Home For AAT student members AQ 2013 AAT Level 3 (Level 6 in Scotland)

FRA - Yay!!!! It's over!!!

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  • CJC77CJC77 Feels At Home Registered Posts: 62
    mazzy wrote: »
    Closing Stock Figure??

    The selling price of the stock £19,800 was vat inclusive wasn't it? being 165% of cost

    wouldn't this make the closing stock figure of £12,000 includung vat

    £12000-17.5 % =£9.900 closing stock figure on the TB

    Lower of cost price or NRV - if you are vat registered your 'purchase cost' would be the net value not vat inclusive.

    Anyone else get this rather than £12000

    Ta

    I think it said exclding VAT - even so, you do not deduct VAT in that way - if £12,000 was the total then the net would be £10,212.766

    You should always re-work your VAT once you have decided on your net - i.e your total of £9,900 + 17.5% would result in a total of 11,632.50!
  • lopezlopez New Member Registered Posts: 5
    If you are right the calculation to take off the vat would have been 12000 * 100/117.5 which would have been £10,212.76. The fact that it isnt a whole number makes me think the stock fig was net of VAT. I put down £12000.
  • CJC77CJC77 Feels At Home Registered Posts: 62
    lopez wrote: »
    If you are right the calculation to take off the vat would have been 12000 * 100/117.5 which would have been £10,212.76. The fact that it isnt a whole number makes me think the stock fig was net of VAT. I put down £12000.

    Great minds think alike there J-LO! :thumbup:
  • square-pegsquare-peg Well-Known Registered Posts: 143
    DaveIOW wrote: »
    Anyone catch the trick in the second to last question?

    List the current liability that would appear in the balance sheet? I put Bank (credit balance) Accrual, creditors and loan.

    Then when i was reading through I remembered that it mentioned the loan wouldnt be paid till 2010 therefore making it a long term liability rather than a current one!

    Sneaky....

    Damn........I forgot creditors....d'oh! :001_unsure:
  • Kathy HendersonKathy Henderson Settling In Nicely Registered Posts: 20
    Evening all i think this exam was alot better than ecr!! i got 4 something for vat and 12000 stock i didnt even think of vat on stock soo ooops on that one
    I got 20000 profit on second one and 3800 for reconsile
    but thankfully both my trail balances balanced so thats got to get me some marks no more exam till nvq 4 woooopppppiieeeeee well only simulations and ive passed my ecr.
  • HayleyBHayleyB Feels At Home Registered Posts: 27
    square-peg wrote: »
    Damn........I forgot creditors....d'oh! :001_unsure:
    There were no creditors so it doesn't matter!!
  • EsmeEsme Experienced Mentor Registered Posts: 711
    there were no creditors!
  • CJC77CJC77 Feels At Home Registered Posts: 62
    square-peg wrote: »
    Damn........I forgot creditors....d'oh! :001_unsure:

    Don't worry, there were not any in the ETB if I remember rightly
  • mazzymazzy New Member Registered Posts: 13
    Re stock figure - oh my god what a Numpty! of course the vat is wrong - better not think anymore or I will convince myself I have failed for sure
  • Kathy HendersonKathy Henderson Settling In Nicely Registered Posts: 20
    oh sugar i forgot creditors i remembered about the loan thats long term damm damm damm i didnt even see creditors :crying:
  • Kate9986Kate9986 Settling In Nicely Registered Posts: 16
    where did everyone put the provison adjustment? I put it as a debit on the p&l is that right? :confused1:
  • CJC77CJC77 Feels At Home Registered Posts: 62
    oh sugar i forgot creditors i remembered about the loan thats long term damm damm damm i didnt even see creditors :crying:

    NO CREDITORS!!!!! :001_rolleyes:
  • square-pegsquare-peg Well-Known Registered Posts: 143
    acc1077 wrote: »
    The bank had a payment 9??? to rent on the credit side so surely on the rent t account that wouldbe on the debit side or is this third glass of wine getting to me lol

    yes, that's right. Rent is an expense account so it's a debit.
  • CJC77CJC77 Feels At Home Registered Posts: 62
    Kate9986 wrote: »
    where did everyone put the provison adjustment? I put it as a debit on the p&l is that right? :confused1:

    yup
  • HayleyBHayleyB Feels At Home Registered Posts: 27
    CJC77 wrote: »
    NO CREDITORS!!!!! :001_rolleyes:
    my point too!!!!!!! lol
  • clarewclarew New Member Registered Posts: 5
    it has to be £12000 - all that vat consideration makes it far too messy
  • CJC77CJC77 Feels At Home Registered Posts: 62
    HayleyB wrote: »
    my point too!!!!!!! lol

    I think a new thread should be started with just that statement!
  • square-pegsquare-peg Well-Known Registered Posts: 143
    CJC77 wrote: »
    Why would our creditors be an asset - they are our liability - it is our debtors that are an asset surely?

    I think he meant current liabilities not current assets.....it's the effect of taking an exam and then drinking wine :001_smile:
  • CJC77CJC77 Feels At Home Registered Posts: 62
    clarew wrote: »
    it has to be £12000 - all that vat consideration makes it far too messy

    I agree - they did not seem to work in pence, so it had to be a rounded figure.

    Just off on a tangent here, I was in Alton in October visiting my blokes brother - have you seen the cool star wars kid spinning a pole like a light saber?
  • clarewclarew New Member Registered Posts: 5
    starwars kid! No definately missed that one!
  • acc1077acc1077 Well-Known Registered Posts: 138
    Boys and their toys lol:thumbdown:
  • Kathy HendersonKathy Henderson Settling In Nicely Registered Posts: 20
    Ahhhh my fault i only read last page missed the NO CREDITORS thanks breathing again now :001_smile:
  • acc1077acc1077 Well-Known Registered Posts: 138
    apologies if not boys:001_tt2:
  • CJC77CJC77 Feels At Home Registered Posts: 62
    acc1077 wrote: »
    apologies if not boys:001_tt2:

    apology accepted - i'm not and I am guessing that 'Claire W' isn't either - can't understand what makes me think that? mmmmmmmmm..........
  • sazzle01sazzle01 Feels At Home Registered Posts: 25
    Hey guys,

    On the ETB i didn't put anything for closing stock, as it had matching figures in the
    Dr & Cr column, not sure if that was correct i was stressing at that point but surely
    they would cancle each other out, You wine drinkers still standing ;-)
  • square-pegsquare-peg Well-Known Registered Posts: 143
    HayleyB wrote: »
    There were no creditors so it doesn't matter!!

    wayhay....I DIDN'T forget creditors!!!! :thumbup: Thanks for that Hayley! I'll stop bashing myself about the head now!
  • sazzle01sazzle01 Feels At Home Registered Posts: 25
    sazzle01 wrote: »
    Hey guys,

    On the ETB i didn't put anything for closing stock, as it had matching figures in the
    Dr & Cr column, not sure if that was correct i was stressing at that point but surely
    they would cancle each other out, You wine drinkers still standing ;-)


    And hey this thread is going well:001_tt2::001_tt2:
  • CJC77CJC77 Feels At Home Registered Posts: 62
    sazzle01 wrote: »
    Hey guys,

    On the ETB i didn't put anything for closing stock, as it had matching figures in the
    Dr & Cr column, not sure if that was correct i was stressing at that point but surely
    they would cancle each other out, You wine drinkers still standing ;-)

    Oh dear sweetie - Major mess up i'm afraid - the dr closing stock was for the B/S and cr was on the P+L - you wouldn't have been able o produce a final report without it!
  • Kathy HendersonKathy Henderson Settling In Nicely Registered Posts: 20
    How many people are going on to NVQ 4??
  • CJC77CJC77 Feels At Home Registered Posts: 62
    How many people are going on to NVQ 4??

    if i pass level 3 then straight away next September - my work shell out for it, so as they say - never look a gift horse in the mouth - especially when it means that you can then go and earn more money elsewhere!
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