have I made a complete mess of section 2

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:32AM in AAT student discussion
I have looked through the forum and this has not come up.

I did my journals in section 2 cleared the suspence everything going ok,posted the journals ( using the TB )did the P&L and appropiation account figure didn't seem right carried on. Got to the last page and read that question about in a real life situation you would post the journals. HAd a panic attack went back to the start of section 2 and noticed that it doesn't say post the journals. Re worked it all out this time figures looked ok.

Got home checked all my old exam papers and they all say post your journals this one didn't so felt ok

Went to see tutor and was told did it wrong.
so, now don't feel ok.

Have I made a complete mess of the exam ( and made a few other people panic with me ) or am I right

any responce would be gratefull

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    Hi,
    I have always been taught to post the journal entries whether it has been asked for or not.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    cookie
    I agree which is why first go through the paper I automatically posted them. it was only when I got to he last question my brain went west and I went back and re did them

    I have always been taught that there is 2 side to every journal and they must balance but in the skills test we did there was only one side to a journal (verified by tutor )but no comment in the question like such and such has already been posted. SO that lsat question just made me think they had tricked me again
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    I didn't take this paper but have just had a look at it. You can't post the journal entries as you have no T-accounts to post them to. This doesn't mean you shouldn't make the adjustments when drawing up the final accounts. If you don't make adjustments your final accounts won't be right as you'll be using uncorrected erroneous figures from the ETB.

    Chris
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    I sat the exam and the way I read it is that they asked us to prepare the journal not to post it.

    Then the question at the end says in the work place you would then post it, which balance would you check before preparing the final accounts - i.e. the Suspense which had an amount in prior to preparing the journal and should be clear taking into account the journal that we prepared.

    Does this help

    Violet
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    Hi again,
    In the exam I updated my TB with the journal entries I had previously made, this has the affect of clearing the suspense account.I made no other postings as there were no named accounts to post to.

    Hope this explains better.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    The way I did it - I prepare the journals and made sure that the suspense account was cleared (which it was). Although you were not actually asked to post the journals, you have to account for them when you prepared your profit and loss. This was given away by the fact that on the P&L there was a column on the left hand side for workings. I think this was a heads up to use this to show that you adjusted your figures from your trial balance using your journals.
    So in effect, you have posted them to the individual accounts (in the workplace you would have actually done this, and this would change your tb)

    Does anyone else agree?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    Hi

    Yes i totally agree with you, thats what i did, showed my workings, to give the correct figure for the P&L.

    I started to panic reading everyone elses comments, but i think what we did is correct - i hope!!

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    Violet
    you have just made me feel a lot better

    Cookie
    thats what I did first untill that last question and then went back and re did it

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    suppose will find out in august
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    I actually did the exam and I've got a copy in front of me.

    It doesn't ask you to post the journal - but to be able to correctly prepare the profit & loss account, you must amend the trial balance to ascertain the correct level of profit - which in essence means to post the journals. However, since only Purchases, Rent, General Expenses, Wages and Depreciation Expense were affected and as long as your workings are shown, you'll still get marks for your methodology. You may lose 5 marks for using the original trial balance figures. I wouldn't worry too much.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    Im curious to know how you managed to get a copy of the exam paper. I would very much like to obtain a copy if this is at all possible, can you let me know please. My email is debbieslaundry@talktalk.net
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    I think the exam papers are available for you to download on this site, however the answers won't be published until the exam results are released.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    Past exam papers are under 'Students', 'Assessments', 'Past Papers'.

    Scott.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    Thank you so much :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2
    Frank Wood wrote:
    I actually did the exam and I've got a copy in front of me.

    Are you THE Frank Wood, who wrote Frank Wood's Business Accounting??
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    I can't belive that you're the first person to ask me that!! - I thought everybody involved with accounting would have read something by Frank Wood. Business Accounting is like the BIBLE.

    Actually my name is Tony - it was all very tongue in cheek.

    So, no, I'm not the Frank Wood.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:have I made a complete mess of section 2

    Well, as that Frank Wood sadly died back in 2000, I thought it somewhat unlikely that you were he :P

    Chris

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