Fra answers

tigger37tigger37 Well-KnownPosts: 200Registered
Section 1:

1.1 A) credit Purchases 79765
B) total purchases 84765
1.2 A) accumulated depreciation 1110
B) disposal: dr 4000
cr 1110,
cr 1380 (bank)
cr 1510 (loss on disposal)
1.2 C) 12,200
D) 4,100
E) 1215
F) 5315
1.3 A) 2200 prepaid
B) adjustment was (200) making admin account 11,480
C) mentioned costs incurred in period but not paid as part of accruals concept
1.4 TB 162,650
1.5 Sales = 129,000
COst of Goods Sold = 83850
Gross Profit = 45,150
1.5 B) 83,850
1.5 C) 16,115

Section 2: note, please note that my profit is off by 30k, but this was due to closing stock figure.

2.1 and 2.2
Adj columns = 17,350
P&L = 466,550 (see note above regarding error I made on 30k stock)
BS = 232,500 (follow through error from P&L)

2.3 40,470 and 12,910 ( again follow through errors due tol profit being out by 30k)

2.4 net assets = 73,880
Proprietors = 102,480 (again follow through error from 30k stock error)
2.5 Balances in end were 34,000 31,000 60,000
2.6 MEntioned a fixed asset register as well as items to add to it and performing an inventory check to ensure all assets still part of company and not have been disposed of etc....


Stupid error on the 30k and can't believe I didn't catch that one, but they only mark once for an error and if follow through the rest, I should be ok.

Looking forward to results in AUgust!

Comments

  • any2002ukany2002uk Feels At Home Posts: 88Registered
    in trial balance in section 1, i put closing balance in both side, so my total come £178765

    i think your figure did not included closing stock, do i make a mistake?
  • tigger37tigger37 Well-Known Posts: 200Registered
    you shoudbhave only needed to put it on one side in section 1. On section 2, which is where I did make an error, you also needed to put it in 1 time whereas I put it in there twice.
  • WoooofWoooof Well-Known Posts: 174Registered
    I completely messed up my rent/Admin expenses.

    Looks like a re-take for me :(
  • PinchyPinchy Feels At Home Posts: 38Registered
    Marks awarded for each task?

    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?
  • bunny79bunny79 Just Joined Posts: 1Registered
    I don't know how you remembered all the answers but looking at yours I think mine were ok. I almost made the same 30000 mistake but when I balanced the balance sheet columns on the extended trial balance I realised the closing had already been taken into account on the p and l cost of sales.I think that tripped up a lot of people, I hadn't seen it like that on any past papers.
  • CC86CC86 New Member Posts: 6Registered
    Hi Tigger 37
    My answers all look that same as yours, phew! What's that bit you have put about proprieters, what does it mean? Don't remeber that part?
  • Laura CameronLaura Cameron Feels At Home Posts: 46Registered
    Fra

    I agree with all of your answers !! phew...

    I think i may have made a slight error with depreciation but again same as you jsut a follow on error..

    I found it quite a good paper and ECr i found also not too bad...

    :thumbup1:
  • NikkihNikkih Settling In Nicely Posts: 20Registered
    tigger37 wrote: »
    you shoudbhave only needed to put it on one side in section 1. On section 2, which is where I did make an error, you also needed to put it in 1 time whereas I put it in there twice.


    I dont think you were to include the closing balance figure as this was a question later on but i remember seeing a note at the top of the TB saying closing balance was not to be included, but if you have included it youve still shown u understand what you were doing and it balance :001_smile:
  • Laura CameronLaura Cameron Feels At Home Posts: 46Registered
    The closing balance would only be included in balance sheet as it was included in the cost of goods sold figure which goes in the p& l x
  • SuzyGSuzyG Just Joined Posts: 1Registered
    Fra

    I am absolutley convinced without a shadow of a doubt I have failed, back to the books and working harder and look forward to the resits :ohmy:
  • tigger37tigger37 Well-Known Posts: 200Registered
    the proprietors funds bit just goes at the bottom of your balance sheet which shows the summary of your capital accounts, current accounts and less drawings. This figure should then balance with your top half of the b/s.
  • Laura CameronLaura Cameron Feels At Home Posts: 46Registered
    Should you not already have taken the drawings off in hte current accounts so that figure plus hte capital should equal the top section of the bs ?
  • BurgersBurgers Just Joined Posts: 1Registered
    Fra answers???

    Would everyone stop worrying. Those answers potsed by tigger37, are tigger37's answers, NOT the published answers.

    His/her 'answers' are littered with errors at his/her own admission.

    However, thank you to everyone posting their many mistakes on various threads. It's making me feel much better about my answers :001_smile:
  • miskysbabemiskysbabe Settling In Nicely Posts: 25Registered
    Tigger37, I think you may have been caught the same as me on the insurance question below.... as you have total adjustments as 17350

    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!
  • louise harrisonlouise harrison Just Joined Posts: 4Registered
    i didnt get the same answers as yours. ie accumalted depreciation i had 510 think my tutor had the same answer. did your trial balance and etb balance, what about the bs.
  • louise harrisonlouise harrison Just Joined Posts: 4Registered
    i ve been wondering why i was 17odd k out and you are right the figure should have gone on both sides. i put a suspense file in for the missing amount
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