Foundation Chat is Open for PLB chat

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
http://groups.msn.com/aatfoundation<BR><BR>Hope it went well.<BR><BR>Amanda

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    Hadn't sat an exam for 30 years so found it all a bit daunting!! First section was ok, fairly straightforward I thought, but bits of section 2 AAAAAARGH. Hope I just managed to get enough right to scrape a pass.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    I hadn't sat an exam for 33 years! First half ok. I hope I got 100%. Second half a bit dodgy. At least three sticky questions. What was the answer to the trade discount question? What about the one where the purchase invoice was posted to the general ledger but not to the subsidiary ledger. Would the TB balance? And what two accounts in the general ledger need to be opened for renting out offices and not using the SLCA? Hope someone can give me the correct answers.....
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    If it was in the main ledger but not the Subsidiary it should balance(i believe). Because you post to the purchase ledger control from the purchase day book etc. The TB should balance as the PLC represents the Subsidiary in the TB.<BR><BR>Rent received and Non trade debtors control.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    Yeah it still would balance.<BR><BR>As for the settlement discount the figures were:<BR><BR>Net: £ 180.00<BR>Vat: £ 30.87<BR>Tot: £ 210.87<BR><BR>Amount to be paid:<BR>Net £ 180.00 LESS 2% Discount =<BR> £ 176.40 PLUS VAT =<BR> £ 30.87 TOTAL = <BR> £ 207.27 Amount to be paid<BR><BR>Or that's what I put...<BR><BR>As for the trial balance balances/doesnt balance, in order i got:<BR>Balances<BR>Balances<BR>Balances<BR>Doesnt Balance<BR><BR>Moja
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    i agree with mojo on them answers hope it all went well<BR><BR>Good luck 4 the results
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    I got the same answers as well. As for the vat question i couldn't remember who we pay, so i called them the vat people!!!! Might get a mark for originality
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    then may i pose a question regarding the invoice, it only stated that a settlement discount of 2% applied, the 210.87 alredy included a 2% figure !! thats why i put 210.87 as the figure - as i could see no reason to futher reduce the amount !!??
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    Hiya Blank<BR><BR>When a company decides to offer a settlement discount they apply the amount to the invoice, which makes a reduction of say 2%. This amount is reduced off of the net total and the vat is worked out on this figure. Not every customer will actually get round to paying their account on time, so although they get the original discount on their invoice they still have to pay the total amount stated on the invoice (including the deduction).<BR><BR>However, those customers that do pay in time can then take a further discount of 2% off of the invoice total, and this is the extra sweetner to get the customer to pay up!<BR><BR>Mojas example is spot on, and the 2% discount has already been worked out...<BR><BR>£180 - 2% (£3.60) Then the amount is deducted off of the net amount and VAT applied. In this case the Invoice total was £210.87. And when they paid on time they deducted off £3.60 making the amount paid £207.27, which would be posted in the ledgers as Bank £207.27 and Discounts allowed £3.60 (both credits in the sales ledger, and a debit posting to bank and discounts allowed).<BR><BR>I see your point about it being taken twice, and it took a while for the penny to drop with me, but apparantly it is correct!!<BR><BR>Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    Ref Discount Question Go back to unit 1 question is easy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    Read unit 1!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    Read unit 1!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    ahhh yes i agree now the amount payable is going to be 207 odd and 3.60 will go into discounts received. that question had me baffled and the question about 2 advantages for a software accounts package for about an hour just sitting there hoping my memory would come back to me.<BR><BR>well i put my working which was all correct so i hope i receive half a mark.<BR><BR>the question about the TB was confusing though it said<BR>a customer didnt take a discount will the TB still balance<BR>does this mean<BR>1.a customer was given a discount but still paid the full amount - no<BR>2.a customer was offered a discount but declined due to lack of funds etc - yes
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Foundation Chat is Open for PLB chat

    Hi I am new to this so please go easy.<BR><BR>On the 2% discount question, i have checked with a friend of mine who is ACCA qualified and they have told me the amount was actually 210.87, as you dont show the net figure minus the settlement discount, so therefore would still be £180, i have read what has been put but looking back i dont seem to have been taught that?

Categories

Privacy Policy