Phew - FRA done!

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  • goodyuk
    goodyuk Registered Posts: 50 Regular contributor ⭐
    Mog17 wrote: »
    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....?

    I put the 900 into drawings too and then tranferred to current account on next section..... I was pondering both, but as the current acc was the next question i decided to put it into drawings!
  • bagpuss3008
    bagpuss3008 Registered Posts: 32 Regular contributor ⭐
    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

    Hi
    Apparently it was because the Cost of Sales was on th P&L which includes the 30K cloing stock, so closing stock should only have gone in balance sheet...i didnt get it either!
  • safrica
    safrica Registered Posts: 106 Dedicated contributor 🦉
    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:

    same as you, except profit at 70k, balance sheet was 73,580
  • Vidya_r
    Vidya_r Registered, Tutor Posts: 21 New contributor 🐸
    Some of my answers...........

    Section 1 :
    TB balanced at 162650

    purchases totalled to 84765

    loss on disposal 1510

    depreciation 5315

    Section 2: net profit 70,000

    balance sheet balanced at 73380.
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
    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

    Because there wasn't an opening and closing stock for P&L. They'd already done it and called it 'cost of goods sold'. So by putting the closing stock as a CR in the P&L column you were adding an extra £30,000 profit to the accounts which is which it didn't balance. I did the same and eventually realised what was up.
  • rachy1975
    rachy1975 Registered Posts: 366 Dedicated contributor 🦉
    safrica wrote: »
    same as you, except profit at 70k, balance sheet was 73,580

    thats what my balance sheet was....know i did a few mistakes but think i did ok.....
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
    Vidya_r wrote: »
    Some of my answers...........

    Section 1 :
    TB balanced at 162650

    purchases totalled to 84765

    loss on disposal 1510

    depreciation 5315

    Section 2: net profit 70,000

    balance sheet balanced at 73380.

    All sounds very familiar. How on earth do you remember the numbers? I have no idea the second I leave the room!!!
  • twinmeister
    twinmeister Registered Posts: 122 Dedicated contributor 🦉
    I remember goodwill question left new partner with 60K capital and Dave gained 9K (34K) and Eve gained 6K (31K) capital once goodwill was written off.

    Anyone else?
  • debihargrave
    debihargrave Registered Posts: 33 Regular contributor ⭐
    I am feeling much better now, I sat with the etb for ages not understanding why i was £30,000 out, so i carried on, went to do the balance sheet and then it was also 30,000 out so i just took out the amount from the debit side of the P & L just so my figures worked out. My trial balance in part one balanced too,
  • goodyuk
    goodyuk Registered Posts: 50 Regular contributor ⭐
    Hi
    Apparently it was because the Cost of Sales was on th P&L which includes the 30K cloing stock, so closing stock should only have gone in balance sheet...i didnt get it either!

    yes, that is why, took a while to fathom and VERY sneaky of AAT - theyve never done it that way before..... theyve been very crafty this year all round.... they are supposed to be testing knowledge not trying to trip u up!:thumbdown:
  • studentgirl
    studentgirl Registered Posts: 3 New contributor 🐸
    Xplosive wrote: »
    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
    Can anybody remember how you managed to get rid of suspense account (originally it had Cr 250)? I remember I was not able to clear this out fully.. not sure about the exact amount left though.. Thanks in advance!
  • debihargrave
    debihargrave Registered Posts: 33 Regular contributor ⭐
    Can anybody remember how you managed to get rid of suspense account (originally it had Cr 250)? I remember I was not able to clear this out fully.. not sure about the exact amount left though.. Thanks in advance!

    DR 500
    DR 500
    DR 150

    CR 900 + 250 originally
  • Xplosive
    Xplosive Registered Posts: 17 New contributor 🐸
    Can anybody remember how you managed to get rid of suspense account (originally it had Cr 250)? I remember I was not able to clear this out fully.. not sure about the exact amount left though.. Thanks in advance!

    IIRC, it was:

    Debit side - 500 (bank) 500 (insurance) 150 (cant remember lol)
    Credit side - 250 (balance) 900 (drawings)

    that cleared it :001_smile:
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
    Can anybody remember how you managed to get rid of suspense account (originally it had Cr 250)? I remember I was not able to clear this out fully.. not sure about the exact amount left though.. Thanks in advance!

    Debits were £150 to someone, £500 to bank and £500 to insurance I think.... Credits were £900 drawings (plus the £250 opening balance). Each side equalled £1,150.
    Wow, can't believe I remembered that. I never remember the exact numbers!!!
  • mrspnut
    mrspnut Registered Posts: 70 Regular contributor ⭐
    goodyuk wrote: »
    yes, that is why, took a while to fathom and VERY sneaky of AAT - theyve never done it that way before..... theyve been very crafty this year all round.... they are supposed to be testing knowledge not trying to trip u up!:thumbdown:

    I've seen it done a few times before but not sure whether it was in books or past papers, so I spotted it very quickly.

    We did spend weeks and weeks doing etb's, P&L's and BS's though so we could do them in our sleep.
  • twinmeister
    twinmeister Registered Posts: 122 Dedicated contributor 🦉
    900 drawings
    300 provision of doubtful debt
    350 something else!
  • meibaker
    meibaker Registered Posts: 481 Dedicated contributor 🦉
    thanks for that, i thought it's very strange they use cost of goods sold,but still didn't get why.
  • somers87
    somers87 Registered Posts: 18 New contributor 🐸
    I'm being very simple today - how did you guys get a figure of 84765 for purchases? I know you add the 5k on for cash but what did you put in the account to get the 79745? The rest I was fine with lol just that first bit that always stumps me!

    Simulations, fine... classroom worksheets, fine... exams? Brain turns to mush!!
  • goodyuk
    goodyuk Registered Posts: 50 Regular contributor ⭐
    meibaker wrote: »
    thanks for that, i thought it's very strange they use cost of goods sold,but still didn't get why.


    they're playing games, that's why...... they have set many a swirve ball in this exam and ECR..... they were out this year to put us through the ringer I think! lol:ohmy:
  • neuroticprincess
    neuroticprincess Registered Posts: 56 Regular contributor ⭐
    Mog17 wrote: »
    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...!!!!

    Oh dear oh dear! I thought I had done ok until I read this!!!! My balance sheet ended up at £120k :s and I also entered closing stock twice!!! Where was cost of goods sold supposed to go? I put it in P&L?! Not feeling so confident now!
  • mrspnut
    mrspnut Registered Posts: 70 Regular contributor ⭐
    somers87 wrote: »
    I'm being very simple today - how did you guys get a figure of 84765 for purchases? I know you add the 5k on for cash but what did you put in the account to get the 79745? The rest I was fine with lol just that first bit that always stumps me!

    Simulations, fine... classroom worksheets, fine... exams? Brain turns to mush!!

    It told you the other entries needed, opening balance brought down from the previous years balance sheet, payments to creditors from bank account and the trade creditors outstanding balance at the end of the year.

    The balancing figure was the credit purchases.
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
    somers87 wrote: »
    I'm being very simple today - how did you guys get a figure of 84765 for purchases? I know you add the 5k on for cash but what did you put in the account to get the 79745? The rest I was fine with lol just that first bit that always stumps me!

    Simulations, fine... classroom worksheets, fine... exams? Brain turns to mush!!

    CR opening creditor balance
    DR payment from bank for creditors (not cash, just bank)
    DR closing creditor balance.

    The balancing figure on the CR side was the credit purchases.
  • goodyuk
    goodyuk Registered Posts: 50 Regular contributor ⭐
    somers87 wrote: »
    I'm being very simple today - how did you guys get a figure of 84765 for purchases? I know you add the 5k on for cash but what did you put in the account to get the 79745? The rest I was fine with lol just that first bit that always stumps me!

    Simulations, fine... classroom worksheets, fine... exams? Brain turns to mush!!
    wasn't that balancing figure in purchase ledger control that you had to work out credit purchases? Hence you had a purchases account figure for double entry.... cant really remember now though, I know I got the right figures from what has been said!:thumbup:
  • somers87
    somers87 Registered Posts: 18 New contributor 🐸
    mrspnut wrote: »
    It told you the other entries needed, opening balance brought down from the previous years balance sheet, payments to creditors from bank account and the trade creditors outstanding balance at the end of the year.

    The balancing figure was the credit purchases.

    Where was the end-of-year creditors outstanding balance shown? That be my missing figure.
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
    Oh dear oh dear! I thought I had done ok until I read this!!!! My balance sheet ended up at £120k :s and I also entered closing stock twice!!! Where was cost of goods sold supposed to go? I put it in P&L?! Not feeling so confident now!

    You were right to put it in P&L. It just meant you didn't need the closing stock bit in P&L or anything for opening stock - they'd already done it.
  • safrica
    safrica Registered Posts: 106 Dedicated contributor 🦉
    goodyuk wrote: »
    they're playing games, that's why...... they have set many a swirve ball in this exam and ECR..... they were out this year to put us through the ringer I think! lol:ohmy:

    Cost of goods = (opening stock + purchases - closing stock ) so that means the figure for closing stock had already been accounted for in the P & L.....sneaky I know......
  • Mog17
    Mog17 Registered Posts: 91 Regular contributor ⭐
    somers87 wrote: »
    Where was the end-of-year creditors outstanding balance shown? That be my missing figure.

    In the question right at the end they said the balance at 31.3.09
  • somers87
    somers87 Registered Posts: 18 New contributor 🐸
    Fudge. Read the question once at the start and didn't look again!


    Edit: lesson learnt - always read the question several times!!
  • coolboy
    coolboy Registered Posts: 7 New contributor 🐸
    hi i would like to know about reset? if fail in a 1 exam in Intermediate then does we have to give both exam?
  • naughty.boiii
    naughty.boiii Registered Posts: 4 New contributor 🐸
    guys please tell me how u did the task 2.3????

    and will i pass if i did the task 2.1 and 2.5 correct and the rest wrong due to goofy mistakes?:s
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