AP2 Failed

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Mollypod88
Mollypod88 Registered Posts: 155 Beyond epic contributor 🧙‍♂️
Hi All,

Well I failed AP2 this week :crying:

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

Thanks

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  • hague79
    hague79 Registered Posts: 11 Regular contributor ⭐
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    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
    hague79 Registered Posts: 11 Regular contributor ⭐
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    If i have the ledger i can do it its when i get Mark up or Margin?? need the formula??

    Thanks Nat.
  • Mollypod88
    Mollypod88 Registered Posts: 155 Beyond epic contributor 🧙‍♂️
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    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
    hague79 Registered Posts: 11 Regular contributor ⭐
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    yeh iv done them but only got 40% really need to know were im going wrong :( how did you do on them?
  • Clarekaye
    Clarekaye Registered Posts: 307
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    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
    MarkT Registered Posts: 302
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    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 :wink:
  • KaySarah
    KaySarah Registered Posts: 215 Beyond epic contributor 🧙‍♂️
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    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
    janwal Registered Posts: 1,189 Beyond epic contributor 🧙‍♂️
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    Have subscribed to the thread so I don't miss it
  • KaySarah
    KaySarah Registered Posts: 215 Beyond epic contributor 🧙‍♂️
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    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
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    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
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • KaySarah
    KaySarah Registered Posts: 215 Beyond epic contributor 🧙‍♂️
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    Thanks Jo :001_smile: I'll try it now. You're a star!

    All Done :lol: Another lesson learned today woohoo!x
  • janwal
    janwal Registered Posts: 1,189 Beyond epic contributor 🧙‍♂️
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    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
    Mollypod88 Registered Posts: 155 Beyond epic contributor 🧙‍♂️
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    Thanks Mark! That'll be really helpful. I am starting AP2 tomorrow with the re-sit on 5th April
  • Mollypod88
    Mollypod88 Registered Posts: 155 Beyond epic contributor 🧙‍♂️
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    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
    MarkT Registered Posts: 302
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    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
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    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
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo Clark
    Jo Clark Registered Posts: 2,525 Beyond epic contributor 🧙‍♂️
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    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
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • janwal
    janwal Registered Posts: 1,189 Beyond epic contributor 🧙‍♂️
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    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
    Carl168 Registered Posts: 10 Regular contributor ⭐
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    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 Registered Posts: 10 Regular contributor ⭐
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    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
    janwal Registered Posts: 1,189 Beyond epic contributor 🧙‍♂️
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    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
    NicF Registered Posts: 108 Beyond epic contributor 🧙‍♂️
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    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
    janwal Registered Posts: 1,189 Beyond epic contributor 🧙‍♂️
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    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
    Mollypod88 Registered Posts: 155 Beyond epic contributor 🧙‍♂️
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    AP2 re-sit passed today! woohoo! Next ... spreadsheets ....
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