FRA?

System
System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
edited June 18 in AAT student discussion
So how did everyone do? I think it was a good paper apart from the partnership appropriation thing<BR><BR>Lou
ยซ1

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  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    i noted going concern, prudence, accruals and consistancy<BR>then detailed 2 of them as requested.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    <br><br><< <i>The รƒโ€šร‚ยฃ700 was the adjustment for the sales/sales ledger a/c<BR>u had to credit the suspense<BR>debit 350 sales and <BR>debit 350 s/ledger control</i> >><br><br><BR><BR>Now that's what I thought but it said it as posted SLCA 2000 VAT 350 Sales 2350, when it should have been SLCA 2350 VAT 350 and Sales 2000, the VAT was correct, they'd just posted Sales Gross instead of Net.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    Bugger, my interest on capital is wrong aswell<BR><BR>IVE WELL MESSED UP SECTION 2!<BR>I may aswell just prepare for my resit NOW!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    << interest was due on the partners capital as at the beginning of the year.<BR>so it was 750 each<BR>(least thats the way i read it) >><BR><BR><BR>me too, it said as at the beginning so i did it as at the beginning
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    i messed up big time in part one i messd up my capital so my tb didnt work but i did put suspense in so think i might get credit for doing that will i pass section one if i got all other bits correct? then in part two i messed up 2 journals apart from that found the rest easy so the two journals i messed up obviously affected my net profit and appropraition account but think thats just included as one error what do you think as i reckon i have passed the rest of the sections, do you reckon i cud then scrape a pass?????????????????
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    <br><br><< <i><br><br><< <i>The รƒโ€šร‚ยฃ700 was the adjustment for the sales/sales ledger a/c<BR>u had to credit the suspense<BR>debit 350 sales and <BR>debit 350 s/ledger control</i> >><br><br><BR><BR>Now that's what I thought but it said it as posted SLCA 2000 VAT 350 Sales 2350, when it should have been SLCA 2350 VAT 350 and Sales 2000, the VAT was correct, they'd just posted Sales Gross instead of Net.</i> >><br><br><BR><BR>Anyone else think that the VAT was already reflected properly, therefore shouldn't have been in suspense? Just a JNL entry between Sales and SLCA?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    What did everyone put for FRS18 - was it relevance, realibility, comparability or understandability or something different entirely?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    i used รƒโ€šร‚ยฃ750 for each as well
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    for FRS18 i quoted the accounting policies<BR>u had to choose 2 out of the 4
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    In that FRS18 question, please tell me that they weren't referring to accruals etc. If so, I cocked that up completely.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    I took it as interest on the amount of Capital held at the beginning of the year. Interest wouldn't normally be received until the end of the year.<BR>Dan had 500 up to Nov 2004<BR>Kim had 750 up to 31/3/05<BR>Ted had 750 up to 31/3/05
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    Finished on an easy note with Goodwill account, and even some multichoice questions. Glad the SSAP21 came up, I actually bothered remembering it!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    <br><br><< <i>i noted going concern, prudence, accruals and consistancy<BR>then detailed 2 of them as requested.</i> >><br><br><BR><BR>I noted consistency and going concern<BR><BR>Someone who finished same time as me said she put relevance and reliability, and I think she's right. Coulda put Comparability or understandability too. Concepts are going conern and accruals, though I don't think they wanted concepts.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    took 500 for int. on capital on dan...<BR>and my net profit 101045<BR>what did everyone do in the journal of purchase and opening stock...i think (d)...did anyone add VAT? because i didnt<BR>
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    I put relevance and understandability. Wasn't sure. I thought we just had to name them. Didn't give any explanations.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    Exactly what I put. Hopefully get something right!<BR>Roz
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    <br><br><< <i>I'm sure my profit after deducting salaries/interest and before profit share was รƒโ€šร‚ยฃ19250. I only allowed รƒโ€šร‚ยฃ500 for Dan's interest on his capital compared to รƒโ€šร‚ยฃ750 for the other two partners as he left part-way through the year. Did anyone else do that?</i> >><br><br><BR><BR>Yep, that's what I got too, although I was doubting myself when iyt came to working out the profit shares, they normally come to round figures in exams and mine didn't!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    On the Capital Account Interest I used รƒโ€šร‚ยฃ500, and two รƒโ€šร‚ยฃ750. Then for some reason even though I'm sure it should of been 500 as it was only for 8 months I changed it back to 750!!!!<BR><BR>Why did I do that......<BR><BR>
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    If you do really well in section two, but not as good in section one (messed up control accounts of all things and TB wouldnt balance) do you think they will give you a pass? I put a 'Note to the Examiner' where I thought I had gone wrong, but dont think they will take pity on me! Feel the exam was harder than costing, very worried about the result :-(
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    <BR>Its all a blur!! - i know i put the 4000 in as cap for the car?! mind just went total awol on me, when done it at home, done ok - a few things to get my head around !! but fell apart!!! so looking forward to the re-sits!!! (not, oh wat fun!)<BR><BR>We all should just get bevvied and chill !!! (im well on my way)<BR><BR>see ya <BR><BR>Kerry
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    shouldn't the vehicle of รƒโ€šร‚ยฃ4000 go into the trial balance under the vehicles asset account and not in the capital account? i dont know?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    interest was due on the partners capital as at the beginning of the year.<BR>so it was 750 each<BR>(least thats the way i read it)
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    ok, think it wasn't too bad. got a bit confused about the frs18 objectives. how did you find it?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    Oh god... failed dismally!<BR><BR>Trial Balance wouldn't.... just .... wouldn't!<BR><BR>.... and what the hell is an appropriation account?!! <BR><BR>But then I thought the ECR was OK, (contrary to popular belief) <BR><BR>Off to the pub for (lots of) beer!<BR><BR>Hope all went well for everyone!<BR>
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    The only thing i got stuck on was the appropriation account.<BR>How did everyone take thoses salaries????? should we have used รƒโ€šร‚ยฃ20k or รƒโ€šร‚ยฃ30k for Dan<BR><BR>The rest was easy, the tb balanced first time.<BR>Journals etc were straight forward<BR><BR>Just that appropriation a/c ....................
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    can anyone please tell me wht was the gross profit....mine was sumthin like รƒโ€šร‚ยฃ102,000
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    I used the 20k and got the balance of profit to 19k
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    my trial balance wouldnt balance, was out by รƒโ€šร‚ยฃ4000 and i just dont know how
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    Yeh I got like 101,550 profit, and 19,000 to split bwtween the partners.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    FRA?

    <br><br><< <i>can anyone please tell me wht was the gross profit....mine was sumthin like รƒโ€šร‚ยฃ102,000</i> >><br><br><BR><BR>Do you mean net profit? Cos I got 101,550

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