FRA figures?? Its 8oclock now!
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I had to put a suspense account in, was out by 500 quid ish & I couldn't find it anywhere, would have finished the exam in an hour, instead I spent the remaining 1.5hrs looking for my difference - never found it....I did put a sad face at the at the end of my tb, hoping they take pitty.
My balance sheet & P&L seemed to work.....now we just have to wait FOREVER to find out!0 -
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Yeah but even though its been paid through the bank, it doesnt mean that the double entry had been done? Hmm not sure now, but i thought that it said no previous entries had been made?? Im really not sure now!
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Interst received
Profit & Loss0 -
Angela 27
Yes You Are 100% Right.question Does Say What You Saying.0 -
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:
Hey, dont worry too much, as long as you spotted your mistakes and tried to correct them I'm sure they'll take that into account! Just want my results NOW... 9 wks is too long when you're really not sure how you did!0 -
more than one income recieved???
I think i aced it but now worried about discount received or income received? I know i only had one income item.
There wasnt two was there??
anyways it balanced and i wanted to shout COME ON! LOL
we got the easiest paper in history! them poor people who do it next time will get a difficult one but im just glad its over.
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Where does interest received and consumables go?
Interest received goes just after gross profit in the profit & loss as other income (i hope coz thats where i put it!)
Consumables (can't remember what the company in the question did but if they were builders it would be drill bits, grinding discs etc) and so goes in with expenses.0 -
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it had been paid from the bank but surely if no other entry had been made then there would have been an amount on the suspense??? as it wouldnt have balanced??? the amount was already in the equipment account 1000 and 1700 (the equip we disposed of ) 2700 and the balance we need to end up with is 1300 so the 1000 is already in there we need to take it out to make out adjustments balance and put it back in0
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I think i aced it but now worried about discount received or income received? I know i only had one income item.
There wasnt two was there??
anyways it balanced and i wanted to shout COME ON! LOL
we got the easiest paper in history! them poor people who do it next time will get a difficult one but im just glad its over.
:thumbup:
Don't panic that was me getting it wrong. There was only interest received.0 -
But the accum depn didn't clear, that 1000 must, therefore, have been from a different assetit had been paid from the bank but surely if no other entry had been made then there would have been an amount on the suspense??? as it wouldnt have balanced??? the amount was already in the equipment account 1000 and 1700 (the equip we disposed of ) 2700 and the balance we need to end up with is 1300 so the 1000 is already in there we need to take it out to make out adjustments balance and put it back in0 -
My Net Asset was 10,100. I balanced but I don't know how and why. I was confused with the 1,000 paid from the bank...I added it to the cost of equipment which was 1,300 + 1,000 = 2,300.0
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hi gary what do you mean about the accum depcn and it being from a different asset???0
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i messed up i got the net asset as 9245 i think but it balanced and my p an l worked too cant think what i have lissed want to see answers also worried i put the interest recieved in wrong place knew it was income but just went black but i did put it in think i made a error with the good will and capital dr and cr. I hope they will be seriously nice to me tho and pass me think i will cry if i fail!!0
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we got the easiest paper in history! them poor people who do it next time will get a difficult one but im just glad its over.
:thumbup:
One of the students in our class did a matrix analysis of all the questions in past papers for both fra and ecr and the consensus was that June papers are always easier than Decembers not sure if that is true but data seemed to check out.0 -
*hayley-may08* wrote: »Yeah but even though its been paid through the bank, it doesnt mean that the double entry had been done? Hmm not sure now, but i thought that it said no previous entries had been made?? Im really not sure now!
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I'm with you hayley, hope we're right!:001_unsure:0 -
well the depn that I worked (from taking the NBV from the orginal) cost out wasnt enough to take the accum account to zero, meaning that there had to be another asset to which the remaining figure related to, as if there was only one asset which was swapped for another asset by part exchange then the accum depn account would have gone to zero before adding on the depn from the new assethi gary what do you mean about the accum depcn and it being from a different asset???0 -
no it didnt say no other entries have been made if it did then there would have been an amount on the suspense0
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Where did everyone put the Carrige out charge? I took it off the sales figure.0
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my tutor thinks december papers are always easier than junes??! suppose it what you know and how you pick it up0
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ayup delboy!!!! glad we seem to have done ok, i got away about 3.00. i reckon we're through to the next round mate!!! glad they left out all the messy stuff. see ya monday, phil.darrenshuff wrote: »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 darren0 -
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no it didnt say no other entries have been made if it did then there would have been an amount on the suspense
I completed both sides of the double entry DR Equip CR Bank. I don't think it will make much difference how you interpret the question. In the workplace you would have had the option of checking or asking somebody0 -
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garry_coombs wrote: »I'm sorry to say that it did say no other entries have been made, I spent ages working out if it had been paid from the bank and concluded it hadnt
Pheww, I thought that too, Im panicking now, but can remember thinking that it wasnt like any other past papers where some entries had already been made!
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