Partners Appropriation Account

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:30AM in AAT student discussion
On interest on capital I put three lots of £750 as the question said calculate from partners opening capital accounts. Some people adjusted for Dan leaving and used an adjusted figure of £500, just interested what people thought about this. In the end I have £19,000 profits to share, did anyone get the same?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    Whats the difference between a concept and a principle?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    Yeah good luck to you too!! <img src="i/expressions/face-icon-small-smile.gif" border="0">
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    Hopefully we will both be OK (fingers crossed) as it looks like we got the actual accounts questions correct<BR>Best of Luck
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    I had the same trouble when I came out, you just NEED to talk about it but no-one else wants to. Mind you, after talking about it, I think it has made me more worried! eek
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    I know - Nobody on my course wanted to talk about it, no one managed to get their TB to balance and hardly anyone cleared out thier suspense either so I couldn't compare my answers to any of them
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    Well then we are both sad! I know there is nothing I can do about it now but it's like a morbid fascination with di-secting it and trying to figure out what I did, or rather, what I didn't do! We'll all be nervous wrecks when the results are out
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    I know what you mean I wish I could just switch off and relax but I am still on edge about the exam - am sad or what!!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    My brain is totally fried now! Don't know what to think
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    I'm not sure as I didn't revise them
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    I only had 9000 to share, 6000 for the 8 months, 3000 for the 4 months. But I totally messed up this question, I got so confued and used loads of extra paper because I crossed it out and started again. Really messed it up
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    I think the questions asked for the priciples so your answer was correct, I put down the concepts instead as I didn't know the priciples
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    What were we supposed to put for the FRS18 question, I put two concepts as well, i think. Is reliability and comparability concepts??
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    Thanks yeah I got £70,390 in the TB, which looks correct so that probably means I got the previous questions correct<BR><BR>The only things I know I stuffed up on was the memo for the lease (didn't have a clue) and the FRSA 18 questions as I put down two concepts, not sure if this would be a fail if everything else was correct<BR><BR>Net profit I got £101,250 which I think most people got, not sure about appropriation.<BR><BR>Looks like I got GW and multiple choice questions correct and think I did OK on the stock question.<BR><BR>Hope everything is OK for you as well.<BR><BR>Mel :-)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    Well mel, it doesnt really matter, as the simple fact is, if we got the memo correct were still going to pass section 2. There isnt enough with anything else to fail on.<BR><BR>And is you got 70390 (or similar) in the TB as is everyone saying then im sure you passed, no problem<BR><BR><img src="i/expressions/face-icon-small-smile.gif" border="0"> Hope you have done well
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    You did exactly the same as me - some people are saying we should have used £500 for Dan and not £750 as we both did, not sure which one is correct can't even find that situation in the book
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    I had profit of 101,250 and not 101,550<BR>but i still had £19000 to apportion - HOW IS THIS?<BR><BR>Aaaaaghhh<BR>Heres my answer, please explain where I have gone wrong. If i have?!<BR><BR>I worked it out as Old Profit = 8 months<BR>New Profit = 4 months<BR><BR><BR><BR>Total Profit
    £101,250<BR>Old Profit
    £67500<BR>New Profit
    £33750<BR><BR>Salaries<BR>Dan
    £20000<BR>Kim
    £20000
    £10000<BR>ted
    £20000
    £10000<BR>Total
    £60000
    £20000
    £80000<BR><BR>Interest on Capital<BR>Dan
    £750<BR>Kim
    £750<BR>Ted
    £750<BR>Total
    £2250
    £2250<BR><BR>Profit Apprtionment<BR>Dan
    £210<BR>Kim
    £1575<BR>ted
    £1575<BR>Total
    £5250
    £13750
    £19000<BR><BR><BR>Total
    £101250
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    i gave dan 500 the others 750<BR>but my profit was a wrong figure of 102, 009 so it messed up the appropriation account anyways
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Partners Appropriation Account

    Don't know if it is right after reading all the other messages; but I got £19,000 too; I was just a bit surprised that the appropriation was not more exact.

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