FRA figures?? Its 8oclock now!

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  • rob.woolhouse@yahoo.co.uk
    rob.woolhouse@yahoo.co.uk Registered Posts: 14 New contributor 🐸
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    Nor do I !
  • rob.woolhouse@yahoo.co.uk
    rob.woolhouse@yahoo.co.uk Registered Posts: 14 New contributor 🐸
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    P/L
  • Fuchsia
    Fuchsia Registered Posts: 4 New contributor 🐸
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    Villetty wrote: »
    I guess the main thing is, you knew what to do since it didn't balance which does show a bit of knowledge :thumbup1:

    Our teacher told us that if you can't get it to balance, then opening a suspense account will generally get you a mark because it shows that you're aware something isn't quite right and means that it does at least balance. :001_smile:

    I had a truly gigantic suspense account for most of the exam until I worked out what I'd done wrong, and it was something incredibly simple that I'd never usually do wrong, too. :001_rolleyes: I ended up messing around with all of my accounts second-guessing myself and thinking that my knowledge of the theory was wonky before finding out I'd just copied the wrong numbers to the PL control and SL control accounts - that'll serve me right for not going down the information page with a ruler like I usually do when I'm copying numbers across. I get too nervous during exams and always think I've done complicated things wrong rather than silly little things like that.
  • numberjunky
    numberjunky Registered Posts: 88 Regular contributor ⭐
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    Delivery costs 'TO' customers would be Carriage Out which is just an expense whereas Carriage In would be added to purchases in COS.
  • Alicja
    Alicja Registered Posts: 8 New contributor 🐸
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    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 ended up with 1300 in equipment account.
  • kiwimogs
    kiwimogs Registered Posts: 21 New contributor 🐸
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    numberjunky wrote: »
    Delivery costs 'TO' customers would be Carriage Out which is just an expense whereas Carriage In would be added to purchases in COS.

    My Foundation teacher marks the FRA. She said you will not get a mark for suspense but if you don't balance you should put it in.
  • Primble
    Primble Registered Posts: 734 Epic contributor 🐘
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    kiwimogs wrote: »
    My Foundation teacher marks the FRA. She said you will not get a mark for suspense but if you don't balance you should put it in.

    yay!
  • Alicja
    Alicja Registered Posts: 8 New contributor 🐸
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    I did :)
  • Alicja
    Alicja Registered Posts: 8 New contributor 🐸
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    I got

    TB: 176940
    Proft: 18250
    B/S: 8989

    It seems that Balance sheet I got incorrect :(
    But net asset and the bottom half were the same so I hope I pass this.

    I hope we all pass, the exam was quite easy.
  • Mazzie
    Mazzie Registered Posts: 10 New contributor 🐸
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    I felt really confident yesterday, but I think I might've made a mistake on Section 1 - I thought drawings had been entered as wages so I deducted 2000 from wages and added 2000 to Jan's drawings. I still balanced at 176,940. Would I fail on this?
  • Chris023
    Chris023 Registered Posts: 93 Regular contributor ⭐
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    I doubt very much you will fail on that...I think you would have to muck up maybe half of a whole section to fail..but that is just my opinion :001_smile:
  • Mazzie
    Mazzie Registered Posts: 10 New contributor 🐸
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    This is gonna be a very long 9 weeks!
  • ccreaven
    ccreaven Registered Posts: 119 Dedicated contributor 🦉
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    Mazzie wrote: »
    I felt really confident yesterday, but I think I might've made a mistake on Section 1 - I thought drawings had been entered as wages so I deducted 2000 from wages and added 2000 to Jan's drawings. I still balanced at 176,940. Would I fail on this?

    I did the same and so have a few other people but I can't for the life of me remember the wording hopefully we can check the question papers again next week on here:confused1:
  • lizrochford
    lizrochford Registered Posts: 58 Regular contributor ⭐
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    My figures are the same as everyone elses, felt a lost a few marks at the end though as I couldn't remember enough details on capital and revenue expenditure. I knew what they were but I should have mentioned that capital expenditure is put on the balance sheet and revenue charged to P & L, oh well at least I didn't answer it wrong!!!
  • kiwimogs
    kiwimogs Registered Posts: 21 New contributor 🐸
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    Was the question something like £2000 were added to wages instead of Jans Drawings. I read and re read the question about 10 time. I was almost adding it to the wages too. But didn't in the end.
  • kiwimogs
    kiwimogs Registered Posts: 21 New contributor 🐸
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    lizrochford wrote: »
    My figures are the same as everyone elses, felt a lost a few marks at the end though as I couldn't remember enough details on capital and revenue expenditure. I knew what they were but I should have mentioned that capital expenditure is put on the balance sheet and revenue charged to P & L, oh well at least I didn't answer it wrong!!!


    Capital expenditure is expenditure incurred on the purchase, alteration or improvement of fixed assets.

    Revenue expenditure is expeniture incurred on the running of the business.:001_wub:
  • sootysoo
    sootysoo Registered Posts: 2 New contributor 🐸
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    kiwimogs wrote: »
    Was the question something like £2000 were added to wages instead of Jans Drawings. I read and re read the question about 10 time. I was almost adding it to the wages too. But didn't in the end.

    I deducted it from Jans drawings and added it to wages, I put it in the partners current account too so that the net effect was that they had both had 18000 drawings. I balanced at 176490 too.

    Hope we all did ok.
  • pernickety
    pernickety Registered Posts: 47 Regular contributor ⭐
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    Alicja wrote: »
    I ended up with 1300 in equipment account.

    It is so hard to remember the questions and their order. Can't wait for the paper to go in past papers (which if I remember right, was not that long after the exam for Dec 2007's ECR, although answers were a good deal later.)

    You were first told about the disposal and and a few other entries that had not been recorded. So, you then had to answer how much the new equipment cost would be, (in a question separate from the postings) based on the info given; which was £1000 plus the part ex allowance, so new equipment £1300. This was added to the remainder of the equipment to get a new cost for the equipment asset. A depreciation charge was already in the TB so you just needed to add the new depreciation charge at 25% I think it was - i.e £325 - this had not been entered ALONG with the payment for the new asset £1000 from the bank!(So a credit from the bank had to be recorded on the adjustment of the ETB too.) Before finally completely a P&L and balance sheet and finishing with a question about Capital expenditure and revenue expenditure or something similar.- so net profit on 2.3 £18250 and balance sheet £9100 (or at least that's what I got that I am hoping is right!),
  • ambitious
    ambitious Banned User Posts: 93 Regular contributor ⭐
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    I think most of us agree that:

    Disposal = £125 Loss
    Net Assets = £9100
    Net Profit = £18250

    After seeing all the replies on this thread I'm already thinking what to do for technician year.
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
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    Don't worry the £1000 was supposed to be credited through bank account it was just like section 1 when we had a list of payments gone through the bank, they hadn't been recorded in the ledgers and there was no suspense account there either!!!

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