FRA DECEMBER 2004
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Can anyone tell what information needed to be put in the current account. Also did anyone refer to any accounting standards in any of the questions. The very last question I just referred to confidentiality.
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Comments
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FRA DECEMBER 2004
I put in about FRS 15 on the question about reasons for keeping a fixed asset register. I think its the one to do with depreciation. I don't know if I did right!0 -
FRA DECEMBER 2004
as it goes the rent account paid that year was £2515 and the admin expenses where £2500 or the other way round can remember<BR><BR>Prepayment Reveresed - 300<BR>Paymetns made bank Cash - 2570<BR>Prepayment for next quarter - (355)<BR> <BR>Rent - 2515 <BR><BR><BR>Something like that <BR><BR><BR>0 -
FRA DECEMBER 2004
I completely flaked on the first question! I couldn't imagine where the information for the Capital could come from, and I still can't! I had to make it up entirely. I also couldn't get the proper format Balance Sheet to work, but that was probably me being dim.<BR><BR>For the fixed asset register, I put that it should include:<BR>Date of acquisition<BR>Cost of acquisition<BR>Description of acquisition<BR>Depreciation per year<BR>Net Book Value<BR>Date of Disposal<BR><BR>My reasons to keep a Fixed Asset Register were:<BR>To comply with FRS 15 re Depreciation of fixed assets. It makes it easy to use different methods of depreciation if it is on individual assets rather than a balance of everything.<BR>NBV is easy to see at a glance<BR>And something else that I can't remember after drinking a bottle of wine to calm myself.<BR><BR>Work tomorrow. Eugh.0 -
FRA DECEMBER 2004
The only thing I can tell you if it helps is that an accrual for 2003 is a credit and a prepayment for 2003 is a debit the opposite way round to the current year ie. accrual debit prepayment credit on the T accounts.0 -
FRA DECEMBER 2004
It is annoying when you revise everything possible and the only thing you do not get told to revise is on the paper. The rent account was another question I guessed. Wish I had the answers to check where I have gone wrong!!0 -
FRA DECEMBER 2004
I can't stand the thought of failing this exam I could not have revised anymore if I tried. I think it's a case of getting the right questions like Who What To be A Millionaire you either know them or you dont'. What dosen't help is the fact that you haven't been taught one of the subjects.0 -
FRA DECEMBER 2004
I bought some BPP pass cards and they really helped me summarise the work when revising. Those figures you put down in the last part look similar but I can not remember what mine were. The 50p at the end of one and one had a load of 1's on it. I felt like I was going to faint at the end I was so stressed!!!!0 -
FRA DECEMBER 2004
I attend Stockton Riverside college. I know the subject is in the Osbourne Book however when I asked about it I was told it was for the skills test only. I answered the question to the best of my ability but I only think I scored about 50% which could be the difference between a pass or fail. If it is I will never know but it is on my mind.0 -
FRA DECEMBER 2004
I have checked my BBP passcards and it says likely details:<BR>Description and location of asset (I wrote something like that)<BR>Purchase date<BR>Cost (I wrote that one)<BR>Depn method and estimated useful life<BR>Disposal date and proceeds<BR>Profil/loss on disposal<BR><BR>I should get some marks but a least I had a go it might just help.<BR><BR>Which college do you attend? How many other people have not be told what a fixed asset register was at their college.<BR>0 -
FRA DECEMBER 2004
I was told the same you don't need it until the skills test. What did you write anyway. I only wrote about half a page do you think that is enough?0 -
FRA DECEMBER 2004
Thats the same for me learning that next week for the skills test. I guessed the answer in fact I wrote everything I could think of that could be on there. I have never looked at one before. Which college do you got to?0 -
FRA DECEMBER 2004
We didn't cover Fixed Asset Registers so I was knackered0 -
FRA DECEMBER 2004
I can not remember one about closing stock. I rememeber there was goodwill but I did not do anything with that and the profit share between the new parther and the original ones. I did not share a thing out between the new and old ones. This is where I could of gone totally wrong0 -
FRA DECEMBER 2004
All I put in the current account was the net profit split 50/50 I think it was something like 51,600.50. In the last question I referred to confidentiality. I think the question you are thinking about is the closing stock however it did not ask for an accounting concept as far as I can remember.0 -
FRA DECEMBER 2004
needed to account for interest on capital account as well - although there was no mention or statement referring to interest earned -- the standards regs indicate a 5 % interst will be received by partners if nothing is mentioned..0 -
FRA DECEMBER 2004
it is only charged on additional capital introduced above the orignal capital otherwise there is no interest charged0 -
FRA DECEMBER 2004
Keiron I worked out the rent the same way as you<BR><BR>At first i forgot about the accrual from last year (oops!) and wondered why it didnt balance..then I found my error and corrected it<BR><BR>I got the same answer as you so thats a good sign!!!<BR><BR>0