The 'Official' FRA Answers

spursfan323
spursfan323 Feels At HomeRegistered Posts: 28
Can we please have a thread where people who are 100% sure they got the right answers for FRA today, post them here.
It is now past 8 so get posting!!

(I know I messed up Task 1 because I couldnt get my TB to balance - but I don't know where I went wrong!)
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Comments

  • Vidya_r
    Vidya_r Settling In Nicely Registered, Tutor Posts: 21
    here are my ans for section 1:

    Credit purchases: 79765
    Total purchases: 84765

    For disposal : accu deprec = 1110
    bank = 1380
    loss on disposal= 1510

    New value of equipments at cost: 12200

    Depreciaton= 1215

    accu depriciation= 5315

    adjustment to admin expenses=200 prepayment

    adjusted admin expenses =11480

    TB balanced at 162650
  • Brent.U
    Brent.U New Member Registered Posts: 11
    That all sounds very familiar but how the hell do you remember it all?????
    Can you remember any of the rest of it as well??
  • spursfan323
    spursfan323 Feels At Home Registered Posts: 28
    Phew-thanks, Vidya. I think i got all the same answers as you above (so my TB being out by 15k must have been down to a single error somewhere rather than getting the entire section wrong)
  • twinmeister
    twinmeister Well-Known Registered Posts: 122
    On all the exams I've done before, a tutor from Sussex (?) posts his answers to the exam paper a few weeks after we have all sat them.

    From memory he's called any2002uk or something like that.

    There's no way someone can remember everything unless they wrote it down!!!
  • valentino46
    valentino46 Well-Known Registered Posts: 124
    can i just ask how you got the figure for the admin expenses as i thought that there was a prepayment for 2000 and 3300

    cheers
  • spursfan323
    spursfan323 Feels At Home Registered Posts: 28
    Valentino, there was an opening prepayment of 2000, which you add to expenses, and then a prepayment of 2200 (3300 was for 3 months of which only 2 were in the next year) which you deduct. So overall change is -200.
  • nabutt
    nabutt Feels At Home Registered Posts: 86
    can any one tell me where did u put purchase of replacement fixtures???
  • rachy1975
    rachy1975 Trusted Regular Registered Posts: 366
    Vidya_r wrote: »
    here are my ans for section 1:

    Credit purchases: 79765
    Total purchases: 84765

    For disposal : accu deprec = 1110
    bank = 1380
    loss on disposal= 1510

    New value of equipments at cost: 12200

    Depreciaton= 1215

    accu depriciation= 5315

    adjustment to admin expenses=200 prepayment

    adjusted admin expenses =11480

    TB balanced at 162650

    exactly what i had but i had a prepayment as 2200
  • Carolyn77
    Carolyn77 New Member Registered Posts: 11
    I dunno about anyone else but I put the replacement fixtures in with the fixtures & fittings as an asset.
  • a05boothrj
    a05boothrj New Member Registered Posts: 8
    Valentino, there was an opening prepayment of 2000, which you add to expenses, and then a prepayment of 2200 (3300 was for 3 months of which only 2 were in the next year) which you deduct. So overall change is -200.
    There was also a bank payment for admin expenses. Can't remember the exact figures but the charge to the TB was the difference between the reversing prepayment plus the bank payment less the closing prepayment. Think it was in the 4000s :thumbup1:
  • katsutlieff
    katsutlieff Trusted Regular Registered Posts: 459
    Bugger I put all the 3300 prepayment in! Although I did get my TB to balance at around £162?? something, eventually.

    Hope they can read my answers, paper was such a mess with crossings out and tippex everywhere. Underlined all my answers to make it abit easier.

    Any clues on what the final question in Section 2 was about, sat and stared at it for 10 mins, still haven't a clue. 'What action would you take?'
  • pussycat
    pussycat New Member Registered Posts: 10
    Carolyn77 wrote: »
    I dunno about anyone else but I put the replacement fixtures in with the fixtures & fittings as an asset.
    me to, i also had pre-payment as 2200
  • Carolyn77
    Carolyn77 New Member Registered Posts: 11
    Dunno bout anyone else but I took the view that it had to do with Fixed asset sheet. And said that since the new one they submitted wasn't the same figure, then it would have to be investigated.
  • neuroticprincess
    neuroticprincess Feels At Home Registered Posts: 56
    rachy1975 wrote: »
    exactly what i had but i had a prepayment as 2200

    Now Im confused. I wrote £2,200 prepayment as the answer to adjusted admin expenses and entered 200 in the TB for the prepayment (bal c/d 2000 and the 2000 entered for 08/09).

    Is this why I was out by 2000 on my TB?

    Thanks
  • a05boothrj
    a05boothrj New Member Registered Posts: 8
    Yea i put to ask the two existing partners. Explained the implications if the figure was wrong. i.e the depreciation charge and acc depreciation would have been worked out wrong in the previous questions.
  • hotlips
    hotlips Just Joined Registered Posts: 1
    Omg

    I thought this was soooooooooo hard although I got everything to balance my figures seem different to everyone else???????
    My NP was 40k so I am now really confused think I will be re sitting this one :mad2: grrrrrrrrrrrrrrrrrrrrrrr
  • rachy1975
    rachy1975 Trusted Regular Registered Posts: 366
    Bugger I put all the 3300 prepayment in! Although I did get my TB to balance at around £162?? something, eventually.

    Hope they can read my answers, paper was such a mess with crossings out and tippex everywhere. Underlined all my answers to make it abit easier.

    Any clues on what the final question in Section 2 was about, sat and stared at it for 10 mins, still haven't a clue. 'What action would you take?'

    i put check there were no vehicles in repair or any had been disposed of but not off the register.....we had that type of question loads in the practice skills tests ive done.....
  • pussycat
    pussycat New Member Registered Posts: 10
    actually feel quite positive after reading these posts, all my figures seem to be correct, the only error i can think of is in section 2, i put closing stock £30k in the P/L dr & cr columns, but didn't affect overall figues, stll came to 70k profit.. not sure about last question thou, i didn't mention fixed asset register..:thumbup1:
  • tigger37
    tigger37 Well-Known Registered Posts: 200
    my answers for section 1 are the same.
  • kerrybibby77
    kerrybibby77 New Member Registered Posts: 6
    snap mine was 40k. Thought I had done OK till I was reading these x
  • Andypandy
    Andypandy Experienced Mentor Registered Posts: 526
    I put 40k in for net profir aswell, but knew it was wrong when the balance sheet didn't work out! Gonna have to get out of the public sector & 'creative accountancy' way of working...
  • any2002uk
    any2002uk Feels At Home Registered Posts: 88
    in trial balance, i put close stock on debit and credit, but nobody seem done this, i hope trial balance always add closing stock so my trial balance is £178765
  • any2002uk
    any2002uk Feels At Home Registered Posts: 88
    On all the exams I've done before, a tutor from Sussex (?) posts his answers to the exam paper a few weeks after we have all sat them.

    From memory he's called any2002uk or something like that.

    There's no way someone can remember everything unless they wrote it down!!!
    hi

    yes i wrote everything on my blank line paper before finish. :)
  • Bluewednesday
    Bluewednesday Font Of All Knowledge Registered Posts: 1,624
    If someone can get me a paper, I don't mind having a go at it for you.
  • Pinchy
    Pinchy Feels At Home Registered Posts: 38
    For Task 1.1 I put total purchases were 79,765 as cash purchases were 5000 and credit purchases were 74,765. Is that not right because even if other things went on in the year they were the only purchases listed.

    I thought it was very hard but it kinda balanced so fingers crossed -
    Trial Balance 162,650
    Extended TB 70,050 Net

    For some reason really struggled with the last question on part 1 - just couldn't get a) which was gross profit margin. Can anyone explain it to me?!
  • a05boothrj
    a05boothrj New Member Registered Posts: 8
    Pinchy wrote: »
    For Task 1.1 I put total purchases were 79,765 as cash purchases were 5000 and credit purchases were 74,765. Is that not right because even if other things went on in the year they were the only purchases listed.

    I thought it was very hard but it kinda balanced so fingers crossed -
    Trial Balance 162,650
    Extended TB 70,050 Net

    For some reason really struggled with the last question on part 1 - just couldn't get a) which was gross profit margin. Can anyone explain it to me?!

    Hi, if i remember the profit margin was 35% and the sales figure was £129,000. Here it goes;

    100% = Sales = £129,000 (129,000/100 = £1290 which is equal to 1%)

    65% = Cost of goods = (£1290 x 65) = £83,850

    35% = Margin = (£1290 x 35) = £45,150

    Hope this is clear :thumbup1::thumbup1:
  • coullj
    coullj Just Joined Registered Posts: 1
    Happy

    After reading everyones answers i'm feeling confident!
    My TB balanced at something like 163k, the balancing figure that I found after rechecking was 19420, for capital!

    The ETB...the Net Profit was 70k as the Closing stock figure only needed to be entered as an Asset on the BS, as the figure on the PL was Cost of sales which included the Closing stock figure already!

    One question I was a bit confused by was the last one...I mentioned the Fixed Asset register and said that there may be an error etc etc, what did other people put!

    I was also surprised by how many people left so early, I was 1 of 2 people left (Maidstone BPP btw) out of 20! that was with 30min to go!
  • Nikkih
    Nikkih Settling In Nicely Registered Posts: 20
    rachy1975 wrote: »
    exactly what i had but i had a prepayment as 2200


    Yeah i put exactly the same figures but put the prepayment as 2200 the question was paid 3300.00 in march for 3 mths up untill the 31st May so i divided the amount but 3 abd times it by two as you paid for april and may inadvance
  • miskysbabe
    miskysbabe Settling In Nicely Registered Posts: 25
    Suspense - Insurance

    Did no-one have trouble with this question?
    Section 2 (e)
    A bank payment for insurance of £500 has been debited twice to the insurance account. No other entries were made.

    I cleared the suspense account but I didn't think clearly and put CR £1000 to insurance, it must be CR 500 bank CR 500 insurance and DR Suspense 1000

    Anyway, I think this question was not clear at all!
    :crying:
  • neuroticprincess
    neuroticprincess Feels At Home Registered Posts: 56
    Now Im confused. I wrote £2,200 prepayment as the answer to adjusted admin expenses and entered 200 in the TB for the prepayment (bal c/d 2000 and the 2000 entered for 08/09).

    Is this why I was out by 2000 on my TB?

    Thanks

    Anyone???
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