can we discuss FRA yet???

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  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    Section one Trial Balance:

    Mine didn't balance by £2000 (I think) so I assumed it was in fact to be treated as an extended TB (we had just put through adjustments . . .) so I posted the difference to P&L !!!

    ???
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    I know I got the current account wrong cos I never understood goodwill and how to eliminate it - but I'm OK with that!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    When goodwill is introduced it is at the original proft share so the two original partners each got 75,000, when it is eliminated it is done at the new profit share in this case 45/35/20.

    In part 1 I debited Bad Debt and Credited the SL Control account as it was not a provision but a specific item being writen off.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???



    what figure did everyone get for discounts receieved?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    Hello, my discount allow figure was 3,555 and Icouldn't get my balance sheet to balance. ETB balance ok.

    In section 2 the last question, I don't know whether we were suppose to exclude tax from 900 before the markup and and margins, does anyone knows? :oops:
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    damn - i originally had 3555 but changed it to 2360 for some reason!!

  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    I am fairly certain my discounts received figure was either 1,165 or 1,665, just not sure which now.

    I do know I did not have to put in a suspence account to make it balance...
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???




    What did everyone else get for discounts???
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    I managed to balance section one but went wrong with the section two. Balanced but know i got it wrong as like an idiot changed partners current accounts from the balance sheet to profit and loss do not know why had a brain storm i think. Resit in December for me.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    Yes I got either 1,165 or 1,665 for discounts received, and did not need to introduce a suspense account.

    My TB sec 1 balanced at 44,440, and ETB net profit was 49,450.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    think my etb profit was something like 54,450
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    My TB in section 1 was 44,150 I think. It balanced. ETB got 49,450 profit and the final balance sheet figure was 78,650
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???
    Fran1008 wrote:
    My TB in section 1 was 44,150 I think. It balanced. ETB got 49,450 profit and the final balance sheet figure was 78,650

    WOW I think I got similar figures.... phew! 8)
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???
    mikewebs wrote:
    Fran1008 wrote:
    My TB in section 1 was 44,150 I think. It balanced. ETB got 49,450 profit and the final balance sheet figure was 78,650

    WOW I think I got similar figures.... phew! 8)

    I got this too! :D

    Alison
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    i think i got the same as you Winney, 44440 for the tb in section 1 and my net profit in section 2 was 49,450, fingers crossed it was right! :oops:

    it makes you feel a bit better seing someelse has put the same as you!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    I think you may find that both 44,440 and 44,150 are both correct for the TB sec 1...

    reason being, those who subtracted the bad debt (290) from the SLC would have balanced at 44,150

    Those who put the 290 as a Cr on SLC, would have balanced at 44,440...

    So, no worries...
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    i think it was 49450 profit
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    it was discount received i think (purchase ledger control account)
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    did you elimate goodwill of 150,000 (cr capital A 75000 and b 75000 first and then did new ratio) i think thats what i did
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    did you elimate goodwill of 150,000 (cr capital A 75000 and b 75000 first and then did new ratio as dr) i think thats what i did
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    Hello

    Well, i got many figures for my discounts allowed and finally gave up and bungedin a suspense account.... I could NOT get the PLCA at all, just could not do it! It upset me in the exam! Hours at the end i spent oin it 2 and to no avail....

    And then the ETB, i think i got 17,450 net profit or something BUT it did balance and it tied up with my financed by:- section..... so i must have done something right and posted them right even if the figures are wrong if that makes sense!

    Felt more confident with the second section though, first was awful..... I got 1500 for 40% thing, but never touched on margin!?! So i didn't understand that and guessed again! And i also put 20% straight line, think that was the simplest question tbh, well suppose they've gotta give people like me a fighting chance of ONE mark hey!?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:can we discuss FRA yet???

    I was pleasantly surprised by the FRA exam, having sat the ECR on the Monday, which I struggled with but fingers crossed got through, was expecting a dog of a paper.

    This paper certainly didn't give up any unexpended questions, luckly for me I everything balanced in both sections, but from what my tutor told me, who is an ex marker for AAT, you can get an awful lot wrong but so long as you carry your errors over and show understanding you will pass. The trick was to show your workings so that the examiner could see your thinking behind an answer.

    I am sure that one or two errors and entering a suspense account will not amount to a fail

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