Unit 3 Exam

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:24AM in AAT student discussion
Hi everyone

Did anyone actually pass the unit 3 exam? As soon as I saw that the bank and cash book didn't reconsile I just got stuck!
I would really like to know what you're supposed to do.

Help!

Fi

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 Exam

    Yeah I've passed it but it took me three attempts but it was mainly my fault as I didn't do that much revision
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 Exam

    Thnkz 4 replying!

    I'm really annoyed with myself cos I thought I'd done too much revision!! (Obviously not!)

    I still don't know what I could've done. I realised the two cheques must have been in the previous cash book, and that the DD shouldn't have been there in the first place. But nothing seemed to equal the difference!

    Fi
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 Exam

    Hi
    Got mine signed off today. I got totaly stuck when I was doing the control accounts, it took me hours to complete. I think it was the hardest simulation out of them all.
    Kat
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 Exam

    Hiya

    Amazingly I passed the unit 3 with no errors - very happy with myself. To be honest, I remembered the useful DEAD CLIC and PEAD SILC to show which side the opening/closing balances went on.

    Also it said that the trial balance would not balance - so I looked at the next question and drew up a rough suspense account with the errors they highlighted and worked out how much it would be out by! Then I knew what to put into the suspense account in the trial balance to make it balance! If that makes sense!

    Glad its over and done with tho!

    All I can say is practice - it really does pay off

    Good Luck
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 Exam

    Thank God we finished the exam! Just had mine marked too. Only a couple of stupid errors on there like forgetting to include VAT in the journal, and not posting discounts to the control accounts!!

    I'm glad that's over with!

    Now we've got the final paper to look forward to!!!

    Good luck everyone!

    Fi
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 Exam

    i struggled with the first bit for ages and of course if thats not right, the rest of the paper will be wrong.

    How do u work it out because the opening balance of the bank statement was overdrawn and the opening balance of the cash book was in credit.

    What do u have to do to end up with the cash books closing balance??
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 Exam

    As far as I know if the open bal of the bank account is overdrawn it becomes a liability and so a credit in your t-account. I'm not sure about the cash book sorry!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 Exam

    Hi

    Having trouble remembering sides for trial balances please can you explain how your DEAD CLIIC and PEAD SILC works :?

    Thanks

    Sel.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 Exam

    Hi

    D ebit
    E xpense
    A ssets
    D Debtors/Drawings

    C redit
    L iabilities
    I ncome
    C Creditors

    P urchases
    E expenses
    A ssets
    D ebtors/Drawings

    S ales
    I ncome
    L iabilities
    C reditors

    Its to remember which side opening/closing balances go on - for example - £1000 opening balance of PURCHASES would go on the DEBIT side.

    Everyone has there different ways though!

    Hope that helps

    L x
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 Exam

    Hi

    That's great thanks.

    Sel. :P
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Unit 3 Exam

    To get them to balance, you don't add on the receipt and the two cheques when you do the cash book. The only thing you add to the cash book is the bank charges cos the two cheques were in the previous cash book as was the receipt of £3,000 odd.
    They should've balanced to about £8,000ish.

    what did you do?

    Fi

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