Incomplete Records

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Is anyone studying with A+ in Plymouth? I'm doing the second progress test and obviously don't understand incomplete records because i'm struggling with the third question, I was hoping someone could guide me in the right direction as the exam is only round the corner so i'm starting to panic.

Any help with incomplete records would be so very appreciated!

Thanks
Ange

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Incomplete Records

    can you post the question for us to see, I may be able to help, but I'm not promising!!! :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Incomplete Records

    I'm stuck on finding the 'total sales' figure at the moment, its a very long question so i'll go over the part i'm really stuck on because I think once I get that I should be able to piece it together...

    I'm given a bankings amount of £342,323 (this includes money from cash sales & receipts from debtors. The opening debtors was £400 and the closing was £650. He makes a constant mark up of 30%. From this i'm not sure how to find the total sales - its probably staring me straight in the face but the more I look at it the more confused I get. Once I get the total sales I can get the gross profit etc.

    I think i've included everything they give me, any ideas?

    Thanks!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Incomplete Records

    try using your T account.
    start with your bal b/d (DR) £400
    enter receipts (CR) £342,323
    bal c/d (CR) £650
    therefore using double entry you can find the sales figure of £342,573.
    The mark up will be gross profit divided by cost price x 100
    hope this helps. :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Incomplete Records

    I did have that figure but I didn't think it would be right because it talks about cash sales and debtors receipts - I thought by using the opening and closing balances of the debtors wouldn't be right :? I was trying to recreate the debtors account because I was given the opening and closing balances and therefore I didn't know the split between cash sales and debtor sales so couldn't post it in there - this is where I was getting confused. I think i'm looking too far into things and making it complicated for myself. Thanks for your help - I was getting frustrated with it!

    Have a great weekend! thanks again I can progress further now with this test.

    Cheers
    Ange
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Incomplete Records

    does it actually give you the split btwn cash sales and receipts?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Incomplete Records

    No it doesn't, and I was getting confused because I wasn't sure how to find it and thought I must be missing something. I should have been recreating the sales account instead I believe. Thanks again for your help , i have managed to get further along now! I have been struggling with it for most of the week :shock: .

    Thanks :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Incomplete Records

    no probs hun, sometimes you just need someone else to have the same answer as you to confirm you are correct. the answer sheets in the exams would be good for that eh?

    good luck in the december exams :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Incomplete Records

    Hey Lambat!
    I'm studying at A+ Plymouth. I did that progress test earlier in the week and handed it in. Can't really remember what I did now. Sorry! Just thought i'd let you know i'm having the same problems as you! :)
    See you for the exams I assume!
    xxxx
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Incomplete Records

    Hiya KateCM

    Are you doing distance learning or going to lessons? I'm doing distance learning and did fine with ECR but the FRA is really doing my head in. My first progress test I flew through and felt really confident, however this second one i'm growing to hate with a vengance haha. Now I can understand why they expect you to learn most of the book for the first part and only two chapters for the second part. I'm not looking forward to the exam. I was hoping to do my simulation this side of the exam so it was all over but i'm not sure I will be doing that now... will have to decide next week!

    Take care
    Ange
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Incomplete Records

    Hey Ange,
    I'm also distance learning.
    I did my costing simulation the other week wanting to get it out of the way before the exam, and I got my results the other day - I passed :)
    It was good practice for the exam, so i'm glad I did it. You just have to remember that if you don't do all that well on it, you either have to do another one, or just do top up questions, so try not to worry too much.
    If not, you can always sit it on the 9th I think.
    Anyway, best be off, it's getting a little late to be thinking about Costing!!!!
    Good luck! I've got my fingers crossed for both of us! :)
    Kate
    xx

Categories

Privacy Policy