Phew - FRA done!
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Could you please put approximate calculations here for a closing stock? Basically, it starts with gross profit calculation. If I am not mistaken, sales were totalled to 129,000 and gross profit supposed to be 35% or 45%, smth like that...0
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Julie Richards wrote: »people keep mentioning p&l sheets that they drew up - i did not attempt this? was it just a guide to help you or was there a question that i missed that required this?
i did not balance in section 1 - was approx 17k out not sure why so opened a suspense ac.
section 2 entered opening stock as 30k too so that balanced and therefore profit 70k
wrong theory right answer:huh:
No, i think people just mean the P&L column on the ETB x0 -
think that sales of 129k - margin of 35% so therefore the difference of 65% is the cost ??? not sure though:glare:0
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Julie Richards wrote: »people keep mentioning p&l sheets that they drew up - i did not attempt this? was it just a guide to help you or was there a question that i missed that required this?
i did not balance in section 1 - was approx 17k out not sure why so opened a suspense ac.
section 2 entered opening stock as 30k too so that balanced and therefore profit 70k
wrong theory right answer:huh:
im glad im not the only one to of done that...i entered opening stock of 30k too...lol0 -
I took 129,000 x 35% to get my gross profit amount. Then I just found the difference between the sales and that to get the cost of goods sold.0
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well lets hope theres more of us out there - they may give us some sort of allowence !!! lol - right answer though ? 70k0
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closing stock calcstudentgirl wrote: »Could you please put approximate calculations here for a closing stock? Basically, it starts with gross profit calculation. If I am not mistaken, sales were totalled to 129,000 and gross profit supposed to be 35% or 45%, smth like that...
129000 x65/100 = 83850 cost of goods sold
closing stock then came to 16115 (i think, def 16 something)0 -
on the current a/c u needed to share the profit by the profit share which was 60/40 and balance them off
Yeah, i did do that. I must have messed up on transferring the figures from the TB somehow :001_unsure:, stupid blooming mistake! Oh well, hopefully won't fail just on that. Was expecting not to have had so many problems with this one, i think time was getting on I rushed a bit. x0 -
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Julie Richards wrote: »think that sales of 129k - margin of 35% so therefore the difference of 65% is the cost ??? not sure though:glare:
Yeh i had £129,000 sales then multiplied by 35% to get the profit margin, that left 65% for Cost Of Sales. I then drew up the top part of the P&L:
Opening Stock plus Purchases, Minus Closing Stock = Cost of Sales
Seen as the opening stock was given in the balance sheet for March 2008 (on the perforated page) and we'd already worked out purchases and cost of sales, the above just needed re-jigging to find the missing Closing Stock figure. Mine was 16,115 i think!0 -
Yeh i had £129,000 sales then multiplied by 35% to get the profit margin, that left 65% for Cost Of Sales. I then drew up the top part of the P&L:
Opening Stock plus Purchases, Minus Closing Stock = Cost of Sales
Seen as the opening stock was given in the balance sheet for March 2008 (on the perforated page) and we'd already worked out purchases and cost of sales, the above just needed re-jigging to find the missing Closing Stock figure. Mine was 16,115 i think!
same as me rachey.....:thumbup1:0 -
I totally forgot the simplest thing like the layout of the balance sheet :confused1:
I got 3/4 of the way down and my mind went blank. The figures balanced as per the ETB
Do you think I'll get penalised badly for not knowing/remembering the layout?
I feel pretty confident about the rest of the exam and hope that this doesn't amek me fail... If I do, I'll know what it was :mad2:0 -
My answers
Hello from Bournemouth!
These are my answers, hopefully correct:
1.1 a) 79765 ; b) 84765
1.2 a) 1110 ; b) (1510) loss on disposal ; c) 12200 revised fixtures and fittings; d) 4100 adjusted accumulated depreciation; e) 1215 depreciation charge for the year; f) 5315 updated accumulated depreciation
1.3 a) 2200 prepayment ; b) 11480 adjusted expenses
1.4 TB balanced - 162650
1.5 a) 45150 Profit ; b) 83850 Cost ; c) 16115 Closing stock
...
Suspense account cleared out (Dr 1150 ; Cr 900 + 250)
TB balanced - profit 70000 P+L balancing figure: 436550 ; B/S balancing figure: 202500
2.3 Balances on currents accounts: Dave: 22470 ; Eve: 910
2.4 Net assets: 73380
2.5 Balances on capital accounts: Dave: 34000 ; Eve: 31000 ; Felix: 60000
Rings the bell anybody? :blushing:0 -
These are my answers for the last question in Task 1, I'm pretty sure I remember the figures still.
Sales 129,000 x 35% = 45,150 Gross Profit
129,000 - 45,150 = 83,850 COS
COS is comprised of Opening Stock + Purchases - Closing Stock
SO if we know Opening STock is 15,200 and Purchases is 84,765 then Closing Stock must be 16,1150 -
Hello from Bournemouth!
These are my answers, hopefully correct:
1.1 a) 79765 ; b) 84765
1.2 a) 1110 ; b) (1510) loss on disposal ; c) 12200 revised fixtures and fittings; d) 4100 adjusted accumulated depreciation; e) 1215 depreciation charge for the year; f) 5315 updated accumulated depreciation
1.3 a) 2200 prepayment ; b) 11480 adjusted expenses
1.4 TB balanced - 162650
1.5 a) 45150 Profit ; b) 83850 Cost ; c) 16115 Closing stock
...
Suspense account cleared out (Dr 1150 ; Cr 900 + 250)
TB balanced - profit 70000 P+L balancing figure: 436550 ; B/S balancing figure: 202500
2.3 Balances on currents accounts: Dave: 22470 ; Eve: 910
2.4 Net assets: 73380
2.5 Balances on capital accounts: Dave: 34000 ; Eve: 31000 ; Felix: 60000
Rings the bell anybody? :blushing:
exactly same as you :thumbup:0 -
twaalf punten voor Bournemouth in Engeland
groetjes uit Nederland
:thumbup:0 -
Hello from Bournemouth!
These are my answers, hopefully correct:
1.1 a) 79765 ; b) 84765
1.2 a) 1110 ; b) (1510) loss on disposal ; c) 12200 revised fixtures and fittings; d) 4100 adjusted accumulated depreciation; e) 1215 depreciation charge for the year; f) 5315 updated accumulated depreciation
1.3 a) 2200 prepayment ; b) 11480 adjusted expenses
1.4 TB balanced - 162650
1.5 a) 45150 Profit ; b) 83850 Cost ; c) 16115 Closing stock
...
Suspense account cleared out (Dr 1150 ; Cr 900 + 250)
TB balanced - profit 70000 P+L balancing figure: 436550 ; B/S balancing figure: 202500
2.3 Balances on currents accounts: Dave: 22470 ; Eve: 910
2.4 Net assets: 73380
2.5 Balances on capital accounts: Dave: 34000 ; Eve: 31000 ; Felix: 60000
Rings the bell anybody? :blushing:
To the penny :thumbup1:0 -
I like the answers posted they sound very similar to what I put.:thumbup1:0
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Hello from Bournemouth!
These are my answers, hopefully correct:
1.1 a) 79765 ; b) 84765
1.2 a) 1110 ; b) (1510) loss on disposal ; c) 12200 revised fixtures and fittings; d) 4100 adjusted accumulated depreciation; e) 1215 depreciation charge for the year; f) 5315 updated accumulated depreciation
1.3 a) 2200 prepayment ; b) 11480 adjusted expenses
1.4 TB balanced - 162650
1.5 a) 45150 Profit ; b) 83850 Cost ; c) 16115 Closing stock
...
Suspense account cleared out (Dr 1150 ; Cr 900 + 250)
TB balanced - profit 70000 P+L balancing figure: 436550 ; B/S balancing figure: 202500
2.3 Balances on currents accounts: Dave: 22470 ; Eve: 910
2.4 Net assets: 73380
2.5 Balances on capital accounts: Dave: 34000 ; Eve: 31000 ; Felix: 60000
Rings the bell anybody? :blushing:
This makes me feel a lot better, a few mistakes for me, but more hopeful now it will be a pass! Thanks for posting....amazing memory you have!:thumbup1:0 -
the layout was on the first page - on the first task!I totally forgot the simplest thing like the layout of the balance sheet :confused1:
I got 3/4 of the way down and my mind went blank. The figures balanced as per the ETB
Do you think I'll get penalised badly for not knowing/remembering the layout?
I feel pretty confident about the rest of the exam and hope that this doesn't amek me fail... If I do, I'll know what it was :mad2:0 -
exactly same as you :thumbup:I was thinking the same, Section 1 had a Balance Sheet for March 2008 on the perforated page :001_unsure:
That'll teach me for not looking through the exam - doh!
Hope the rest of the of the correct answers that I've got gets me through... I'll kick myself if I fail for that :crying:0 -
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Hello from Bournemouth!
These are my answers, hopefully correct:
1.1 a) 79765 ; b) 84765
1.2 a) 1110 ; b) (1510) loss on disposal ; c) 12200 revised fixtures and fittings; d) 4100 adjusted accumulated depreciation; e) 1215 depreciation charge for the year; f) 5315 updated accumulated depreciation
1.3 a) 2200 prepayment ; b) 11480 adjusted expenses
1.4 TB balanced - 162650
1.5 a) 45150 Profit ; b) 83850 Cost ; c) 16115 Closing stock
...
Suspense account cleared out (Dr 1150 ; Cr 900 + 250)
TB balanced - profit 70000 P+L balancing figure: 436550 ; B/S balancing figure: 202500
2.3 Balances on currents accounts: Dave: 22470 ; Eve: 910
2.4 Net assets: 73380
2.5 Balances on capital accounts: Dave: 34000 ; Eve: 31000 ; Felix: 60000
Rings the bell anybody? :blushing:
DING DING from me0 -
Yes it does with me. I was determinded in this exam to make a note of the answers so I could post on the forum. Unfortunately, I was sat next to the moderator who checked everyone upon leaving.0
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Hello from Bournemouth!
These are my answers, hopefully correct:
1.1 a) 79765 ; b) 84765
1.2 a) 1110 ; b) (1510) loss on disposal ; c) 12200 revised fixtures and fittings; d) 4100 adjusted accumulated depreciation; e) 1215 depreciation charge for the year; f) 5315 updated accumulated depreciation
1.3 a) 2200 prepayment ; b) 11480 adjusted expenses
1.4 TB balanced - 162650
1.5 a) 45150 Profit ; b) 83850 Cost ; c) 16115 Closing stock
...
Suspense account cleared out (Dr 1150 ; Cr 900 + 250)
TB balanced - profit 70000 P+L balancing figure: 436550 ; B/S balancing figure: 202500
2.3 Balances on currents accounts: Dave: 22470 ; Eve: 910
2.4 Net assets: 73380
2.5 Balances on capital accounts: Dave: 34000 ; Eve: 31000 ; Felix: 60000
Rings the bell anybody? :blushing:
They sure do ring a few bells :thumbup1:
God only knows how you remembered them all though? :huh:0 -
Thank God
How much easier was todays exam than mondays!!! Was well prepared for some dodgy questions to be put in there...but all seemed pretty straight forward....hope i am not getting my hopes up...here is what I got
Loss on Disposal £1510
Prepayment £2200
First Trial Balance £162650
Profit Margin £45150
Cost Of Goods £83850
Closing Stock £16115
Profit of £70000
Balance Sheet £73380
Profit Share £42000 / £28000
Goodwill £30000 each then split by percentages given etc....
No major memo's...phew!!!
Arh....hope it's enough to pass as I am re-sitting monday for sure!!0
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