Incomplete records

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:30AM in AAT student discussion
Help!!! Has anybody get an easy way of remebering incomplete records. Are there any accounting equations or easy to remember things such as PEARLS or DEAL and CLIP?<BR>Please could someone help -I havent sat unit 5 yet but I am getting worried - any advise would be much appreciated.<BR>Thanks in advance.<BR>:0(

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Incomplete records

    Not sure if there is an easy way to remember incomplete records, but it's a case of filling in the info you have and then the difference will be the remaining. T accounts will help.<BR><BR>EG...<BR><BR>if you have an opening bank of £1500<BR><BR>and the receipts are definitely £300, and you know ther are no outstanding cheques at the year end, but the closing balance is £1200 (as per the bank statement), then purchases should total £600. If the cashbook shows purchases being £400, then there should be £200 on the bank, but not in the cashbook (unrecorded bank payments)<BR><BR>i don't know if this answers the point you were making - apologies if i have confused you!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Incomplete records

    Hi Trog<BR><BR>Formulae will not help, I'm fraid. Incomplete records could be anything. In the December exam, we were asked to calculate:<BR>1. Last year's capital figure<BR>2. Totals sales<BR>3. Complete the purchase ledger control account, working out the missing credit purchases<BR>4. Total purchasaes<BR>5. Travel expenses<BR>6. Rent account showing the correct figures<BR>7. Enter a trial balance<BR><BR>And so on. That was section 1.<BR><BR>The point is, you couldn't do a tria balance without the information, but the exam talked you through it. It really isn't a problem as long as you understand the principles of 'T' accounts.<BR><BR>As I said, don't worry. The exam talks you through it. Just remember to include your previous answers where appropriate. The exam question will tell you what to look for.<BR><BR>Mike<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Incomplete records

    I am also completely confused by incomplete records. Depreciation and Disposals are also a problem. Hopefully the information given in the exam will guide us through, or at least provide some of the T accounts to start us off
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Incomplete records

    With depreciation and disposals, draw up the T accounts on the spare pages and put in what you know. Then, enter the disposal transactions in red so that they stand out when you come to put them into the journal you're usually asked to fill in. That's what I did, anyway.

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