what did i do wrong - fra exam

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curlycaro77
curlycaro77 Registered Posts: 2 New contributor 🐸
in AAT Level 3 (Level 6 in Scotland)
:confused1:My etb was out by 30k, i'd put the closing stock in both sides, and i think this is why, was i wrong???

help

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  • KezH
    KezH Registered Posts: 12 New contributor 🐸
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    Tipex was all over the show, not good! Think i felt happier after ECR in December and that's saying something!!
  • curlycaro77
    curlycaro77 Registered Posts: 2 New contributor 🐸
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    i know what you mean my paper must have been 10 grams heavier after i finished the exam through tipex, nothing i can do now but my pa nl didn't balance either, i keep thinking i'll only lose a few marks for getting wrong answer, but worked really hard i so hope i passed.

    i got 100% in the mock too!!
  • Gemmar
    Gemmar Registered Posts: 4 New contributor 🐸
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    Strange cos I was £28,000 out! I spent 40 mins going over and over it and could work out what was wrong! Oh well, hopefully itll still pass.
  • numbersishard
    numbersishard Registered Posts: 12 New contributor 🐸
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    oops, didnt realise, have removed post
  • safrica
    safrica Registered Posts: 106 Dedicated contributor 🦉
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    We are not supposed to discuss exam contents and details before 8 pm...
  • ema192
    ema192 Registered Posts: 107 Dedicated contributor 🦉
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    hey ppl dont think your allowed to discuss in detail till 8pm :-(
  • KezH
    KezH Registered Posts: 12 New contributor 🐸
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    oops, thought there was a time restriction but wasn't sure what it was! How can i delete the past messages?
  • Diddi
    Diddi Registered Posts: 5 New contributor 🐸
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    Oops

    :001_smile:Sorry didnt realise i have deleted my message xx
  • neuroticprincess
    neuroticprincess Registered Posts: 56 Regular contributor ⭐
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    Hey

    I was also out by £30,000 no idea at all where I went wrong, I looked at it for soooooo long after as well!
  • flowerp1977
    flowerp1977 Registered Posts: 5 New contributor 🐸
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    fra exam

    what a complete disaster nothing balanced think i will do a resit at xmas:confused1:
  • Elsie
    Elsie Registered Posts: 8 New contributor 🐸
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    neuroticprincess wrote: »
    Hey

    I was also out by £30,000 no idea at all where I went wrong, I looked at it for soooooo long after as well!

    Hi,

    I only debited balnace sheet with the stock as I think the credit in P & L had already been taken care of as there was a single entry for cost of sales.

    i.e. opening stock, plus purchases, less closing stock = cost of sales.

    My profit was 73k and net assets 73,880
  • neuroticprincess
    neuroticprincess Registered Posts: 56 Regular contributor ⭐
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    hmm, well I was 2k out on section 1 but am not worried about that as I am sure I did the rest of it right. But am not sure I will pass the 2nd section as I was £30K out which led to my balance sheet being £120K.... think I did the rest of it right (although the figures will be wrong but they can't mark you wrong twice for the 1 mistake). What does anyone think? I really dont want to resit this one I found it quite a difficult unit!
    Thanks for the explanation but I would never have spotted that!!
  • KezH
    KezH Registered Posts: 12 New contributor 🐸
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    I made profit £70k and debited stock of £30k in the Balance sheet only. But my capital and net assets were out by £30k, thought maybe i should have put £30k in the P&L but then i couldn't get that to balance, ran out of time to investigate properly! Anyone balance fine? If so what was the figure and what did you do with stock? x
  • MO 1
    MO 1 Registered Posts: 1 New contributor 🐸
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    Elsie wrote: »
    Hi,

    I only debited balnace sheet with the stock as I think the credit in P & L had already been taken care of as there was a single entry for cost of sales.

    i.e. opening stock, plus purchases, less closing stock = cost of sales.

    My profit was 73k and net assets 73,880
    Net Profit was £70000
  • Mendy
    Mendy Registered Posts: 15 New contributor 🐸
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    FRA Exam

    Hi. I too was a little confused about the ETB, my original profit was £100k, £30k out. Which was the closing stock figure. The AAT had been very sneaky by putting in Cost of goods sold sold!! This figure took into account your closing stock figure so it didn't need to be added as a CR in the P & L! It took me ages to work this out! I've never seen that in any past papers!
  • Pinchy
    Pinchy Registered Posts: 38 Regular contributor ⭐
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    Marks awarded?

    Does anyone know how many marks are awarded for each? I really want to try and work out if I passed!

    I've heard that it's usually 70% for each part of the paper and that resulta come out at the end of August - is that right?
  • Hunt1507
    Hunt1507 Registered Posts: 2 New contributor 🐸
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    ETB Difference

    My ETB net profit value was also out by £30k... But i carried the balance sheet profit value forward, cause i was running out of time, and wanted to complete it.
    Hopefully if AAT realise there are alot of students having the same problem, the might put the pass mark down a little (Fingers crossed)!!!

    I know i have done the correct workings, but nothing seemed to add up in the end?!?!
    I'm dreading my result!! :confused1:
  • alanhporter
    alanhporter Registered Posts: 4 New contributor 🐸
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    The missing 30K

    I put the 30K in the credit side of P&L & the debit side of balance sheet. I was 30K out too. I realised that the figure was only for the balance sheet. This totally goes against all we have been taught.

    Anyway mine balanced; profit I think was £70500 or something very similar. This must have been corrct as my balance sheet balance & matched the partners financed by bit.

    Aug 17th seems very distant!
  • Alicia
    Alicia Registered Posts: 40 Regular contributor ⭐
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    I got 70 k for profit too...hope its right!! everything else balanced and i seen where i had gone wrong with the 30k when i started to complete the BS in proper form!! Roll on the results!!x

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