I failed miserably

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Okay, i felt quite pleased in the exam. My TB balanced to start with but then when u leave and u find that noone else has the same answers as you its a bit scary.<BR><BR>SECTION 1<BR>I worked out purchases to be 3300<BR>Sales to be 550,000<BR>Capital to be 14,000<BR>My TB was 70390<BR><BR>SECTION 2<BR>I got a net profit of 101,250<BR><BR>Please can someone shed some light on me to say what the answers ACTUALLY should have been?<BR><BR><img src="i/expressions/face-icon-small-sad.gif" border="0"> *cries*

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    Ive not heard that Net profit before.<BR><BR>Aaaagggghhhh everyone has different answers. They should publish the answers the week after the exam!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    Well you lot certainly did better than what i did, Went totally blank!! - not joking,only answered half of the questions (soz if spelling naff - mega stressed, single mum, kids in bed but million things to do - avin a large bevvie)<BR><BR>We can re-sit cant we? - think i should have just waited until Dec, but its an experience! (not) being 16yrs since sat an exam GCSE's at school! - did so-so but just fall apart totally! i tryed Bach's rescue remedy, but didnt seem to work, any 1 have any better tips for next time??<BR><BR>Cheers Kerry
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    I got<BR>Sales £55000<BR>Purchases £3300<BR>Depn £850<BR>TB was £71880 - I got £70390 at first then remembered the bad debt and prov for bad debt of £1490<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    Trial Balance was 70390, NP was 101250.<BR><BR>The 700 was cleared by Debiting from the SLCA and from Sales. To lower sales, you debit, and to raise the SLCA, you debit, so:<BR><BR>DR SLCA 350<BR>DR Sales 350<BR>CR Suspense 700
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    Mine was<BR><BR>SECTION 1<BR>purchases 3300<BR>Sales 55,000<BR>Capital 4,000<BR>TB 70390<BR><BR>SECTION 2<BR>net profit 101,250<BR><BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    I couldn't clear the suspense either. It was out by £700 and I couldn't see how this related to the Sales Ledger and SLCA, so I added it to the profit and loss and got the same as you, £100,550.<BR>I had Operating Lease as an expense only in p&l because it's a short-term lease and Finance Lease in p&L and balance sheet as it is a long-term lease, although neither are owned by the business at the end of the contract.<BR>Roz
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    My answers were identical to talent87. Struggled on the objectives though! Good Will account was a bit new and mean wasnt it?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    I had NP 100,550 (700 less) which some say came from Suspense (2 x 350) but I thought they'd just mixed up SLCA and Sales figures, therefore just posting them against eachother? Advice?<BR><BR>With the leasing, if it's a HP you need to reflect as an asset and depreciate, if it's just a lease, it would only go through P&L.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    damn!!!<BR>i'm sure though unless u totally screw up u fail...<BR>i think i did quite well, i mean maybe a few mistakes here and there in section 2...but they cant fail me, can they?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    they all sound familiar
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    My TB was 70,390<BR>My Net Profit was 101.250.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    I got 55,000 too in Sales, but missed out the car on the capital account.<BR>I like the way that I was revising like mad to get the correct ETB entries and cracked it, only to find no ETB in the exam! AAAAAAAAAAAAAARGGGGGGGGGGGGH!<BR>Also, financial lease and operating lease??! - i must have been asleep in my class when we covered that as I don't remember covering it at all!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    was just going to ask that...my sales was 55000...tb was 70390...and net profit 101045 ..anyone got that...please!!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    My sales were 55,000! not 550,000. Is this correct!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    Bummer<BR>Where have I missed out an expense for £250 <img src="i/expressions/face-icon-small-sad.gif" border="0"><BR><BR>Erm ... I think I may fail on account of section 2!<BR>As i messed up the appropriation account<BR><BR>What else was in section 2?<BR>There was the Journals (where I think my error may be)<BR>There was the memo on lost stock (I couldnt think what to write)<BR>err .... help me guys <img src="i/expressions/face-icon-small-smile.gif" border="0">
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    i do remember my sales was something like that (55k), am sure my purchases was about 3300<BR>and capital was definately 14000 (10,000 + car)<BR>and TB i think was 70390 - it balanced first time anyway!<BR>cant rememer exactly the net profit, but am sure mine was 101,250<BR>so i think u r ok (else we both failed miserably)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    I failed miserably

    Im glad some of them sound farmiliar to you, as my friends in college, ive spoke to 4 of them now and not one of them has the same answers as me!

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