FRA EXAM !! anyone would like to try and remember the questions for both sections?

System

I think 1st one was:

1.1 PLCA and we had to work out the dis.rec'd I got (I think) 2130.00? Did anyone else get this?
1.2 I think Rent a/c was next (not sure 100%) I made a mistake and treated 3000 as accrual, and ended up with rent of 12000.00....so totally messed up as everyone else seems to had it as a prepayment!!
1.3 ?? VAT on Gen Expenses? Thought it was an easy question?
1.4 ?? Total VAT ?
1.5 Vat Account?

Please help me to remember these, that wat I can atleast work out what I had answered right..... Not many by the looks of it

AND my TB was out by approx. 56000 ...... I wanted to cry!! ...

System

Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

Hi,

I got £12,000 for rent too.

There was a prepayment and an accrual but one was for the previous year end balance and one for the current year end balanced - the result of this is that they produce the same adjustment to the original rent figure of £15,000 - so I think you've got the answer correct.

System

Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

Hi All

I thought the exam was a lot harder than previous exams (unless it was my nerves making it seem that way! I struggled to even write my memb no on the front, my hands were shaking that much! hehe

I thought Section 1 was a lot harder than section 2!!!!

PLC I got 2130 for Disc Rc'd.

Rent 15000 bank Accr b/f 1000, Prepy 2000 = £12000 balance

Adj General Expenses for VAT wasn't to difficult I dont think..

£1200 furniture taken for personal use? This one really confused me.... I would have thought you adjust your stock for this, although it said to adjust your Purchases!!! I adjusted the purchase figure (oh dear what do I do with the other entry) I put it in the current account. Wasn't sure this was correct!!!

Section 2 - The journal for the asset sold/dep/bought was mindblowing, I entered one at a time and managed to get it to balance!

Admin Exp/Equipment. I came out of the exam at 4pm and was talking to other students outside. None of us had the same answer. I really don't think this question was clear.

I managed to get all to balance at the finish,after going back to section 1 and finding my mistakes! Hopefully will be ok, 1 exam (ECR) will be enough in June, without having to resit!!! fingers crossed

Sinders

System

Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

Anyone know the answer to the stock question, re ent the stock at selling price. I put that the profit would be overstated, although others seem to have put understated?

Sinders

System

Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

Sinders

I also said that the profit would be overstated if closing stock was to be included at the selling price.

A similar question was included in the December '03 FRA exam and after checking the answer, it confirms that cost of goods sold would be understated but profit would be overstated.

Hope this helps

Carole

System

Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

Thanks Carole. You find yourself analysing the paper to see where you may have gone wrong, it is awful!! hehe

Sinders

System

Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

i put understated as

sales-purchases=gross profit
(to keep it simple)

so if sales =100-50(profit =50)
but what if the stock is recoreded at sale price instead of the purchase price (the lower) and say its recorded as 60 instead of 50

100-60=40 so the profit would be understated

System

Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

Hi Blank

It was the closing stock figure so it would affect the profit as follows;

sales 200
Opening stock 100
Purchases 50
Less CLOSING STOCK (100) Cost price
Cost of Sales = 50
Profit = Sales less Cost of sales 200-50=£150.00

It the closing stock figure is entered at selling price it would be;

Sales 200
Opening stock 100
Purchases 50
CLOSING STOCK (125) Selling price
Cost of Sales =25
Profit = Sales less cost of sales 200-25=£175 Overstated

I think it was the Closing stock figure that was valued at selling price and not the opening stock?

Sinders

System

Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

i thought the same at the time..

System

Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

I also came up with an overstated profit as the answer

System

Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

same for me profit overstated.Hope everyone passes those exams.Another thing what done it's done hopfully new year will bring loads of luck for all of as.