Help please!!! Interview Question Paper!

AATNewbie

Attachment not found.

Hi,

I need help with these questions! Aaron and I have had a go and its actually quite hard!!

Help is very much appriciated!

Emma x

SashaDella

Is this the question you messaged me about?

Sasha

AATNewbie

yes :-)

SashaDella

I have printed and shall look after work today, whats it for anyways?
is this an assignment, and what level /exam?

AATNewbie

It's for an interview for a job, but have to go through this process first... which is new to me :-/
I've never had to do this before... :glare:

uknitty

Hey - thanks for the inbox.

Most of the stuff here will be covered at level 3 - did you say you are currently on level 2 ?

If you are required to complete this for a job interview then employer is looking to gauge your current skills and abilities. If you get someone else to come up with the answers for you then it won't really give the employer a chance to find out what work you are currently able to do comfortably.

I know this may sound horrible - and I really don't mean it to be. My concern is you could get us all to help you with the right answers, and then if you get the job the employer is going to expect you to be able to do all or most of this stuff without any help - which may end up making you feel really stressed as you may not get the support and training that you need should you be successful at the interview.

I'd suggest giving the questions your best shot on your own and then come back with your answers to ask specific questions about any areas you are struggling with. If you follow this process at least in an interview you can say that when you were first presented with the question you didn't know how to do X,Y and Z, but you gave it your best shot, got feedback and you have now learned something new. You could then explain how this demonstrates how you are willing to learn.

Out of interest - what job is it that you are interviewing for ? Sounds like a practice role ? We'll try and help and support you as much as possible, - Good Luck

AATNewbie

Both parts.... I getting so confused and flustered :-(

SashaDella

Income and expenditure is just a P & L correct?
then the balance sheet and then show capital and current accounts in detail...

Whats the job and are you doing aat?

AATNewbie

Yes I believe so..

Its for an assiant bookkeeper. Yes I have just started aat but been in purchase ledger for a few years.. just want to do soemthing i have a passion for!

SashaDella

I shall get back to you tomorrow - I shall be able to help though.
Don't panic

AATNewbie

Thank you x

villapb

Question 1, work out opening capital Jan 2007 by adding up assets and take away liabilities, then do income exp sheet to show whats called surplus ie profit, then do a balance sheet with the final part of the balance sheet being financed by which is opening capital plus surplus. Its just the same as a p and l and balance sheet, tbh this should come natural.

Sammmy88

Tis a toughy!! I'd like to see the answer...

villapb

To be precise question is asking for accumlated fund (capital), income and exp surplus or deficit (income minus exp), then balance sheet ( fixed assets +(current assets - current liab)) which should equal financed by opening accumm fund + surplus.

Sammmy88

Sounds difficult...

villapb

question 2 . you do p and l account to get net profit then add interest on drawings for each PARTNER, then less interest on capital for each PARTNER, then less salary, then less share of profit at 50/50 FOR EACH PARTNER should come to zero.
Current account left side for each ARTNER .....balance bf, int in drawings, drawings, . Right side balance bf, int on capital, salary, share of profit, balance cd........ either side to balance off. HEADINGS DATE, DETAILS, EACH PARTNER. FOR BOTH DR AND CR.
Balance sheet normal way then financed by for each.......... which is capital plus current account for each........

Sammmy88

Did you manage to do this question sasha?

Sammmy88

Could someone email me the answer and explanation? I'd like to see how it's worked out :-)

aaron0121

Who is going to produce the explanation and answers?

That is the million dollar question

Sammmy88

No takers then?! :001_tt2:

villapb

question 1

see attached

villapb

ps my best try also £125 charge for it lolllllllllllllllllllllllllllllllllllll in engagement letter, rip it up

villapb

question 2

This was eaier imo

villapb

sorry im a terrible typer............

Sammmy88

hahahaha!!! whats a ' eaier imo'???

villapb

easier lol................what sammy was asked to do in question 1 is aimed at non profit organisations, hence why hmrc call it income and exp and not p and l...........accumulated fund what they like to call capital. Its based on membership fees being paid such as the british legion club.

Sammmy88

So, I showed my tutor the question with the income and expense account.. And she said that there is an expense wrong and an expense missing... Could the expense missing be something to do with buying the second hand tractor? Also the balance sheet isn't right.... Any help wOuld be appreciated. Thanks :-)