Home For AAT student members AQ 2013 AAT Level 3 (Level 6 in Scotland)

FSTP - Other Payables?

Hello,

I took my FSTP exam in December and unfortunately didn't pass. In the P&L and SFP section there was 'other Payables' & 'Other Recieveables' which do they go in? Profit & Loss or Statement of Financial Position?

I also seem to be struggling with section 1.2. Where is best to learn more on these?

Thanks

Comments

  • ariadneariadne Registered Posts: 218
    Other payables and receivables go into the statement of financial position. Like the control account payables (credit purchases) and receivables (credit sales) they are liabilities and assets respectively, just not connected directly to the main business activities of the company/sole trader so labelled as 'other'. It's kind of a trick question, there are other bits in this section which can trip you up so keep practicing the questions and tests and make sure you look up the correct answers to compare against your own, this can be an important part of your learning, especially if your textbook didn't cover it which I found on occassion. Add it to your notes and make sure you understand where you have gone wrong and why. The feedback document on MyAAT is the most useful item available for your exam prep.

    Is section 1.2 the missing records bit? The newer 2013 exams don't have two sections but there is some overlap with 2010 exams, which I took, so worth trying those practice tests if you haven't already. There is a useful video on missing records on MyAAT, listed as a webinar. It covers the margins and mark ups bit as well as completing the accounts.
Sign In or Register to comment.