UNIT 5 SIMULATION

System
System Posts: 100,534 πŸ€– Admin πŸ€–
edited 10:31AM in AAT student discussion
HAD A QUESTION ABOUT THE USES OF THE ASSET REGISTER AND WHAT CHECKS YOU COULD USE IT FOR ONE OF THE CHECKS WAS A PHYSICAL CHECK OF ASSETS AGAINST THE REGISTER BUT WAS A BIT UNSURE OF WHAT TO PUT FOR ANOTHER ONE
HAS ANYONE ANY IDEAS?

Comments

  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Hi, you can use an asset register to calculate and record depreciation and net book value, acquisitions and disposals and any gain or loss arising from a disposal. Any good?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    hello, i am sitting for the unit 5 simulation 2nite and i have some confusions i need help on.
    First, Wat r d correct journal postings for corecting an ommitted credit note; all other entries have been made except in the sales ledger and we were told not to make any entries in the sales ledger?

    All replies will be appreciated.

    Thanks
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    you dont have to do a journal for the sales ledger, that is the confusing part, sales ledger is memorandum only, so you cant do any journals in it. We have had this part clarified by our tutor, so dont do a journal on the sales ledger. the purchase ledger journal is also only a one sided entry, a cr to the plca. Hope this helps, good luck, we too are finishing our assessment tonight, and i am dreading it

    Julie
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Sat mine today. My extended trial balance balanced but for some reason I had totally missed the bit saying there was a prepayment. Also I was £3000 out on the net profit, my tutor says it must be just addition but I checked it 3 times and know it isn't. I calculated rightly for the closing stock so can only assume it must be something to do with the disposal that had £3000. Apparently as it is already in the balance of the disposals account we don't have to do anything but I am wodering if I'm supposed to put the £3000 as an adjustment to somewhere on the ETB and have just misunderstood. Any advice gratefully received.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Hi

    We finished simulation last night, i came out in tears of frustration because it was so difficult, i didnt get the balance ono the p&l or the balance sheet that it was meant to be, so i just used the balance i had and followed it through with all the rest of the answers so that i could move on. Is the £3000 something to do with the adjustment that says about you have closing ww-i-p of £25250 of this £5000 is customer? we can only charge £2000 of this. We didnt have a clue how to deal with this, so just guessed, obviously it is wrong what i did. How did anyone else deal with that part of the assessment? And did anyone else think it was difficult??
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Hi
    Had the second part of mine last night too, the first part i seemed quite confident with but I also came out in tears. My trial balance was a mess and I am not even sure what I have done wrong. Everyone else had a figure of £5000 for there suspense account but not me. I spent so much time trying to figure out where i had gone wrong did not finish the profit and loss or balance sheet.
    Guess that exam in June is goin to be a bif failure.
    Any study notes anyone has would be a great help dappydebz@hotmail.co.uk.
    Good luck to everyone else.

    Debz.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Hi went back in and realised I had put the current accounts in the P&L not the Balance Sheet, so I am now balanced. The stock figure is right, you just knock off the £3000. The suspense account was £5000. People were coming out of the exam in floods of tears and much swearing. One tricky bit was to realise that the £3000 of sale of the car was already in the disposals account and that you needed to rebalance as of 1st Feb so that the adjustment in the PLCA was included there.

    I thought it was the wording rather than the actual tasks which was confusing.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Hi,

    Im with juliejules on this one, i can see where the WIP needs to be adjusted by £3000, but unsure on the opposite entry. Our tutor has been teaching us stock on 1 line of the TB for months, now we have 2 lines on the exam, D'OH :!:

    I managed to get the profit figure to balance between P&L and B/S, but i doubt if it is right. Although i did not leave the exam in tears, the drive back down the M54 was a quiet depressing one. If someone could shed some light on this it would be appreciated. :thumbup:

    Reg
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Hi, the closing stock figure which is given and which you have to adjust by £3000 should appear in your adjustments columns on the ETB and not in the opening balances. Ie, calculate the figure and put it in adjustments only.

    Your opening balances should only contain the figure for the opening stock which is described as WIP I think - last years closing stock will be this years opening stock.

    The ETB has a line for Closing Stock, in the adjustment columns for this line you should have a debit figure of £22,250 and a credit figure of £22,250, this is because closing stock appears as a credit on the P & L account and a debit entry on the Balance sheet. I usually have seperate lines for closing stock P&L and clsoing stock BS so it is clear to see there is a Dr and CR side but in the exam they just had the one line.

    Hope this is vaguely clear, quite hard to explain without the ETB in front of me.

    The closing stock is a Cr on the P&L because that way you are showing a true picture of sales and purchases.

  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Now someone has explained that, it makes sense, P&L Cr 22,138 and Dr 22,250, and on B/S Dr 22,250, which is what i entered, but was the adjustment column which was confuddling me ... thanks for your reply, much apprectiated ... if only the FRA was as straight forward as the ECR 8)

    Now onto the June exams :thumbup:

    Reg
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Hiya, the Cr on the P& L should also be £22,500. It should be the same on the balance sheet and P&L. Hope this helps - now ECR - a nightmare, can't get to grips with that one at all :D
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Hi just re-read your post. Realised the the £22,138 was the opening stock, if this is the case, on the P & L it should be Dr £22,138 (opening stock) and CR £22,500 closing stock, and just DR £22,500 on the balance sheet. If you think about it on your P & L sheet the sum is opening stock plus purchases minus closing stock, so you have two DRs and therefore to minus something you need to credit it.

    So Dr Opening stock + Dr Purchases - Cr Closing stock.

    In other words if you add your opening stock and purchases together and then take away your closing stock it shows how much you've sold.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    mssg to everyone,

    wat did u have for net profit? i had about 15grand plus. thanks for all your replies.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Hi to all of you
    Im so glad its not just me who struggled with the FRA simulation, i told my tutor to rip it up or burn it cos i never wnat to see it again, if ive failed then so be it, i really dont care at the mo, the paper is that solid with tippex and scribble anyway so what does it matter. Have just read all the replies about the wip and still cant get my head around it all, i must be thick! so have printed them off and will have a look at them over the weekdn if i can be bothered! This has really made me think is this worth all the stress and upset???
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    I am sitting mine on Wednesday and i have been in tears trying to revise for it - by the sounds of things i am not going to have much luck on Wed!
    Fingers crossed you all did ok
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Finally the FRA one if over, competent, although i did miss the entire 1st page of asset depreciation and never included them in the accounts :oops:

    Onto the June ones now !
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Ok Smarty Reg!!! I got the depreciation in but messed everything else up, thats why i wouldnt have mine back last night, and am tempted now to say stuff it! So did you work out how to do the wip or was it something that you had to correct when he had marked it?? He really got on my nerves last night by saying that if we give up we are losers!! Stuff teh june exams thas what i say! At least i can say tho that my work is my own and i didnt cheat in either simulation, you know what i mean!!!!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Hi People, does anyone know what the second test on the fixed asset register is. All I can think of is checking to see if the assets are in working condition etc?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Do you mean what you use the fixed asset register for?
    1 To keep a record of all assets in the business
    2 To keep a record of all depreciation
    3 All NBV are in one place

    Anyone else any more ideas???
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    It was asking for another way to perform a check on the fixed asset register other than the one already done, which was a physical count, no idea what the other is lol
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Sorry Peter. I stuffed up on that question, drew a blank there im afraid, apart from the physical check to make sure that all the assets on the premises are as listed in the register, i couldnt remember, maybe someone on here will be able to help you and me lol :roll:
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    We all struggled with this memo too - i think we all wrote to physically check the items against the register. Have checked the book and cant think of antyhing else - we get ours back next wednesday, fingers crossed i passed. It went a hell of a lot better than i thought it would
    8)
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Hi Julie,

    The other use of a fixed asset register, would be to reconcile the ledger to the account balance !

    Yes i know what you mean :evil:
    Email me on the exam mhol@kerridge.com

    If i can help i will.

    Reg
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:UNIT 5 SIMULATION

    Well i sat my sim last night and ended up arguing with tutor and walking out. Wasn't in best of moods any way when went in. I just couldn't get my head round the diposal account, all year we've been taught a certain way, then tutor says ignore that way do it the new way (as told by her at sim). As for working out the stolen money figure, very confused, it gave opening stock (which i thought i had in the previous T a/cs but was different to mine) and that completley threw me, having had arguement with tutor i said sod it. Any tips for the stock question????

Categories

Privacy Policy