Home For AAT student members AQ 2016 Foundation Certificate in accounting General discussion - Foundation level
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AAT skillcheck question HELP

Just completed the AAT skillcheck test and confused on one question, could someone please explain?

Select the correct closing balance of the account

An expense account has the following transactions recorded in it: Opening debit balance of £100, Debit transaction of £500, Credit transaction of £150.
£350 debit
£450 credit -CORRECT ANSWER
£450 debit - MY ANSWER
£600 debit

Can someone please explain how it gets to that correct answer?
sarah0906

Comments

  • Adele69Adele69 CambridgeAAT Student Posts: 320
    might look something like

    DR ____________|___________CR
    £100 Op Bal....................Trans £150
    £500 Trans................**CL BAL £450**
    £600 total..........................total £600
  • KTAAT82KTAAT82 Registered Posts: 7
    @Adele69 but how does the closing balance end up on credit side when there's more debit?
  • Adele69Adele69 CambridgeAAT Student Posts: 320
    it's only a balancing figure to close that period.
    when opening the next period for this Account you would have OP BAL £450 DR
  • BertieBertie West Midlands Registered Posts: 376
    It's a bit of a sly question that.
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