HOW DID WE DO

2»

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    I only just £130 for the Accrual anyone else?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Yes I put £130 as well, think the rest related to the next financial year.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    I put in £130 too.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Okay well now I'm abit concerned. I put the accrual in as £260 because even though it was paid in May it was for the qtr ended Apr. Surely that means that 2 months of it relate to current year (ended 31st Mar)and only one to next year? :? But it could just be me...
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Hmmm, if that's the case (that it was for the quarter ended April) then i think it should've been £260.... I can't remember the periods :(
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Yes the acrrual should have been £260 as the payment for the quarter ended april was paid in May.

    The year end was March therefor 2/3 of £390= £260.

    I think the paper was ok, There wasn't anything too challenging in it.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    I also got £260 for the accrual as it was for February and March.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Hello, there were two tricky things in the paper according to me, the accrual was £390 but only £260 related to the current year, hence the accrual was £130, and on section 2, there was no entry made for VAT, which was CR Suspense £420 and DR VAT £420.
    Hope that helps
    sanjay
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    I had £260 as well! :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO
    sanju158 wrote:
    Hello, there were two tricky things in the paper according to me, the accrual was £390 but only £260 related to the current year, hence the accrual was £130, and on section 2, there was no entry made for VAT, which was CR Suspense £420 and DR VAT £420.
    Hope that helps
    sanjay

    No only £130 related to the next financial year therefore the accrual (Creditor) was £230 as this was paid after the year end but related to the current financial year.

    Hope this helps. :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    From what I recall only three of the journals touched suspense two Debits and one credit. I think the suspense balanced off at 10240 and I know it included capital and the 240 VAT on the purchase. Cant remember what the credit entry was. :roll:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Thank goodness someone else did it that way as well. I am looking at all the postings where people have put everything through the suspense and wondering how it could have worked. Think the other credit entry was for the wages account (2 x 1,150) That's how I worked it anyway. Thanks for that. :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    They are all a bunch of meanies.

    I had £50 left on the suspense account :x

    I'm totally not sure about my appropriation accounts either. They were running into 4 decimal places, so I dont think that ones right.

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO
    Cashy wrote:
    I'm totally not sure about my appropriation accounts either. They were running into 4 decimal places, so I dont think that ones right.

    Me too...because I did the journal wrong, my profit of the year was wrong and so the appropriation with decimal places and I could not round them! hope they will considerate all my right entries (even with wrong figures) in the appropriation and current a/c....

    Does anyone remember in section 1 Bank a/c was in the credit side of the TB? I put it in the debit side but when I was at home I realised the balance carried down was in the debid side, which means so bought down in credit..... :(
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Hi did anyone get their trial balance to balance.

    What was the amount, mine was out by 4,000. Also missed out the last page. Didnt do very good, nerves got the better of me, just couldnt see how to do anyting, feeling really gutted cause financials was my best part of aat. Dont know if i can go through it again in dec.

    aly :(
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO
    rjww85 wrote:
    Yes the acrrual should have been £260 as the payment for the quarter ended april was paid in May.

    The year end was March therefor 2/3 of £390= £260.

    I think the paper was ok, There wasn't anything too challenging in it.

    I agree with you, the paper was pretty standard. The accrual was for £260, the prepayment £1,200, the rent £4,800, the Cost of new equipment was £2,000 (includes £300 part/ex.) - the selings expenses were £2,320 and the net profit £122,200.

    The suspense account was cleared to zero by only three entries and the incorrect posting of the purchases (I think this was part e) required four lines on the journal. The bank account was also overdrawn.

    The only question that I struggled with, was the stock. I put £2,100 as some of the stock had been sold - (I assumed this would be included in Sales). Anybody else get the same?

  • System
    System Posts: 100,534 🤖 Admin 🤖
    HOW DID WE DO

    I do not think I did very well the expenses accounts threw me and my trial balance did not balance so I put a suspense account in.Section 2 I messed up on the journals,and the appropriation account I did not see the questions on the last page.I think this is a resit in December[/quote] :cry:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Hi snap i feel the same, my trial balance wouldnt balance by 4,000, so i stuck it in a suspense account, i also missed the questions on the back thought the back page was for workings. my head was in a whirl couldnt take anything in. feel gutted financials was my best aat part. dont know if i can resit in dec.
    aly :(
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    What were the questions on the last page? I *think* I did them.

    Was that the page with the tick boxes at the end, and the current accounts you had to fill in?

    I really hope there wasn't another page after that!

    My TB was out by like £3,000!! I so stuffed that bit! I think Incomplete Records has got to be the hardest aspect of FRA (in my opinion) because it's so subject to circumstances. No one situation is identical to the next.

    I was sitting through section 1 with my head spinning, thinking "Argh! If this is accounting, give me death!"
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Yes i think they were, what was your totals for the trial balance,

    Aly
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO
    Frank Wood wrote:
    The year end was March therefor 2/3 of £390= £260.

    The accrual was for £260, the prepayment £1,200, the rent £4,800, the Cost of new equipment was £2,000 (includes £300 part/ex.) - the selings expenses were £2,320 and the net profit £122,200.

    I left as it is accrual at £390 but me too I had rent of £4800, how can be possible??

    Me too stock £2100, but not sure because I guess it, I didn't remember at all how to calculate it! :lol:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    what were the questions on the back page? hope i didn't mis them!
    the only bit that confused me was the journals for PLC and purchases account. i wondered if the amount was to do with VAT but i just assumed it had already been posted :?
    not very clear!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Yeah, tha VAT wasn't clear at all. I only realised it when I spotted that I needed another £420 to clear my suspense - vat was all that was left.

    I think the last page had you filling in the business current account for the partners. Then there were a few tick-box questions (which presumably won't be worth many marks) about where various items go on the balance sheet (i think one was something like 'is depreciation put in the assets or liabilities' section).

    It was that kind of thing anyway, you'll know if you did it.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    oh yeah i'm sure i did that..... where you had to fill in the profit share, interest and salaries.
    seems so long ago! did you take ecr too?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    My TB was out by 1090, which bizarrly was the same amount as the bank figure :?
    I put it in suspense, at least I'm not the only one who thought it was hard.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    I found the selling expenses to be £2450
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Help!

    Can someone please tell me what the last questions were that several people missed - as having read this thread I now don't know if I finished the paper or not!

    Thanks
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Look up here, the past paper is online http://www.aat.org.uk/servlet/file/FRA_questions_June_2006.pdf?ITEM_ENT_ID=20061&COLLSPEC_ENT_ID=34
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:HOW DID WE DO

    Phew! Thanks for the link - didn't realise the paper was there already.

    Glad to find that I did do the last bit. Now I'm not sure if I want to look through the rest of the paper or not!!

Categories

Privacy Policy