FSTP Sample Assessment 1

calc

Does anybody know how they arrive at £3731 Task 1.c?

CeeJaySix

Calc,

The closing balance from 2016 was £1,327 dr.
Add £200,100 receipts.
Less £205,158 payments.

= £3,731 cr.

calc

Ahhh, when I screen printed it, it was so small I missed that thank you.

Do you know how they arrive at the answer for 1.2 (e) £6490?

CeeJaySix

In part B you are told that sales are £63,900 for the year. As he allows customer's one month's credit, there's only likely to be around 1 month's worth of sales for which payment is due. £63,900 / 12 = £5,325. Obviously it's an 'estimate' question, as the sales will not be exactly uniform over the year.

calc

Thank you, that makes sense, I was looking for the exact figure!

On task 5 the figures don't seem to marry up,
42600/5 x 2 = 17040 (suggested answer 17400)
42600/5 x 3= 25560 (suggested answer 25280)

Am I doing something wrong?

CeeJaySix

Look at the existing balances on their current accounts on the TB and take those into account. I think your problem is failing to read the whole question and take note of all the information available to you - you need to take more care to avoid silly errors. Remember in almost all balance sheet questions, there's probably already a balance you need to make use of in the question - that's the case in your first and third queries. In your second question, the question is actually titled 'Estimates and incomplete records' or similar. Don't rush, you have loads of time in the exams, make sure you get to the correct answer.

calc

I forgot to add my current accounts in. First exam I have done in a while .......