FRA- Did your Extended T.Balance tally??

2

Comments

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    I feel rubbish now, was really confident! Do you know what the % is to achieve a pass? I hope I wont fail on that

    :)
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    das exactly hw I did my loan interest, coz they said it was an ACCRUAL of 7.2%. they didn say difference. So I assumed as we normally do with accruals, you add calculated figure to existingone i.e 165 + 180, hence I got 345 too. Donno now, I'm puzzled!!! :?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??
    Emma79 wrote:
    I feel rubbish now, was really confident! Do you know what the % is to achieve a pass? I hope I wont fail on that

    :)

    Well I did the same as you, and I don't feel rubbish at all!! The pass rate is around 70% I believe, so you'd have to get an awful lot more wrong than that! If that's the only mistake we made (and I'm not certain it even IS a mistake) then we'll have sailed it. Seriously - DON'T WORRY! 8)
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??
    LucyBoo wrote:
    Emma79 wrote:
    I feel rubbish now, was really confident! Do you know what the % is to achieve a pass? I hope I wont fail on that

    :)

    Well I did the same as you, and I don't feel rubbish at all!! The pass rate is around 70% I believe, so you'd have to get an awful lot more wrong than that! If that's the only mistake we made (and I'm not certain it even IS a mistake) then we'll have sailed it. Seriously - DON'T WORRY! 8)

    Thanks. Hope you are right. Going to get some wine I think :D
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    Can't believe you lot can remember what the hell you wrote!!! completely left my tiny mind the min i left the room filled with doom!!!

    thought it was easy to start with but didn't get anything to balance!!! as per!! but wrote down all workings so hopefully pass pass pass me! been revising bloody stock all weekend and all the accounts concepts etc wish we could get a teacher that'd give us a bloody study list - doom and more doom - oh well Love Actually's on and a bottle of vino with my name on it. feel better for reading your comments.

    cheers

    H :shock:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    Ahhhhhhh

    I got the first section to balance, but was ร‚ยฃ150 out on the second...... really annoying as i spent about an hour trying to figure out where i had gone wrong and still couldnt!!

    Guess no point worring about it now, just have a beer and see what anwsers come in.

    At least we are all around the same, i think i got a profit of ร‚ยฃ14,681 so not a milllion miles away from u guys! :shock: :x :shock:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    Hi

    Managed to get both TB's to balance, Interested what everybody wrote for the memo question ????

    :?: :?: :?:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    Hi Everyone,

    How was it i found completing the current account hard???

    Did you debit the Capital Account with the drawings
    and then balance the account with no profit share????


    Please let me know

    Brendan :-o
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??
    KateCM wrote:
    I got ร‚ยฃ333,939 for the Section 1 TB, and a profit of ร‚ยฃ14,791 for the second bit, I remember that coz I had to change it, as I forgot to put in the extra ร‚ยฃ15 for loan interest, so at first, my balance sheet didn't balance!!! Oops!
    Fingers crossed til February!!! (christmas dinner's going to be hard to eat with my fingers crossed but never mind!!! hehe)
    Kate did you do your exam at a+ in plymouth
    by any chance.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    My profit was ร‚ยฃ14626 aswell. Maybe everyone else forgot to add the ร‚ยฃ180 loan interest to the existing interest and only entered ร‚ยฃ180 instead of ร‚ยฃ345. Don't panic. I am sure you will be fine.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    didnt the question say 'the total amount to be charged to the profit and loss account should be 7.2% of the balance' which is ร‚ยฃ180. you already had 165 so i just added another ร‚ยฃ15??????
    Maybe i misunderstood!!!!!
    im sure i've gone wrong somewhere anyway, no one else seems to have my figure!!!!

    oh well, we all seem to have similar figures!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??
    speegs wrote:
    My profit was ร‚ยฃ14626 aswell. Maybe everyone else forgot to add the ร‚ยฃ180 loan interest to the existing interest and only entered ร‚ยฃ180 instead of ร‚ยฃ345. Don't panic. I am sure you will be fine.
    I done that cocked up the last journal i think got 14076 net profit panicking now
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    14791 net profit i got
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    It said the loan interest posted to the P&L should be 7.2% of the loan. So you only add 15 as 180 is 7.2% of 2500, not 345
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??
    ashbean14 wrote:
    It said the loan interest posted to the P&L should be 7.2% of the loan. So you only add 15 as 180 is 7.2% of 2500, not 345

    I think it said something about accruing loan interest didn't it?? although i didn't write the question down & bring it home with me, so i can't be sure :D
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    Well I think I must have sat a different exam to all of you as non of my figures match any of yours. I couldn't get the bank statement to tally wotsoeva in section one or the TB in Section 1.

    I managed to balace the ETB in section 2,but my nett profit was something like ร‚ยฃ9552, no where near ร‚ยฃ14k+.

    On the way home I realised that the bad debt provision of 31.00 I put in but I didnt then clear it again so it didnt actually reduce the original value.

    I doubt I have done enough to pass, but who knows.

    I drowned my sorrows instead!!!!!!!!!!!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    I wonder how long we have to wait for the exam paper to go on here and the answers so we can all depress ourselves even more!!!!!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    Hiya,
    Everything balanced but whether or not with the right figures is another matter :? This is my 3rd attempt at FRA and this is definately the most confident I've felt so fingers crossed!

    Hope you all pass!

    Nicki.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    Good morning all,

    Sat the FRA exam yesterday. I was so ready for it or so i thought. Spent 10 minutes read through the whole exam and was pleased with what i saw. Id studied current accounts and disposals a lot and just what i hoped in the exam. Funny enough i had a difference in the first TB, something didnt seem right to me! Everything was in the correct columns im thinking i added appreciation up wrong, then again i find that easy! Anyone have the figures for it to balance? id love to know them! My credit was larger than the debit side by quite a bit!

    ETB balanced around 15k sounds about right. One question to all, there was Scrapped stock of ร‚ยฃ138 where does that go? i ended up deducting it from the closing stock figure but not placing it anywhere else? stock to BS 4100?!

    Anyway at work now but hoping i work out what went wrong!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    I really hated the exam yesterday, I went in feeling really confident, especially when I finished Section 1. But when I got to Section 2, which contained an ETB which had a disposal and reduction on prov for doubtful debts, which I all hate, I felt like I wanted the ground to swallow me up. I am so convinced I've failed this exam. My ETB didnt balance, my journal for the disposal was all wrong and looks like the interest for loan account was too. My P&L seemed ok, but net profit was 15176?? Which no-one has, knew it was wrong when i was doing it though! :( Also, my memo was wrong, got it the wrong way round, so looks like I will be re-sitting in June.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??
    Karlb wrote:
    One question to all, there was Scrapped stock of ร‚ยฃ138 where does that go? i ended up deducting it from the closing stock figure but not placing it anywhere else? stock to BS 4100?!

    I had problems with that adjustment too. My first thought was to Cr Purchases and Dr stock but then I wasn't sure so I just left it and used the closing stock figure that they gave. :?

    I got both of the trial balances to balance. I'm not sure my profit figure was right but the P & L worked out as well so hopefully I won't get penalised too much...
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    I think under the prudence concept you probably had to deduct the 138 from the closing stock on 4238 to give 4100. That's what i did anyway
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    yes because it was going to be scrapped, its value was nothing. So lower of cost(138) and NRV (0) is zero, therefore deduct it
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    Another question... you know the P&L at the end... there was a column on the left hand side for workings.... did anyone put anything in that column??? I thought we'd dealt with workings in the adjustment section of the ETB??
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    I didnt put anything in the workings in the back, only after the journals. But by that point I just wanted to go home anyway. :?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    argh I should have deducted it. Oh well! It's done now. :shock:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    Also... where did everyone put the decrease in adjustment to provision for doubtful debts? I put it as an add on to the GP figure in the P&L, along with the 75 profit from the disposal.... did I get that right? :cry:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    I'm pretty sure the accrual was meant to be ร‚ยฃ15 and therefore the Loan Interest ร‚ยฃ180 in total. Logic tells me that we were making an accrual for the final month of the year, and ร‚ยฃ165 / 11 months is ร‚ยฃ15 per month, and therefore ร‚ยฃ15 for month 12 needed accruing.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    I cant remember what I done with the loan interest, but I did put 31 and 75 as income received under the gross profit. At least thats one thing I think I got right on Section 2! :roll:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:FRA- Did your Extended T.Balance tally??

    You are correct. I bullsed up the loan interest. The accrual should have been for ร‚ยฃ15. Does anything think they can fail you if you just one journal wrong?

Categories

Privacy Policy