FRA Exam

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Well glas that over and done with. How did everyone do then? Didn't think it was as bad as ECR.<BR><BR>Here are some of the answers I got:<BR><BR>Section 1<BR>Sales = £55,000<BR>Purchases = £3,300<BR>Capital = £14,000<BR>Depreciation = £850<BR>Rent = £5,400 (i think)<BR>expenses + £190.00 ( can't remember the balance on the bank)<BR>Total TB = £70,790<BR>Memo = mention SSAP 21<BR><BR><BR>Section 2<BR>Journals - DR acc dep Credit disposal £1,024<BR> DR disposal credit equipment at cost £2,000<BR> Debit Dep and Credit Acc DEP £4,289.40<BR> Debit Motor vehical at cost £8,500 credit suspense<BR> Debit debtors and credit suspense £350<BR> Debit sales and credit suspense £350<BR> Debit purchases credit opening stock £756<BR> <BR>Profit of £101 288.40<BR>Interest Dan £500, Kim and Ted £700 each<BR>Profit share avaiable = £19,288.40<BR>1/4/04 -30/11/04 = £19,288.40/12x8 =£12,858.93 (split 40%, 30%, 30%)<BR>1/12/04-31/3/05 =£6249.47 (spilt 50/50)<BR><BR>mutliply choie = debit capital and credit loan <BR> and liabilities<BR><BR>Memo= SSAP 9, human error in counting stock, lost, waste or stolen stock. tocked issued or received and stock card not updated.<BR><BR>Let me know if anyone gets the same or similar answer.<BR><BR>cheers<BR><BR><BR><BR><BR>

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    how the hell do u remember all that????<BR>most sound familiar from part 1, cant remember exactly, deffinately then the memo and multiple choice deffinately the same<BR>I got different to your part 2 answers though.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    My depreciation it different to everyone else cos I took the £1024 as being the accumulated depreciation, but this is how I worked it out<BR><BR>asset at cost account £35,000<BR>less diposal cost £2000<BR>less accumulated dep 12,577<BR>plus disposal acc dep 1,024<BR>NBV £21,447<BR><BR>£21,447 x 20% = 4,289.4<BR><BR>but hopefully not wrong enough to fail the exam, kicking myself now cos it was a silly mistake and should have read the question properly
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    i messed up on my depriciation journal entry - how did you work out the depeciation?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    <br><br><< <i>Was it not NBV is 1024, hence depreciation is 976, loss on disposal is 1024?? eargh! I hate exam post mortems!!!</i> >><br><br><BR><BR>same as me....i got £976 as the accumulated depreciation and £1024 as the loss on disposal as there was no sale proceeds, so NBV same as loss<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    yes i did that as well, then the 1024 was the loss on disposal
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    I think thats were my difference on my profit figure is compared to everyone else. <BR><BR>I wish they would publish the answers next week. Reading the forum send your stomacj inside out.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    The net book value was £1024 so the accumulated depreciation was £976 (2000-1024)<BR><BR>That's how I read it anyway.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    Was it not NBV is 1024, hence depreciation is 976, loss on disposal is 1024?? eargh! I hate exam post mortems!!!<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    i did same, sure it was nbv it gave you. my profit was 101250 same as several others.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    <br><br><< <i>On the section 2 disposal journal, I debited the accumulated dep'n & credited disposal with £976 not £1,024 as I thought the question said the NBV of the asset was £1,024.<BR><BR>Did anyone else do the same?</i> >><br><br><BR><BR>Yes I did the same
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    I thought the initial cost was £2,000 and accumulated depreciation was £1,024 leaving a loss of £976, perhaps your right and thats where my difference maybe. <BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    On the section 2 disposal journal, I debited the accumulated dep'n & credited disposal with £976 not £1,024 as I thought the question said the NBV of the asset was £1,024.<BR><BR>Did anyone else do the same?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    you started off with £10,000 in the bank but she in effect sole her car to the business, so thats the additional £4,000.<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    I have got virtually the same as you apart from I kpet the Capital at 10,000. How you you get 14,000?<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    I mean't tb of £70,390 and i couldn't remember the rent so what ever it was you had to deduct the prepayment.<BR><BR>I must have missed something on the profit and loss account then, how did everyone get the profit <BR><BR>Sales £585,750<BR>opening stock 69,444<BR>purchases <BR>closing stock 70,200<BR><BR>gross profit <BR><BR>expenses<BR><BR>admin<BR>depreciation 4,289<BR>wages 15,000<BR>loss on disposal 976<BR><BR>net profit<BR><BR>can't remember any other figures. I can only assume my rounding are wierd.<BR><BR><BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    <br><br><< <i>What answers did you give for the multiple choice questions.<BR><BR>I said <BR><BR>A DR Capital <BR> CR Loan<BR><BR>and<BR><BR>B Liability<BR><BR>Did anyone else get the same?</i> >><br><br><BR><BR><BR>..yepp...finally got something right!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    yes<BR>dr capital, cr loan<BR>and liabilities
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    What answers did you give for the multiple choice questions.<BR><BR>I said <BR><BR>A DR Capital <BR> CR Loan<BR><BR>and<BR><BR>B Liability<BR><BR>Did anyone else get the same?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    my net profit was 101250 as well<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    Yeh those numbers do sound the same or similar to what I had.<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    Hi there<BR><BR>My TB Total was 70,390. <BR>Capital 14,000<BR>Sales 55,000<BR>Purchases 3,300<BR><BR>My Net Profit was 101,250<BR><BR>Glad they're both over!<BR><BR>Kath<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    I have a few differences! haha<BR><BR>my TB came to 70390 even though the rest of section 1 looks the same.<BR>My journals look similar<BR><BR>My net profit was £101,250<BR>so my appropriation account will be different.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    Wow how did you remeber all your answers?? I think I agree except for rent wasn't it £5880?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    I did the same, NBV was 1024 therefore accumulated depreciation 976
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA Exam

    NBV 35,000 less 2,000 (disposed car) = NBV 33,000 less accumulated dep (I think it was something like 11600) = 21,400 x 20% = 4,280 depreciation expense for the year.<BR>I got net profit of 101,250

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