Well?... How did it go?

2

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  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Well i think i got through it ok,
    my TB balanced first time, and yes the cash book was a credit entry,
    with regards to the documents
    i think it was
    a good received note, a delivery note and a credit note,

    the journal i figured in the end, but B) worried me at first as i did not know what they meant by reversed at first,
    bank rec was straigforward, i noticed they have changed the format of the answers there.

    good luck all,

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    I thought it was easy, but did anyone else think there was more 'complications' than in all the past papers we've done? ie. the reconciliation of the PLCA and the Bank being overdrawn? Just niggly things that made you think! Finished in 45 mins. Sounds like everyone has done OK. Good for us :D

    Gem
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    OMG :shock:

    Thinking about it I'm sure I wrote that discounts recieved was MISSING the subsidairy ledger. Argh. I'm so annoyed at myself. I'm sure I wrote that :x
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    I'm pretty sure I did fine, finished in 2 hrs as my TB didn't balance by discounts allowed (something I always have problems with) but I got there in the end!

    Pass mark will probably be high then if most of us found it relatively easy :?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Well I have been told by my lecturer that there isnt a pass mark, it's based on wether or not you are deemed competent by the work you have produced.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    I think it went reasonably easily.
    From my memory: -
    Third Journal entry
    Suspense - ร‚ยฃ130 DR
    Heat & Light - ร‚ยฃ10 DR (Not sure if the account name is correct)
    Stationery - ร‚ยฃ140 CR

    For the trial balance Bank was a credit figure not a debit.

    With the bounced cheque I also just reversed the original entries. We hadn't been told it was bad debt, so I assumed that it wasn't
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Good i did the same as u!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Morning! Can anyone tell me how the entries should have been posted for the money received after goods were sold to the customer who isn't one of our debtors?

    Thanks!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    does any one remember the one about the invoice that had to be paid. was it ร‚ยฃ9000? was it net or gross? was it 4%? how much had to be paid?

    also, can anyone remember who had to be credited and who had to be debited on the standing order (print it ltd - supplier, kitchen kuts - customer)? help!!!!!!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    hiya

    I put a credit for the bank balance on the TB too!! Initially it didn't balance then I figured out that moving the bank balance from Debit to Credit made it balance. A lot of people in my exam put a credit balance too!! Very odd but I think it may have been right!!

    Tracy

    My bank rec went ok - the BRS and cash book both ended with a balance of ร‚ยฃ170

    Gulistan

    from what I remember the documents were
    a) goods received note
    b) delivery note
    c) credit note

    hope that helps :P
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Penny look at my earlier posting on here - hope it helps!!
    immense wrote:
    Sale with cash (non-debtor) i did

    DR Cash Book/Bank
    CR VAT
    CR Sales
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Immense,

    Thanks for that about the PLCA. Everyone I asked afterwards had put that it was the other way around and I always doubt myself.
    Glad someone agrees with me.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    no problems -not saying I am defintely right though!! Although other people in my exam put it our way too!! :P
    CTD wrote:
    Immense,

    Thanks for that about the PLCA. Everyone I asked afterwards had put that it was the other way around and I always doubt myself.
    Glad someone agrees with me.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Maybe sombody know when can I find this result and this past paper???
    Thanks
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Yeah the bank balance was almost certainly a credit in the TB as you're posting it from the Cash Book being one side of the double entry. People must have been caught coz EVERY practice past paper I have done it was a debit.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    I am so glad there is website! i was well paniking about the second section but i did the same on the third journal. the second one wrecked my head and i know i have got that one wrong. i did the same with TB with the bank balance, but got it to balance in the end. i also put goods recieved note, delivery note and credit note, for documents issues! i feel so much better now! :D
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Can anyone give me their opinions on a couple of questions that have been bugging me since the IAC exam yesterday!

    The first one was in the first section and dealt with the entries into the main ledger from the banc/cash a/c. The question didn't state to not deal with VAT on the expenses so I included it...was I wrong??!?

    the second one was in the second sectionand was the employees wage slip. What was the employees net wage...the gross just less NICx2 and PAYE or the gross less NICx2, PAYE and The employee loan!?!?

    Please help, as it's really bothering me!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Hi Tracy,


    Thank you
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    AMIELH,

    I also put down CR bank and DR SLC, we do not know if it is a bad debt as of yet, we just need to reverse the receipt which ocurred in the first place, as the cheque has been dishonoured by the bank.

    Bex

    x
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    As well as being 30k out on the TB, I'm not a bit worried that I may not have balanced the cash book in the final question. Everything else was fine with it, I just forgot to balance it if I remember rightly! oh dear, might have to re-sit with those two mistakes, any ideas? :(
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    I am so annoyed with myself cos in the PLCA question, section 2 - I put the figures all on the wrong sides! I KNOW that balance bf/wd for this is on the cr side, so why didn't I put it there?? aaaaagh!

    Is it nerves do you think? Will I get any marks for having the figures correct but on the wrong side? Doubt it!!

    Well done everyone. :)
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    does anyone remember the cash book balance in section 1?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    does anyone remember the cash book balance in section 1?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    I think it was 11K something
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    thanks, difficult to work out what else foiled my attempt to balance then
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    KAREN

    I got told by my tutor that if you put the figures on the wrong side you will only loose half a mark as long as you have shown that you can take the figures forward and have shown knowledge in what you are doing...
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Thanks for that. Feel bit better now! Thought I had really mucked it up. :?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Just re-did the cash book with the bank as a credit, finished it in under 10 mins, how annoying, I think nerves definitely play a part in an exam that's for sure
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Andrew

    nerves definitely play a part. I find I always doubt myself too!! Just remember though where you did the cash book on the wrong side in the trial balance - it is only 1 mistake! I am sure you still will have passed!!

    I spoke to my lecturer today and I know I put one thing wrong in section 2 where there was a difference between the control and subsidiary balances. The working out was correct but my explanation was wrong. She said that as it was only 1 mistake and the rest was right then I was not to worry about it, as it was a small error. :lol:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:Well?... How did it go?

    Well that's good, my errors were small. The trial balance error with the cash book, I think for some reason (nerves probably) I didn't get the delivery note question, but the others I did. The other mistake was in the final question. I updated the cash book ok, I did the bank rec fine too, but I didn't actually balance off the cash book just probably with being annoyed at section 1. But hopefully those mistakes aren't big enough as the main part of those questions were right.

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