Balance Sheets and P+L's

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jackiepowell
jackiepowell Registered Posts: 72 Regular contributor ⭐
in AAT Level 3 (Level 6 in Scotland)
Hi All

Hope you can help me!
I am starting to get really worried about the FRA Exam, i do not want to fail it!!
I seem to be struggling with remembering the Balance Sheets and Profit and Loss Accounts from memory.
I am fine with refering to ones in the book when i complete a new one, but i cant do that in the exam!! lol... (wish i could)
But when i come to do it from memory on a blank piece of paper, i am so stuck.

Please help!
Thanks
Jackie :001_smile:

Comments

  • George Tse
    George Tse Registered Posts: 241 Dedicated contributor 🦉
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    Hello jackiepowell

    With the balance sheet the lay out is pretty much like this:

    Fixed Assets
    Land and Buildings
    Fixtures and fittings
    Office Equipment
    Motor Vehicles etc...

    Current Assets
    Stock
    Debtors
    Less provision for bad debts
    Prepayments
    Bank
    Cash

    Less Current Liabilities
    Creditors
    Accurals
    VAT
    Bank O/D
    Net Current Assets

    Less Long-Term Liabilities
    Bank Loan etc
    Capital Employed

    Financed By
    Capital
    Add Net Profit
    Less Drawings
    Closing Capital

    or for partnership accounts

    Financed by
    Capital Accounts
    Current Accounts
    Closing capital

    Hope this helps u remember the ballance sheet for the trading profit and loss account there are diffrent ways to do it do ull have to look up that one XD
  • jackiepowell
    jackiepowell Registered Posts: 72 Regular contributor ⭐
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    Thanks for that, i will have to get memorising, it will go in with practise wont it?

    Thans again
    Jackie
  • Lou Osborne
    Lou Osborne Registered Posts: 1 New contributor 🐸
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    Someone told me of an easy way to remember which order to put the the Current Assets in:

    Snowy
    Days
    Probably
    Before
    Christmas

    If you take the first letter of each you get:

    Stock
    Debtors
    Prepayments
    Bank
    Cash

    The only thing to remember is to add the take the provison for bad debt from the debtors.
  • George Tse
    George Tse Registered Posts: 241 Dedicated contributor 🦉
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    XD I thank thats cool lou !! wiked way to remember lol XD I had to force my self to remember the layout it took some time but i finally got it :D

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