Premier Training Short Test 3

System · April 2006

Hi Guys,

Has anyone else been beaten by the Arthur Mandleson assignment?? I have sat for hours trying to work through this to no avail. I read some comments about it on here a couple of months ago and the help notes on the website, but my brain is still refusing to comply!!

I have emailed my tutor for assistance, but wondered if anyone else had done this assignment and could maybe give me an idiots guide of how to work through the answers??

Any help greatly appreciated as I thought I was doing quite well up to now...doh!

Cheers,
Lucy x

System · April 2006

Re:Premier Training Short Test 3

Hi

Don't have all the answers although have some notes.

Bank: Closing balance 2004 Â£1500 less payments made during the year + 2005 Opening balance of Â£2000 = Receipts from debtors.

Sales Ledger: Receipts from debtors (figure just worked out in bank)- debtors figure from 2004 + 2005 closing debtors figure = Sales

Purchase Ledger: Payments to suppliers of electrical goods + 2005 creditors balance at start of year - 2004 creditors balance at end of year = Purchases

Also remember Â£11000 not banked but retained for his own use, and he also had Â£100 of goods taken from stock, so drawings and purchases need to be debited and credited.

Also remember to take into consideration accruals and prepayments. eg rent, wages and heating accounts need to be re-calculated.

Depreciation should be easy enough to work out.

Hope this has helped you out a bit, not sure where I have put my actual work, but I do keep notes in a file and found my copy of the question along with these pointers as to how I had arrived at the answers.

Good luck!

Tracy

System · April 2006

Re:Premier Training Short Test 3

Thanks for that - I'll have another look at it tonight. When you're teaching yourself and hit a brick wall its really hard to move forwards!

Thanks again
Lucy

Premier Training Short Test 3

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