Did anyone get 101,950 on Section 2

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Im reading and reading the posts and NO-ONE seems to have 101,950 for the net profit and im stressing now as loads and loads seem to have 101,250.<BR><BR><BR>AAAAHHHHHHHH<BR><BR>Amanda

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Did anyone get 101,950 on Section 2

    Exactly what i've been doing but to be honest i can't remember what i got but the profit before any apportionment I got £190K or something around that. I haven't seen anyones results look similar to mine. but I AM NOT GONE PANIC.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Did anyone get 101,950 on Section 2

    Hi<BR><BR>Yes I did and was stressing as well - but the difference between loads of people's message answer of 101,250 and our answer is 700 and I hope this is the last journal which clears the suspense account re incorrect entries to the sales, sales ledger control accounts. So don't panic too much. I cleared the suspense account and I am pretty sure I put everything else in so fingers crossed it is ok. So glad you got that answer too!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Did anyone get 101,950 on Section 2

    HI<BR><BR>I got around that figure, however I didn't clear the suspense account completely. Will I fail because of that do you think?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Did anyone get 101,950 on Section 2

    I shouldn't worry too much as my answer to clear the suspense account was very long winded and meant I ran out of room and went over the journal boxes so it could well be wrong. Wrong answers are only penalised once not carried forward so we have probably both done fine either way.<BR><BR>Probably best not to come on here after exams I am thinking now!!! As at least it is all over and we can relax a little.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Did anyone get 101,950 on Section 2

    I balanced the suspense but it was the 1st journal that baffled me completely.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Did anyone get 101,950 on Section 2

    No sorry,<BR><BR>I got 101,250 as I got the 700 difference to be the £350 reduction in revenue (sales) and a £350 increase in current assets (debtors)<BR><BR>But after reading the forum, I am doubting some of my answers
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Did anyone get 101,950 on Section 2

    I got 108,000 something!!!!! I put VAT in my P & L like an idiot, but thought the rest was okay!! balanced section 1 with 70390! <BR><BR>How does the marking work for the VAT error that i made?? Does this mean i have failed the whole P & L account and that my appropriation account will be arked as wrong because of wrong net profit?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Did anyone get 101,950 on Section 2

    In section 1 for the capital account, I got confused at first, but then I did it in pencil and went on to the trail balance. The difference on my trial balance was £4,000 which was the car that the owner bought into the business. The capital amount was £14,000. The trial balance did balance with an amount of around £70k. <BR><BR>The appropriation account was quite good to. I set it out like this: <BR><BR><BR>Appropriation account for the partnership for the year ended 31 March 2005 <BR><BR> <BR> Total Dan Kim Ted <BR><BR><BR>Net Profit 101,250<BR>Salary 80,000 20,000 30,000 30,000<BR>Interest on capital 2,250 750 750 750<BR> __________ __________ ___________ ___________<BR> 19,000 <BR><BR>Profit for share 19,000 <BR><BR>8 months 01/04/04 - 30/11/04 12,667 5,067 3,800 3,800<BR>4 months 01/12/04 - 31/03/05 6,333 2,533 1,899 1,901<BR> __________ __________ ___________ ___________<BR> 19,000 7,600 5,699 5,701<BR><BR><BR>Did anyone else do this?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Did anyone get 101,950 on Section 2

    Did anyone else get the Capital balance as 14,000?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Did anyone get 101,950 on Section 2

    i got it to be £14,000<BR><BR>original £10k plus the vehicle of £4k
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Did anyone get 101,950 on Section 2

    I'm feeling 101,250 for the net profit.<BR><BR>The problems arises from the journals:<BR>An entry had been made as follows:<BR>Dr SLCA 2000<BR>Cr VAT 350<BR>Cr Sales 2350<BR>Dr Suspense 700<BR><BR>to correct this, the journal entries are:<BR>Dr SLCA 350<BR>DR sales 350<BR>Cr Suspense 700<BR><BR>Basically this means that the sales figure in the P&L has been debited and therefore decreased by £350, people that finished on 101,950 increased the sales figure by 350 instead of decreasing it.<BR><BR>If only i had done this in the exam, i finished on 101,950 as well!!!

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