is inadequate or missing information.

With regards accounting for changes in partnerships, this will cover the admission of a new partner, retirement of a partner, change in profit share etc.

I hope the above will help you focus your revision for your resit.

Oh and not to forget that MarkT is going to write some sort of crib sheet if I remember rightly.

Good luck and remember we are all here to help


JC

Jo Clark

MarkT wrote: »

That is pretty tight, however, I am trying to piece together the thread as promised and I will post it as soon as I possibly can - more likely it will be tomorrow now as I don't want to throw a load of information on a thread without giving it some layout :001_smile:

Hello Mark

Not exactely sure what you mean by layout, however, I had an idea... and it is just and idea! Maybe you could prepare the document in MS Word or some other application and saving it as a .pdf and attach to a thread.... like I said, it is just an idea - either way I'm sure all students will be most grateful for whatever you produce


JC

janwal

Hi All

Well took my AP2 exam today and failed :sad: It was the partnership accounts mainly.

Also I got a really funny question it asked you to calculate profit and cost of sales, but also asked you to calculate purchases, bu the only thing it gave you was stock had increased by £4536. Any ideas!!

Jan

Carl168

sorry to hear that you failed.. good luck for next time..

Since Purchases = Cos + Closing Stock - Opening Stock by rearranging the formula..

Given you know that stock has increased by 4536 then that is the closing - opening stock.. so they must have given other info as on the page.... or asked you to work out GP or COS from margin or mark up from sales

Carl168

Carl168 wrote: »

sorry to hear that you failed.. good luck for next time..

Since Purchases = Cos + Closing Stock - Opening Stock by rearranging the formula..

Given you know that stock has increased by 4536 then that is the closing - opening stock.. so they must have given other info as on the page.... or asked you to work out GP or COS from margin or mark up from sales

all i am saying really is they would only have given you 1 true unknown

janwal

Carl168 wrote: »

sorry to hear that you failed.. good luck for next time..

Since Purchases = Cos + Closing Stock - Opening Stock by rearranging the formula..

Given you know that stock has increased by 4536 then that is the closing - opening stock.. so they must have given other info as on the page.... or asked you to work out GP or COS from margin or mark up from sales

Hi Carl

I had the sales figure, and a 28% margin

From this I had to work out GP and COS..... which I did ok

The next question said....... your stock has increased by 4536, found the purchases figure, and then in asked for the VAT amount on purchases.

Jan

NicF

The amount your stock has increased by is closing stock - opening stock, and you also knew your cost of sales so you would work out purchases as

Purchases = COS + 4536.

You can then work out the VAT amount from the purchases.

janwal

NicF wrote: »

The amount your stock has increased by is closing stock - opening stock, and you also knew your cost of sales so you would work out purchases as

Purchases = COS + 4536.

You can then work out the VAT amount from the purchases.

Thank you for this can't believe it was that easy..... oh well will know for the resit!!

Mollypod88

AP2 re-sit passed today! woohoo! Next ... spreadsheets ....