FRA - How did everyone do?

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    Chris, please don't panic yet....74770 - that figure rings a bell with me! I was also out on my trial balance, then with 20mins to spare I discovered (by chance)! that I hadn't included the bank payment made to Customs and Excise on my VAT calculation and I'd also forgotten to included the drawings for both partners (as shown on bank summary).

    After including these payments from the bank my trial balance, as if like magic, balanced!

    So whats that, a possible 2 marks lost? Please don't worry too much and lets all see what the results bring in February.

    Erm... I can give good advice but don't seem to take it myself.. I'm in a spin because I realise that for some strange reason I reversed all my entries in the T account for rent! I knew exactly what I was meaning to do and as such carried the figure I wanted, to the trial balance - but after I left the room - I had this flashback of my INCORRECT T account.

    Anyway Good luck to everyone - I'm off to pour myself another drink (and it aint coffee)!

    Carole
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?
    DLaccts wrote:
    Sorry about that ruskii, I hope I was right.

    I think you are as that makes a lot of sense, even to my thick brain.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    well i managed to leave out the creditors from the balance sheet -no wonder it wouldn't balance. Last Q's were a little weird. I waffled about depreciation, balance sheet, profit & loss items ... think now that they were looking for a mention of FR15 as well (needless to say i didn't put that in!) Also misinterpreted (d) so even wrote down depreciation a/c and
    provision for depreciation ... DOH!!!
    Roll on June!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    I didn't realise that the 10,000 for the new car had already been paid at first and didn't adjust the creditors and debtors for the correction in the purchase and sales ledgers. Still at least I caught the errors in the end even though my balance sheet was a bit messy after doing the corrections.

    As for the last question, I waffled on about capital and revenue expenditure by that time I was almost past caring.

    I thought the paper was tough, but was more surprised by the narrow focus. Sections one and two were virtually identical in the skills assesed and there was nothing about partnership accounts or journals which was a bit odd. I imagine the simulation willl have some nice juicy tasks on partnerships to make for it up though.

    Oh well it's done now and all we can do is wait til February.

    Chris
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    Hi,

    Well its my 2nd attempt at FRA and well i feel more confident than i did when i last sat it in june but i still dont think ive passed. I suppose im just preparing myself for the worst so if i do pass it will be gd news. Found some questions really good but some just went way to deep. Although i didnt balance either sections i think i done most things right and since its more of a competence based exam im tryin not to worry about the balancing too much. Im thinking if i show i fairly know wot im talking about then they hey...

    Must say tho found the beginning of Section 2 SOLID. The whole thing with the part exchange and then the £10,000 this and the £6144 that and then there was £3,500 given back or something so i didnt have a clue about them and totally guessed which is why my B/S didnt balance i assume. But again everything in its rite place even if they were the wrong figures. Thats the important thing.

    Soon see on Feb 14th.

    Chris
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    I found it really quite difficult, worked through the first section in pencil and tb didnt balance, left it and worked through section 2 in pencil and it didnt balance!!
    Went back to 1 couldnt find what was wrong went back to 2 still couldnt sort it, went back to 1 again and felt like crying!!
    Decided to give up and put it in suspense so rubbed out my answers and started working again in pen and low and behold whatever i did wrong first time round sorted itself cos the tb balanced!
    Went to the p&l and balance sheet, and the answer was just sat staring at me so got that to balance.
    forgot to write headings for the p&l and balance sheet tho and didn't refer FRS15 in the last question and waffled alot so not sure if it was ok but im hoping that i may be ok with this one.
    Did ECR in June and managed to scrape through that so fingers crossed for this one.
    Out of 30 people that sat the paper together yesterday there was only 3 that got it to balance which to me shows how hard it was.

    Tracey x
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    cant believe what i did missed the discount in the plca (so stupid) nervous got the better of me as soon as i opened the paper. carried on got to tb and discounts well could i find it kept on going back to first page. then read forum last night and realised it must have been in the info above plca. guess ill be resitting it again in june along with tech papers (god that will be so hard)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    cant believe what i did missed the discount in the plca (so stupid) nervous got the better of me as soon as i opened the paper. carried on got to tb and discounts well could i find it kept on going back to first page. then read forum last night and realised it must have been in the info above plca. guess ill be resitting it again in june along with tech papers (god that will be so hard)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?
    motors wrote:
    ... the discount in the plca ... and realised it must have been in the info above plca...
    That is what I did. I overlooked the info and coundn't balance the PLCA. So skipped it went as far as the TB and went over the info again when I realised that the hint was there all along to put the balancing figure as Discounts Received. I think if you've shown them your workings, you may be able to recover some points eventhough you didn't balance your TB.
    Hope for the best
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    eidted
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    well at least you remembered i just left it blank thought ide go back to it but run out of time. In last years june exam i know my friend left the vehicle out of the cap acc but she passed (no such luck for me ) its depressing me just thinking about. reading the forum everyone says it was hard and they had a new exam writer (just typical) well i think you are ok good luck.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    well at least you remembered i just left it blank thought ide go back to it but run out of time. In last years june exam i know my friend left the vehicle out of the cap acc but she passed (no such luck for me ) its depressing me just thinking about. reading the forum everyone says it was hard and they had a new exam writer (just typical) well i think you are ok good luck.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    I am a new member and have just taken the FRA exam on Wednesday. Cor, what a stinker! I have done 5/6 past exam past papers and was competent in those but I couldn't get my TB, P/L or BS to balance! I was only £200 out on the TB but spent half an hour trying to find out where the difference was, but was unsatisfactory.

    I hope to pass although I feel a re-sit coming on in June next year!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    I feel really bad now reading everyone's posts as my trial balance balanced & so did my P&L and Balance Sheet!

    The discount rec (I hope I got it right) I had as DR Purchases Ledger Control - the amount of money the business owes to the creditor is reduced because they gave you a discount.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    Mine balanced too. As long as the principle of double-entry was applied to the answers, there shouldn't be a problem. Mine didn't balance originally, but I ticked it over and found it. I did the exam in pencil and then inked it in. I don't have the patience to wait for Tippex!
    Wasn't sure on the trade-in value of the asset - it didn't mention if that had already been posted, so I assumed not and added it to the value paid.
    Still not sure how I did - not going to think about it until February - have to start my next assignment on Monday!
    Good luck to everyone - what's done is done!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    Glad to finally see that other people got theirs to balance mine all balanced to so i hope it was right good luck everyone and fingers crossed till feb
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA - How did everyone do?

    Mine balanced too, eventually, although reading through the post, you realise what you forgot to do. I never gave my balance sheet or P&L headings. Will this loose you marks?

    Oh dear what else have I forgot.......... ;-(

    Sinders

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