Phew - FRA done!

24567

Comments

  • Mog17Mog17 Feels At Home Registered Posts: 91
    I had to buy a calculator this week as the kids smashed my old one up. Got the world's cheapest one from ASDA and I swear I added up the depreciation 5 times on it and it gave me 5 different answers.

    Did think of asking to borrow a different one, but somehow the sentence
    " Please can I have a different calculator, this one seems to be giving me the wrong answers" seemed like a bad joke!!!!

    I know, I know - rubbish in, rubbish out!

    HAHAHAHAHHAHAHAHAHAHAHAHAHAHAHHAA:001_smile:
  • twinmeistertwinmeister Well-Known Registered Posts: 122
    I'd call that 8 o'clock - so who is going to start the bids??
  • Carolyn77Carolyn77 New Member Registered Posts: 11
    LOL. Very funny. I needed a laugh. :lol:
  • RacheyRachey Experienced Mentor Registered Posts: 589
    So how long did it take everyone to realise that in section 2 the Closing Stock figure only needed to be entered ONCE in the ETB and it was in the balance sheet??? It was already accounted for in the 'Cost of Goods Sold' bit for the P&L?? I had my P&L at 70,000 and my BS at 100,000 so i knew it was the closing stock figure that i needed to do something with! I got a net profit of £70,000
  • shellbo_dawnshellbo_dawn Just Joined Registered Posts: 1
    What did everyone get for their profit in section 2
  • XplosiveXplosive Settling In Nicely Registered Posts: 17
    Mixed feelings about it really,

    Erm, i got about £1252 loss on disposal (something like that?) :001_tt2:
    About 79k purchases,
    84k total purchases,
    £2200 prepayment

    Balance sheet balanced to around 73k

    Net profit of 70k (after finally realising the 30k i put in the P+L was incorrect due there already being a COS figure

    Cant rmemeber much more:lol:
  • rachel_0485rachel_0485 Just Joined Registered Posts: 2
    Depreciation

    How many years did everyone do their depreciation over?

    Thought section 2 was better than section 1
  • bagpuss3008bagpuss3008 Feels At Home Registered Posts: 32
    Rachey wrote: »
    So how long did it take everyone to realise that in section 2 the Closing Stock figure only needed to be entered ONCE in the ETB and it was in the balance sheet??? It was already accounted for in the 'Cost of Goods Sold' bit for the P&L?? I had my P&L at 70,000 and my BS at 100,000 so i knew it was the closing stock figure that i needed to do something with! I got a net profit of £70,000

    oh bugger-oo!
    I enetered it twice in the P&L but still got a NP of 70K...
    defo a resit for me though, was ready to walk out of the exam today
  • rosetta3107rosetta3107 New Member Registered Posts: 9
    Whoopee - so did I
  • twinmeistertwinmeister Well-Known Registered Posts: 122
    some of that rings a bell. 70K profit and around 73K Net assets.

    what on earth was that last question about the cars asking for - Fixed asset register, confidentiality???
  • rosetta3107rosetta3107 New Member Registered Posts: 9
    How many years did everyone do their depreciation over?

    Thought section 2 was better than section 1
    2 years. Sept 06-Mar 07; Apr 07 - Mar 08; nothing in Apr 08 - Mar 09
  • XplosiveXplosive Settling In Nicely Registered Posts: 17
    Also, with the £900 drawings, were you guys making a drawings account or debiting the current account?

    I debited the current account because i noticed that when drawing up the current accounts it said only account for the profit share (never mentioned anything else) and when it said bring down the balances i bought down the figure in the B/S section of the ETB.

    What was everyone elses method, i have a feeling i am wrong
  • bagpuss3008bagpuss3008 Feels At Home Registered Posts: 32
    some of that rings a bell. 70K profit and around 73K Net assets.

    what on earth was that last question about the cars asking for - Fixed asset register, confidentiality???

    i hope if was Fixed Asset reg.the only thing I had going for me!!
  • Mog17Mog17 Feels At Home Registered Posts: 91
    Rachey wrote: »
    So how long did it take everyone to realise that in section 2 the Closing Stock figure only needed to be entered ONCE in the ETB and it was in the balance sheet??? It was already accounted for in the 'Cost of Goods Sold' bit for the P&L?? I had my P&L at 70,000 and my BS at 100,000 so i knew it was the closing stock figure that i needed to do something with! I got a net profit of £70,000
    What did everyone get for their profit in section 2

    I did exactly what you did to start with Rachey! I had been a bit baffled why closing stock was only in the ETB once to begin with but thought I'd just run with it. Then realised when the balance sheet columns wouldn't balance that it was 'cost of goods sold' not purchases so no need for stock adjustments. Sneaky AAT, sneaky...!!!!
  • mrspnutmrspnut Feels At Home Registered Posts: 70
    That sounds like the answers I got, 70k profit, 73k net assets, and the same with the section 1 answers Xplosive got.

    I am feeling much better than I was this morning and am feeling optimistic that I won't have to resit either of them so all my hours of revision have paid off.
  • rosetta3107rosetta3107 New Member Registered Posts: 9
    some of that rings a bell. 70K profit and around 73K Net assets.

    what on earth was that last question about the cars asking for - Fixed asset register, confidentiality???
    I didn't mention confidentiality. Only Fixed Asset Register - ask what cars had been added since list drawn up, advise partners on importance of keeping FAS up to date.
  • rachy1975rachy1975 Trusted Regular Registered Posts: 366
    i was 30k out so put opening stock at 30 in to make it balance....doh!!! lol

    right my answers...
    1.1 a 79765 b 84765

    1.2 a 1110 b loss of 1510 c 12200 d 4100 e 1215 f 5315

    1.3 a 2200prepayment b 11480 c relence and accruals concept

    1.4 162650 and it balanced

    1.5 a 44235 b 83850 c 16115

    2 i made a profit of 70 500 whicj i know is wrong but it all balanced and so did my balance sheet with my numbers...you only get marked once for the mistake..lol

    :huh:
  • goodyukgoodyuk Feels At Home Registered Posts: 50
    2 years. Sept 06-Mar 07; Apr 07 - Mar 08; nothing in Apr 08 - Mar 09

    yes I agree.... I did 3 years to start with which gave you something and 50p... then I thought,,,, oh the year started 1 April etc that altered things and made depreciation reducing bal for 2 yrs nothing in the 3rd year as yr of disposal
  • RacheyRachey Experienced Mentor Registered Posts: 589
    I think i did everything the same as you Xplosive!
  • goodyukgoodyuk Feels At Home Registered Posts: 50
    rachy1975 wrote: »
    i was 30k out so put opening stock at 30 in to make it balance....doh!!! lol

    right my answers...
    1.1 a 79765 b 84765

    1.2 a 1110 b loss of 1510 c 12200 d 4100 e 1215 f 5315

    1.3 a 2200prepayment b 11480 c relence and accruals concept

    1.4 162650 and it balanced

    1.5 a 44235 b 83850 c 16115

    2 i made a profit of 70 500 whicj i know is wrong but it all balanced and so did my balance sheet with my numbers...you only get marked once for the mistake..lol

    :huh:

    alot of those sound familair but the profilt is 70000

    Have you got a photographic memory???
  • rachy1975rachy1975 Trusted Regular Registered Posts: 366
    some of that rings a bell. 70K profit and around 73K Net assets.

    what on earth was that last question about the cars asking for - Fixed asset register, confidentiality???

    i thought it was a list of assets made on day and compared to fix asset register...you have to check vehicle not in repair or been disposed of but not taked out of register?? i think
  • Mog17Mog17 Feels At Home Registered Posts: 91
    Xplosive wrote: »
    Also, with the £900 drawings, were you guys making a drawings account or debiting the current account?

    I debited the current account because i noticed that when drawing up the current accounts it said only account for the profit share (never mentioned anything else) and when it said bring down the balances i bought down the figure in the B/S section of the ETB.

    What was everyone elses method, i have a feeling i am wrong

    I put it to a drawings account on the ETB then transferred to the current account on the next task. Put a note on my workings that I was doing that. I remembered that drawings go to drawings first then transfer at year end so thought I'd just do it that way. I thought the same with the current account task but figured they won't penalise you totally for putting them in separate or together as long as it's all there in the end! Think either way would be ok and reckon people will have done a mix of both.
    Not sure what you mean about the balances of B/S section of the ETB....?
  • Mog17Mog17 Feels At Home Registered Posts: 91
    rachy1975 wrote: »
    i thought it was a list of assets made on day and compared to fix asset register...you have to check vehicle not in repair or been disposed of but not taked out of register?? i think

    That's what I took it to mean
  • naughty.boiiinaughty.boiii Just Joined Registered Posts: 4
    hi...m really worried abt the section 2 of the fra exam today....section 1 was good and even TB didnt tally m sure my technique was rite.....as for the section 2 i need to whether ill pass or not....I did the adjustment part good and all of them were correct....faced a lot of probs in task 2.2 and made some messy entries and got the profit abt 106K....next part of current account...i took the current account balances on debit side and distributed the profit for the year on credit side and got bal b/ds on debit side(i.e credit balance)....first part of balance sheet was good bt messed in equity part...rest was all correct...will i pass????:$
  • meibakermeibaker Trusted Regular Registered Posts: 481
    mine is 30,000 out, spend over 1 hour on etb, still could not work out why, please someone explain to me why? thanks
  • XplosiveXplosive Settling In Nicely Registered Posts: 17
    that re-assuring :D

    It took me ages to do the last adjustment, i think it was
    DR suspense
    CR bank
    DR suspense
    CR insurance

    But originally i just put dr suspense and cr insurance, which is jumping ahead a bit and will give an error despite being partially correct. Now that along with the sneaky etb bits is why it took me 2 hours hehe
  • rachy1975rachy1975 Trusted Regular Registered Posts: 366
    goodyuk wrote: »
    alot of those sound familair but the profilt is 70000

    Have you got a photographic memory???

    yes...lol
    not sure how i rembered all of those...
  • twinmeistertwinmeister Well-Known Registered Posts: 122
    rachy1975 wrote: »
    i was 30k out so put opening stock at 30 in to make it balance....doh!!! lol

    right my answers...
    1.1 a 79765 b 84765

    1.2 a 1110 b loss of 1510 c 12200 d 4100 e 1215 f 5315

    1.3 a 2200prepayment b 11480 c relence and accruals concept

    1.4 162650 and it balanced

    1.5 a 44235 b 83850 c 16115

    2 i made a profit of 70 500 whicj i know is wrong but it all balanced and so did my balance sheet with my numbers...you only get marked once for the mistake..lol

    :huh:

    Most of those figures look familiar. Blimey yeah I know that £500, it took me ages to find, but it was a CR £500 to Bank in the final (e???) journal. (Itme which had been Dr twice.

    No idea how you remember all of these figures???
  • XplosiveXplosive Settling In Nicely Registered Posts: 17
    meibaker wrote: »
    mine is 30,000 out, spend over 1 hour on etb, still could not work out why, please someone explain to me why? thanks

    Its because there was a cost of goods sold figure in the p+l, so that accounts for closing stock already. This is why closing stock is only required in the b/s

    Took me flippin ages to find that out lol
  • flowerp1977flowerp1977 New Member Registered Posts: 5
    i totally agree i found problems around every corner i think it will be a resit for me
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