Did anyone else
ccreaven
Registered Posts: 119 Dedicated contributor 🦉
Forget to use all the drawings in the current account in section 1 therefore meaning I had to add the drawings of £38000 to my trial balance to make it balance.
Do you think this is a serious error?:confused1:
Do you think this is a serious error?:confused1:
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any one?? Or just me not concentrating! I can't believe I spent loads of time studying difficult things and forgot to revise basic things like the balance sheet format until just befor I went in ( then forgot to check the bottem bit, hence why my balance sheet was out!):ohmy:0
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You Have Not Made A Mistake
If You Talking About Part One Incomplite Account Than Believe Me You Have Not Made Any Mistake Because You Have To Add Drawing A/c In T/b On Debit Side.0 -
MOHMEDSALIM PATEL wrote: »If You Talking About Part One Incomplite Account Than Believe Me You Have Not Made Any Mistake Because You Have To Add Drawing A/c In T/b On Debit Side.
I was ment to add 18000 to one partner and 20000 to another then the 2000 mistake that had been included as payroll but was drawings. Ie every thing listed as drawings (40000 total) should have been in the current accounts, but I didn't include the other £38000
then that put my tb out by 38000 so I dr tb by 38000 as I forgot to add in current accounts. Do you think they will be harsh with it?:crying:0 -
MOHMEDSALIM PATEL wrote: »If You Talking About Part One Incomplite Account Than Believe Me You Have Not Made Any Mistake Because You Have To Add Drawing A/c In T/b On Debit Side.
what add drawings to the list and then put figur in. mine was out a bit and I didnt do that. why dos everyone ecept me realise these things? I'm almost deff gonna have to resit this exam0 -
It was to ammend payroll, but I have no idea if I have even put it on the right side now?? I thought we were increasing drawings and reducing payroll, but a few people have done it the other way, so I'm not sure if this is right or wrong???:confused1:0
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It was to ammend payroll, but I have no idea if I have even put it on the right side now?? I thought we were increasing drawings and reducing payroll, but a few people have done it the other way, so I'm not sure if this is right or wrong???:confused1:
well at least you remembered it0 -
I dont know what u lot are talking about... Drawings does not need to be added in the trial balance... there wasnt even any space to add it in there... Adding drswings in the current account was all you needed to do!0
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I dont know what u lot are talking about... Drawings does not need to be added in the trial balance... there wasnt even any space to add it in there... Adding drswings in the current account was all you needed to do!
yeah but I only added £2000 in the current account so to make the trial balance balance i had to add drawings of £380000 -
Yeah but Drawings HAVE to go in the current account0
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oh well i messed that up again! looks like i'm back again in december!!! :thumbdown:0
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thats what I was ment to do but obviously had a mental block and only did half the job!!!:mad2:0
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good luck and I hope we both pass!!!:001_tongue:0
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yeah you too.0
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Thank god, i got the current a/c right.0
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I did exactly the same!!
Hiya!
I got worried about this aswell, everything in the first section was fine, I thought it was quite easy actually, then my trial balance didnt balance- it was £76000 out, ( which is double the £38000 drawings)
I ended up just adding the drawings on the Dr side of the TB. Hope I havnt failed the first section cause of that!!!!??????0 -
My TB didnt balance either! It was £2000 and something out so i added a suspense accoutn as i ran out of time.
I found this exam really hard!! Much harder than any of the previous ones.
I also. like some people took £2000 off the drawings and added to payroll but seems others have done it the other way round.
How long till the results come out?!!!!!!! 2 months!!!0 -
Hiya!
I got worried about this aswell, everything in the first section was fine, I thought it was quite easy actually, then my trial balance didnt balance- it was £76000 out, ( which is double the £38000 drawings)
I ended up just adding the drawings on the Dr side of the TB. Hope I havnt failed the first section cause of that!!!!??????
Thats what I did too. Bloody thing!:ohmy:0 -
I believe drawings should have been 36000 and not 38000. There was an error if you remember where wages of 2000 had been treated as Jan's drawings so you should have made this correction.
Dr Wages 2000
Cr Drawings 2000
This makes Jan's drawings 18000 and wages 44500.
The balance on the current accounts was a total of 29200 Dr (13400 & 15800 I think) as Drawings was the only entry required.0 -
I nearly added drawings to the TB...
I had stupidly taken the current accounts as a credit rather than a debit and could not figure out why the TB would not balance...I was frantically trying to wok out why for about an hour.. luckily I realised this mistake within half an hour before the end of the exam0
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