FRA?

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA?

    yeah, i tried that way, also tried dividing it with all of them at £20k at november, then continuing with the 2 remaining partners, but then there was a loss to share out after they took the balance of their salaries.<BR>So i went back to the £30k each.<BR>Also tried the £20 / £30 / £30 split, but then the two remaining partners loose out on the last 4 months profits.<BR><BR>Ohhhhhh it was a difficult one.<BR>Just wasnt sure which of the 3 ways to do.<BR>So i wrote all 3 down. and guessed on one jsut as i walked out.<BR><BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA?

    I thought the first section was pretty straightforward - I added the cost of the vehicle to the capital figure to make the capital £14000 - was that right?<BR><BR>Glad leases came up as the long question - learnt all that pretty much off by heart so a bit of a result there!<BR><BR>Thought second section was awful - couldn't get suspense account to balance. Made two credit adjustments of £350 in part (d) of the journal questions although I still don't fully understand why - duh!<BR><BR>What did everyone put for the memo about stock reconciliation? I wibbled on about errors, damage and theft of stock and stock valuation methods. No idea what examiner was looking for in that question. Just hope one of the points I made was correct.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA?

    <br><br><< <i>my trial balance wouldnt balance, was out by £4000 and i just dont know how</i> >><br><br><BR><BR>did you include the £4000 for the car in the capital account?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA?

    crap theres my £4000 then, not adding the car into capital.<BR>bum holes
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA?

    the £4000 is from the vehicle that she introduced into the business
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA?

    Yeh my suspense was out by £700, but they didn't ask us to do a BS, so maybe it doesn't matter. Although I did leave a note asking if it should be £700!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA?

    I'm sure my profit after deducting salaries/interest and before profit share was £19250. I only allowed £500 for Dan's interest on his capital compared to £750 for the other two partners as he left part-way through the year. Did anyone else do that?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA?

    <br><br><< <i>I'm sure my profit after deducting salaries/interest and before profit share was £19250. I only allowed £500 for Dan's interest on his capital compared to £750 for the other two partners as he left part-way through the year. Did anyone else do that?</i> >><br><br><BR><BR>I did
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA?

    The £700 was the adjustment for the sales/sales ledger a/c<BR>u had to credit the suspense<BR>debit 350 sales and <BR>debit 350 s/ledger control
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA?

    the suspense should balance... the £700 is from £350 to sales and £350 to SLC both debited
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA?

    <br><br><< <i>interest was due on the partners capital as at the beginning of the year.<BR>so it was 750 each<BR>(least thats the way i read it)</i> >><br><br><BR><BR>Yeah but it said per annum. So Capital x 3% x 75% (8/12 months) = 500
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA?

    <br><br><< <i>shouldn't the vehicle of £4000 go into the trial balance under the vehicles asset account and not in the capital account? i dont know?</i> >><br><br><BR><BR>Double entry - you debit asset a/c and credit her capital a/c - cos it's like putting money into the business - i checked with my tutor afterwards and he agreed - so hopefully i got that right!

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