FRA figures?? Its 8oclock now!

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Comments

  • Dr Diesel
    Dr Diesel Registered Posts: 1 New contributor 🐸
    Could not get the trail balance to match in the first section, know where I went wrong. The capital and partners current accounts on the wrong side. I’m concerned I would fail the exam on this. I am sure you are marked on what you have right.
  • Darren Pearce
    Darren Pearce Registered Posts: 10 New contributor 🐸
    birdie29 wrote: »
    Where did everyone put the Carrige out charge? I took it off the sales figure.


    Carriage out is an expense. You have got confused with Freight/carriage inwards which is part of COGS
  • CathG
    CathG Registered Posts: 145 Dedicated contributor 🦉
    birdie29 wrote: »
    Where did everyone put the Carrige out charge? I took it off the sales figure.
    Yes - I put it up with the cost of sales figures at the top before the BGross Profit is worked out.
  • Froggity
    Froggity Registered Posts: 21 New contributor 🐸
    angela27 wrote: »
    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 in


    Don't forget angela just because you've paid something from your bank account doesn't mean you've also recorded it in the bank account in the ledger :001_smile:
  • KellyG
    KellyG Registered Posts: 51 Regular contributor ⭐
    Me too!! Im sure I can remember Crediting the bank, DR equip: cost. Does that sound abit right for you??

    x

    I know i definately did that!
  • bigfoot
    bigfoot Registered Posts: 19 New contributor 🐸
    Froggity wrote: »
    I'm with you hayley, hope we're right!:001_unsure:

    I was worried about that part-exchange of the equipment aswell but for the adjustment column in the ETB to balance you had to credit the bank with the 1,000! atleast thats what i did and it balanced so i just went with the flow.

    i was tempted to leave some cash in the paper as a bribe to the examiner but no need :D thanks AAT saved me money by giving me an easy paper. Im just buzzin right now because it was a doddle!.

    I feel like that guy in shawshank redemption after escaping, just a huge weight off my chest :D lol
  • pernickety
    pernickety Registered Posts: 47 Regular contributor ⭐
    I ripped a tiny bit of paper of one of the corners of the workings papers and wrote down a few of my answers, just so I could check with everyone else on here.
    The TB is section one 1 I had £176940 - The net profit on 2.3 £18250 and the balance sheet £9100. The interest received I put as "Other Income" after gross profit and the consumables I put in the overhead section; consumables are usually items such as printer cartridges etc; although I cant remember what the business was today.
    I got a £125 loss on disposal of the asset. Think I got the question right explaining about goodwill, but think may have messed up on the other question as I wittered on about "accruals concept" and think I got completely the wrong concept and think it should have been "materiality" - cant remember them really. Main thing is, seem to agree with answers of the majority, so a good sign.
  • angela27
    angela27 Registered Posts: 40 Regular contributor ⭐
    ok but surely if no other entry had been made then there would have been an amount on the suspense to clear as that would have meant only one entry had been made i cant confidently say that the correct entry was to credit the 1000 from the equip account and debit it again there was a past exam paper with the exact same question and i spent an hour or two on it with my tutor
  • Froggity
    Froggity Registered Posts: 21 New contributor 🐸
    Me too!! Im sure I can remember Crediting the bank, DR equip: cost. Does that sound abit right for you??

    x

    Yep thats what i got:001_smile:
  • hufckinger
    hufckinger Registered Posts: 14 New contributor 🐸
    i put the interest received and the other small amount into the b/s rather than the p&l, yet balanced my b/s and p&l showed 18,150ish profit, will i lose many marks for this???

    on the first section i balanced my trial balance correctly, and because my bank balanced does this mean that my SLCA and PLCA were correct from questions 1.1 and 1.2?? what figures did people get for these sections??? :confused1:

    any responses would be very much welcome :thumbup:
  • ccreaven
    ccreaven Registered Posts: 119 Dedicated contributor 🦉
    my bank figure for 1.1 a was 33900 and 1.1 b was 135290
  • garry_coombs
    garry_coombs Registered Posts: 108 Dedicated contributor 🦉
    pernickety wrote: »
    I ripped a tiny bit of paper of one of the corners of the workings papers and wrote down a few of my answers, just so I could check with everyone else on here.
    The TB is section one 1 I had £176940 - The net profit on 2.3 £18250 and the balance sheet £9100. The interest received I put as "Other Income" after gross profit and the consumables I put in the overhead section; consumables are usually items such as printer cartridges etc; although I cant remember what the business was today.
    I got a £125 loss on disposal of the asset. Think I got the question right explaining about goodwill, but think may have messed up on the other question as I wittered on about "accruals concept" and think I got completely the wrong concept and think it should have been "materiality" - cant remember them really. Main thing is, seem to agree with answers of the majority, so a good sign.
    Well you had to make a double entry of credit bank and debit asset at cost, so there wouldn't be a suspense account as both entries had been missed
  • Darren Pearce
    Darren Pearce Registered Posts: 10 New contributor 🐸
    hufckinger wrote: »
    i put the interest received and the other small amount into the b/s rather than the p&l, yet balanced my b/s and p&l showed 18,150ish profit, will i lose many marks for this???

    on the first section i balanced my trial balance correctly, and because my bank balanced does this mean that my SLCA and PLCA were correct from questions 1.1 and 1.2?? what figures did people get for these sections??? :confused1:

    any responses would be very much welcome :thumbup:

    If your bank account followed through then you must have had the correct figures in for Receipts from customers and Payments to suppliers
  • angela27
    angela27 Registered Posts: 40 Regular contributor ⭐
    the 1000 we were told had been paid from the bank so why would you credit the bank again
  • *hayley-may08*
    *hayley-may08* Registered Posts: 43 Regular contributor ⭐
    angela27 wrote: »
    the 1000 we were told had been paid from the bank so why would you credit the bank again

    Yeah its been paid from the bank account, it might have been paid, but it doesnt mean the double entry had already been done if you get me??

    Im confusing myself now!
    Im not 100% that im right, just know that I balanced and got 9100!
    x
  • garry_coombs
    garry_coombs Registered Posts: 108 Dedicated contributor 🦉
    angela27 wrote: »
    the 1000 we were told had been paid from the bank so why would you credit the bank again
    It had been paid from the bank, just not recorded in the ledgers, we didn't see any reconciliations
  • Froggity
    Froggity Registered Posts: 21 New contributor 🐸
    angela27 wrote: »
    ok but surely if no other entry had been made then there would have been an amount on the suspense to clear as that would have meant only one entry had been made i cant confidently say that the correct entry was to credit the 1000 from the equip account and debit it again there was a past exam paper with the exact same question and i spent an hour or two on it with my tutor

    No suspense figure because no entry made at all in the ledger, like I said, just because you've paid something from the bank doesn't mean you have recorded either entry in the ledger. Think of it like this you might have paid for the asset by debit card, the bank knows money has gone out, you know money has gone out but you havent yet recorded it in the books.:001_smile:
  • CathG
    CathG Registered Posts: 145 Dedicated contributor 🦉
    angela27 wrote: »
    the 1000 we were told had been paid from the bank so why would you credit the bank again

    the money had been paid out of the bank, but no entries had been made in the ledgers.
  • bigfoot
    bigfoot Registered Posts: 19 New contributor 🐸
    angela27 wrote: »
    the 1000 we were told had been paid from the bank so why would you credit the bank again

    Im worried about this now, i credited the 1000 to bank and did the gross 1200 to the Asset account. But im sure thats right because i read the question v.carefully and the bullet point said record the aquisition and disposal of fixed assets. therefore to record the aquisition we would have had to debited the full amount to the asset account.

    so u never recorded the 1,000 in the asset account either? that would mean there would have been only a tiny balance on the fixed asset account after we disposed the old one! hmmm not sure, that would be nasty if they did that.
  • arleneld
    arleneld Registered Posts: 56 Regular contributor ⭐
    I did nothing withe the 1000, yet my balance sheet was 9100 ???
  • pernickety
    pernickety Registered Posts: 47 Regular contributor ⭐
    Well you had to make a double entry of credit bank and debit asset at cost, so there wouldn't be a suspense account as both entries had been missed
    Think you replied with the wrong quote, have no idea what you have my comments quoted for?
  • dave007
    dave007 Registered Posts: 5 New contributor 🐸
    Okey let's put it this way, assuming that 9,100 is correct and I got 10,100 instead because of perhaps wrong 2 entries, would I still pass it?
  • garry_coombs
    garry_coombs Registered Posts: 108 Dedicated contributor 🦉
    arleneld wrote: »
    I did nothing withe the 1000, yet my balance sheet was 9100 ???
    Well yes, because the bank is an asset (current) and the equipment is also an asset (fixed) so it'd be just moving it from one to the other

    Sorry pernickety. you are right, not sure why that happened
  • angela27
    angela27 Registered Posts: 40 Regular contributor ⭐
    check out past exam paper from dec 05 it is the same as the example from today re the 1000
  • bigfoot
    bigfoot Registered Posts: 19 New contributor 🐸
    arleneld wrote: »
    I did nothing withe the 1000, yet my balance sheet was 9100 ???

    that would be the case because when you buy an asset u loose value in one asset i.e the bank and gain in another i.e the Equipment. So your net asset figure would be the same but the figures wrong.
  • Nikca
    Nikca Registered Posts: 3 New contributor 🐸
    Did u balanced the adjustments?
    I cr the bank with 1000 and it balanced
  • *hayley-may08*
    *hayley-may08* Registered Posts: 43 Regular contributor ⭐
    Im sure my adjustments came to something like 5875, not exactly sure on figures though, 5000 something!!
    x
  • garry_coombs
    garry_coombs Registered Posts: 108 Dedicated contributor 🦉
    angela27 wrote: »
    check out past exam paper from dec 05 it is the same as the example from today re the 1000
    I did that paper this morning!

    In that case the accum depn went to zero before you add the new assets depn, in this case it didn't clear to zero
  • arleneld
    arleneld Registered Posts: 56 Regular contributor ⭐
    and there was me being smug because it all balanced....
  • angela27
    angela27 Registered Posts: 40 Regular contributor ⭐
    why would the accum depcn go to zero? we werent getting rid of the vehicle which cost 1000 we were getting rid of the vehicle or equip which cost 1700
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