practice simulation unit 3

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi<BR><BR>has anyone done this practice simulation? I am currently doing task 4 which asks for you to do 2 journals and don't know how to do this. Any help will be very much appreciated<BR><BR>Thanks

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    practice simulation unit 3

    I havent done this sim - what is the question and I will try to help if possible?<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    practice simulation unit 3

    tHIS IS THE QUESTION<BR><BR>if you had to prepare the following two journals which account would you credit and debit<BR><BR>The first one is that a cheque has been logged into the cash book at an amount of £3,216.99 but in fact it was for £3,126.99. The wrong amount has been posted to the purchases ledger control account.<BR><BR>The second one is a customer owes us £1,2337 but have gone into liquidation so we have no chance of recovering the debt. later on we may be able to recover the VAT included in this amount, but for the moment please write off the whole balance and ignore VAT<BR><BR>Both of these matters should be dealt with by means of journals, how would you do this, any help would be appreciated<BR><BR>Thanks
  • System
    System Posts: 100,534 🤖 Admin 🤖
    practice simulation unit 3

    Hiya there,<BR><BR>I have just completed this simulation, the answers to task 4 would be:<BR><BR>Journal<BR>Cash at bank - Debit £90.00. This is because £90 too much has come out from the bank, so needs to be re-entered.<BR>Purchases ledger control account - Credit £90.00. Again the cheque was debited to the control account, it was £90 too much, therefore to amend this you need to credit the account with £90.<BR><BR>Bad debts - Debit £1233.75. The whole balance is being written off as bad debt, so debit whole value to bad debt account.<BR>Sales ledger control account - Credit £1233.75. This figure is an amount which can no longer be collected from the customer, so treat it as a payment and credit the value to the sales control a/c.<BR><BR><BR>Hope this helps.<BR><BR>Frankie
  • System
    System Posts: 100,534 🤖 Admin 🤖
    practice simulation unit 3

    Hi frankie<BR><BR>Thanks for the help,have you done the whole simulation for unit 3? How about trial balances?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    practice simulation unit 3

    Hi there,<BR><BR>Yeh I have done the whole simulaition which includes the trail balance.<BR><BR>I don't know what queries you have but I hop this helps:<BR>-You have to set up a suspense a/c and credit it with £3,400 in order for it to balance.<BR>-Both sides should finish totalling £177,525.83.<BR><BR>Frankie
  • System
    System Posts: 100,534 🤖 Admin 🤖
    practice simulation unit 3

    Hi Frankie<BR><BR>What was the total figure you got for both sides of the trial balance as i think i am putting some of my accounts on the wrong side of the trial balance<BR><BR>Is there a figure for the bank account and for the sales ledger control account as well<BR><BR>Please help, it would be very much appreciated.<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    practice simulation unit 3

    the bank figure you will get from the cash book its already balanced for you, the sales ledger control you will have to balance yourself

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