FRA- Did your Extended T.Balance tally??

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

    no it wouldnt be classed as incompetent for that as long as you got the rest right
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    Are you a tutor Ashbean? I only ask because if you are and you say I should be OK on the journals then you have really put my mind at rest.

    Also, were we supposed to DR sales ƂĀ£275 in the disposals question. I did this because I thought the sale of the asset should have been recorded as Dr Bank Cr Disposals but none of the rest of my class did this? I still got a profit on sale of ƂĀ£75
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    no sorry just a fellow student but my tutor has told me this before the exam, regarding one of my mocks, he said aas long as i showed workings, and the others were ok i wouldnt be considered incompetent for it
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    I debited the bank aswell, but dont think we were supposed to? I didnt read the question properly. D'oh! :oops:
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    Hi guys,

    I am very anxious for the result day & canĆ¢ā‚¬ā„¢t get peace till I know the correct answers.
    I sat for both ECR & FRA exams working full time, doing my intermediate in six months and studying home study course. So you can understand no one is there to ask for what is correct answer.
    I am trying to memorise journals for part 2 in FRA and writing the answers as well. Could you please give me some feedback on this?
    (a) Dr- Prepayment ƂĀ£900, Cr- Rent ƂĀ£900
    (b) or (c) Provision for doubtful debt is 4% of debtors, so it came as ƂĀ£119 & it is given in the TB as ƂĀ£150, so I debited Provision for doubtful debt with ƂĀ£31 & credited Adj of P F D D with ƂĀ£31.
    ƂĀ© or (b) Loan interest is 7.2% of ƂĀ£2500, it came as ƂĀ£180 but already ƂĀ£165 is given so I debited loan interest with ƂĀ£15 and credited accruals with ƂĀ£15.
    (d) I reduced the stock by ƂĀ£138 (ƂĀ£4238 - ƂĀ£138 = ƂĀ£4100)
    (e) Dr- disposal ƂĀ£500, Cr- Equip cost ƂĀ£500
    Dr- Acc depre ƂĀ£300, Cr- disposal ƂĀ£300 (ƂĀ£500x20% = ƂĀ£100 each for Ć¢ā‚¬ā„¢03, Ć¢ā‚¬ā„¢04, Ć¢ā‚¬ā„¢05)
    Dr Ć¢ā‚¬ā€œ Sales ƂĀ£275, Cr Ć¢ā‚¬ā€œ disposal ƂĀ£275
    So my Disposal came as ƂĀ£75 (profit).
    I didnĆ¢ā‚¬ā„¢t adjust depreciation expense so it remained as ƂĀ£900.

    For ECR I have made a stupid mistake, (MOS question) I didnĆ¢ā‚¬ā„¢t multiply by 100 so my % came as -0.2%, 0%, & 0.2%. My significances were based on my % not on -20%, 0%, & 20%.Will I fail for not multiplying and for giving wrong significances?

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

    for the disposal i think i had something like



    Dr Acc Dep ƂĀ£300
    Dr Sales ƂĀ£275
    Cr Disposal P&L ƂĀ£75
    Cr Fixed assets ƂĀ£500
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    i thought that the exam went so well! now im lookin at al your answers and i know i have just ruined it all! :( i know for definite that i have failed the exam, but i was wondering would i still be admitted to the technitian level which i start in january and do the fra exam in june with the technitian ones or would i have to study intermediate level fra again?
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    Depends on your college - speak to your tutor. If you have everything else done apart from FRA exam, they should let you on to Tech - depends how strict they are.

    If you are home study, you will be able to start Tech level.

    Sure you did fine and passed anyway!
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    i hop so! :roll: thanks for da vote of confidence! :)
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    That would be a funny site - eating xmas dinner with fingers crossed!!

    Seems we have the same balance on section 1. I missed the fact that the ƂĀ£165 was laready there for the current year on teh laon int. I put trhough another ƂĀ£180 . i had brain drain by then and should really have read it trough again. Don;t think she will get me too much though on that as my methos as correct.

    I depreciated the disposal for 2 years. how many did you do can you remember when it was purchased.

    I don;t think if we depreciated 2 or 3 she would get us marked down much as i think she was really trying to see if we knew how to deal with a disposal.

    glad it's over!! :-o
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    I did that with sales.

    However I depreciated the disposal with only 2 years. seems most did 3. i also charged ƂĀ£180 to the loan intersest.

    seems the rest was ok judging by what people are saying.

    does anyone think that will cause me lots of trouble.

    My TB in section 1 balanced.

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

    the asset was bought during the year ended September 2003. The company depreciated in the year of acquisition but not in the year of disposal. This means you should have depreciated over three years ending with an accumulated depreciation of ƂĀ£300
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    Yeah though so. Think I should have gone back and checked that i had got right dates. However my theory and process was right so maybe will be ok?

    Ta
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??
    accountschic wrote:
    Yeah though so. Think I should have gone back and checked that i had got right dates. However my theory and process was right so maybe will be ok?

    Ta

    As long as you treated the number correctly, you'll get some marks... they call it the "own figure" rule, meaning that you may have calculated the number incorrectly, but you applied the right theory to it. As making one small error by calculating a number can throw out lots of other numbers, it's only fair you should still get marks for compiling it correctly.
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    Just thought i'd add my bit. lol

    Balance on first got ƂĀ£333,939 for the Section 1 TB, and a profit of ƂĀ£14,626 for the second bit.

    Our tutor said the second should be ƂĀ£14,971 as I should have only added on ƂĀ£15 not ƂĀ£180 for loan interest.

    Having spoken to others that did the exam 75% did the same as me.

    I think the question was worded badly as it did say to accrue 7.2%. Pondered on which way to do it and chose wrong way........

    Our tutor took exam paper after and worked out the answers, she said answers should be ƂĀ£333,939 and ƂĀ£14,971 but said if the only difference was theloan interest it would be fine.

    Hope that answers some questions.

    :wink:
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??
    sally savage wrote:
    I think the question was worded badly as it did say to accrue 7.2%.
    Sorry, i'm a foreign person and i still have difficulties with the languige on exams, but I could clearly understand it when it said to accrue interest TO 7.2% . So total for the year charged to P&L should be ƂĀ£180 and accrued interest ƂĀ£15.
    Don't get me wrong sally please :roll: , just some people don't pay enough attention to the question and hurry too much to be first out. I took my time on FRA and i was almost last out of the class, but i'm relaxed about my results now and don't feel sorry that I missed something out which I could have done right.
    Good luck everyone with your results!
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??


    Ive done the same with the Loan intrest and the Journal at the end got some of the figure in that right,but after speaking to my tutor hes says not to worry about it but I suppose you do because you want to pass and some of the markers can be picky will have to wait and see,but I do remember the own fiqures rule so if thats applied then things will be ok for most of us.


    Good Luck All


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

    My trail balance did not exactly tally, i was totally thrown in section one by the wording of net balance on cash & credit sales, why didn't they just say excluded or included my mind went blank, i know know i got it wrong i am praying to pick up points for process, my tutor tells me we need a 60% to pass, i celebrated with an indian takaway. good luck everyone
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    Aha ive been trying to find out what mark is required to pass, i thought it would be 60% as i think its 70% for the foundation and it decreases as you go up levels.

    Now i know for sure i may in fact pass although my TB at the start was also out. Net and gross caught me offguard as well.

    The sales are net and the sales ledger control account are gross as thats what they owe!
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    I know in my mock my TB didn't balance etc but I still passed with 85%. That is supposed to be harder than the exam. Hopefully as long as we've all done most things right, if we have the net profit within about ƂĀ£200 of eachother, it can't mean we've gone that wrong. You can make silly mistakes like subtract net profit and not add, but still pass with flying colours! Good luck to everyone in Feb. We're all STARS!!!! Yippeeeeee Christmas Time.....
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    DOH!!!! Net interest not Profit (now you can see why I'd get things wrong!!
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    You could have used the edit button like using an eraser in the exam =) i hear questions are coming out next week so we should be able to work out whether or not we have passed. Anyone know the method they mark it? i hear you can get 50 marks a question or something?
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??
    chiclette wrote:
    exam was easy i think, ETB net profit = 14791

    That figure rings a bell!

    I found the exam easy also! If you'd gone through a few past papers there were no surprises! I left early and drank 2 pints before the exam had offically finished :lol:
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    have to say that i couldnt get my head round the first half of the paper total mind block but i did quite well i think on the second part i was hoping for an etb cant remember any figures though
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:FRA- Did your Extended T.Balance tally??

    Thanks

    I thought that. I'm just really worried because that means I have two wrong figures the Dep'n charge and the loan int. I am 100% that I processed correctly. Just not sure that I wrote the dr / cr for sales and disposal in journal . I'm so angry as I knew exactly what to do with it all just momentarily lost my concertration and then when checking was checking the figures rather than going in depth again. Suppose I should take that on board for future.

    Oh well let's hope all is well with it. It would seem major unfair to get me on that as people pass with a suspense inserted if TB and that means you have processed wrong rather than just used wrong figure surely!

    ARGHHHHHHHHHHHHHHHHHHHh we must al be mad to do this!!

    Thanks for reply

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

    Both ofmy trial balances balanced 1st time!! Such a surprise!!!!

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