FRA figures?? Its 8oclock now!

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Comments

  • *hayley-may08*
    *hayley-may08* Registered Posts: 43 Regular contributor ⭐
    I did consumables = expense
    interest received = sundry income!

    I also got £125 loss on disposal.

    I got the 18250, and 9100 figure, I cant seem to remember entering disc rec'd though?? Or seeing it on that question in fact!!!!!!!!???

    Probably me just worrying though...!!??
    x
  • CathG
    CathG Registered Posts: 145 Dedicated contributor 🦉
    where's Sandy tonight - will he be doing the paper and letting us have the answer d'you think?

    If we all chant his name - he'll come online......

    WE WANT SANDY, WE WANT SANDY, WE WANT SANDY.

    (I'm just bonkers - so pleased the exams are over, I've worked reallyt hard!)
  • Nads
    Nads Registered Posts: 3 New contributor 🐸
    i did that as well it should have been in expenses..I also added the discount received to the cost of sales to make the gross profit which was wrong

    Erm, don't remember discount received !! Was that really there or have I lost my memory???
  • diane79
    diane79 Registered Posts: 37 Regular contributor ⭐
    When I saw we had to do a P&L and a B/S I thought OMG, but as it was it worked well as a way of double checking everything. I liked that paper:thumbup1:
  • ccreaven
    ccreaven Registered Posts: 119 Dedicated contributor 🦉
    cathg wrote: »
    did you get gross profit 23165 - I included the delivery costs to customers in the 'cost of sales' section - wasn't sure if that was right?
    I did consumables = expense
    interest received = sundry income!

    I also got £125 loss on disposal.

    I got the 18250, and 9100 figure, I cant seem to remember entering disc rec'd though?? Or seeing it on that question in fact!!!!!!!!???

    Probably me just worrying though...!!??
    x


    I don't remember discount received either so I'm glad you can't too!!
  • Crazy Chick
    Crazy Chick Registered Posts: 38 Regular contributor ⭐
    come on Sandy.....just checked ECR n did ok i think

    really impressed with the effort you go to Sandy...really appreciate it
  • KellyG
    KellyG Registered Posts: 51 Regular contributor ⭐
    Me too and now know where i went wrong... forgot to add the profit from the P&L at the bottom of the balance sheet! DOH... I wont fail miserably for that will I? :ohmy:
  • ccreaven
    ccreaven Registered Posts: 119 Dedicated contributor 🦉
    KellyG wrote: »
    Me too and now know where i went wrong... forgot to add the profit from the P&L at the bottom of the balance sheet! DOH... I wont fail miserably for that will I? :ohmy:

    so do i!! did you end up with 9150 at the bottem??
  • jmf
    jmf Registered Posts: 12 New contributor 🐸
    I got net assets to be 9100

    net profit was £18250
    balance sheet balanced ok so was happy Sure that no mistakes in Part 2

    did something wrong on part one got to the trial balance in about 30 mins it was all really easy then spent an hour trying to figure out why It wouldn't balance. I know thats its something really stupid. Must have checked my figures 50 times. In the end I just put the difference in a suspense account. Will I lose many points for my trial balance not being ok. I am sure all my work up to then is accurate.

    Got a feeling I posted the Opening stock on the wrong side for some obscure reason. plus I wasn't sure whether to put the balance on the loan in the trial balance or the amount paid for the year. think I decided on the balance in the end.
  • MOHMEDSALIM PATEL
    MOHMEDSALIM PATEL Registered Posts: 184 Dedicated contributor 🦉
    Yes We Might Be Right

    Trail Balance = 176940

    Profit= 18250

    Loss On Disposal Of Fixed Assets =125

    Net Assets =9100

    Closing Capital =9100
  • angela27
    angela27 Registered Posts: 40 Regular contributor ⭐
    you know the question i was asking about the 1000 that had come from the bank that already been credited from the bank and was already included in the figures wasnt it there was an example like this in one of the past papers before and the figure was already in the vehicle or equipment account so it hadnt to be taken out and put back in again anybody with me on this???
  • Nads
    Nads Registered Posts: 3 New contributor 🐸
    What was the depreciation thing everyone was mentioning before 8pm - antone know?
  • KellyG
    KellyG Registered Posts: 51 Regular contributor ⭐
    Yeah... 9150! We wont fail coz of that will we?
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
    1000

    :cool2:Yes, I didn't do anything with it, has the fixed assets looked ok, now I am worried that I should have done:glare:
  • *hayley-may08*
    *hayley-may08* Registered Posts: 43 Regular contributor ⭐
    ccreaven wrote: »
    I don't remember discount received either so I'm glad you can't too!!

    I see what you mean about the 1000.00 but in this question it didnt mention any previous entries at all, so I did them all as if none were done already. with the 1000, think i debited equip:cost, credited bank 1000!

    Hope this helps!
    x
  • ccreaven
    ccreaven Registered Posts: 119 Dedicated contributor 🦉
    KellyG wrote: »
    Yeah... 9150! We wont fail coz of that will we?

    I hope not??? I could have kicked myself, I stupidly took the capital from the drawings, god knows why, just didn't think!
  • Darren Pearce
    Darren Pearce Registered Posts: 10 New contributor 🐸
    Discount received came from one of the journal entries, I think it has been incorrectly credited to general expenses. It should have been treated as Sundry/Other income in the P&L
  • darrenshuff
    darrenshuff Registered Posts: 2 New contributor 🐸
    hi phil cauldon college

    think i got everything right sorry i missed you but took me two and a quarter hours to get everything to balance see you monday darren
  • KellyG
    KellyG Registered Posts: 51 Regular contributor ⭐
    ccreaven wrote: »
    I hope not??? I could have kicked myself, I stupidly took the capital from the drawings, god knows why, just didn't think!

    Ha ha ha.... me too! Just wanted to get out of there! I think we should be ok!
  • Sean of Kent
    Sean of Kent Registered Posts: 3 New contributor 🐸
    Hoo Yaa

    Me too!!
    9910 and 18250.
  • ccreaven
    ccreaven Registered Posts: 119 Dedicated contributor 🦉
    Discount received came from one of the journal entries, I think it has been incorrectly credited to general expenses. It should have been treated as Sundry/Other income in the P&L

    wasn't that interest received??
  • angela27
    angela27 Registered Posts: 40 Regular contributor ⭐
    hmm i thought the question had said that the 1000 owing had been paid from the bank?? so that means 1000 had already been credited from the bank and the entry had already been done i think the equip at cost was 2700 which was the 1000 that was paid from the bank and 1700 which was the one we got rid of?? then we had to end up with 1300 me thinks anybody with me
  • *hayley-may08*
    *hayley-may08* Registered Posts: 43 Regular contributor ⭐
    I thought that too - Im hoping it was interest received, as I am worrying now...!!!
  • Darren Pearce
    Darren Pearce Registered Posts: 10 New contributor 🐸
    ccreaven wrote: »
    wasn't that interest received??

    Sorry yes
  • MOHMEDSALIM PATEL
    MOHMEDSALIM PATEL Registered Posts: 184 Dedicated contributor 🦉
    Question 2.4

    Question Does Say That Following Transation Has Happen But No Other Entries Has Been Made.

    £1000 The Cost Of New Assets Has Been Paid Through Bank.
    Part Exchange Been Agreed To £ 300
  • diane79
    diane79 Registered Posts: 37 Regular contributor ⭐
    angela27 wrote: »
    hmm i thought the question had said that the 1000 owing had been paid from the bank?? so that means 1000 had already been credited from the bank and the entry had already been done i think the equip at cost was 2700 which was the 1000 that was paid from the bank and 1700 which was the one we got rid of?? then we had to end up with 1300 me thinks anybody with me

    I thought the question had said no entries had been made?!?:confused1:
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
    Equipment

    HI angela,

    They were also my thoughts!!:001_smile:
  • ccreaven
    ccreaven Registered Posts: 119 Dedicated contributor 🦉
    KellyG wrote: »
    Ha ha ha.... me too! Just wanted to get out of there! I think we should be ok!

    I made a few other silly mistakes too though, like taking the carraige off of the cogs and I didn't put all the drawings in the current account in question 1 (only the £2000) so had put drawings in seperatly in the trial balance to get it to balance!!:001_unsure:
  • Nikca
    Nikca Registered Posts: 3 New contributor 🐸
    Hi everyone! Seems like you've done well. I mest up with few thinks, not concenrating enough i gues.
    There was no discount received, it was interest received £115, where did u put it p/l or b/s?
  • angela27
    angela27 Registered Posts: 40 Regular contributor ⭐
    hi andrea im doubly sure this was right coz i had a problem with one of the past papers which iwent into lengthy detail with my tutor about it and the answer was the entry had already been done in the first place so for our adjustments to balance we had to take it back out of the account and put it back in
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