Failed

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:31AM in AAT student discussion
Im sure no one did as badly as i did. My trial balance was out by 74770!!!!!!!!!! Dont Laugh!!!! When i saw the difference i had i started laughing in the exam, it was unbelievable. On top of that my balance sheet didnt balance, i was thinking of renaming it "the non-balance sheet".

I thought this paper was a huuuge difference from the past papers which i seemed to do alright on.

Looks like ill be taking it again in December. Good luck to everyone.

Chris.

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    me too chris. my trial balance was 27000 out, and my balance sheet didnt balance.

    hopefully we just got one bit wrong and the rest right and be ok but i have resigned myself into thinking i have failed now.

    i thought that exam was ridiculously hard. like you, in the past papers i have been whizzing through and doing great!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    I think everyone comes away feeling they have failed, i did for FRA.

    I got quite alot of answers different to the sugguested answers (when they where put on the site) and i passed.

    The thing is with FRA which im not sure is good or not is, you use your own figures threfore if you make a mistake on one question you carry it forward which caused the inbalance on p and l and balance sheets. On a good side to it, if you have time that is, you may find your mistake to the first question by not balancing.

    So just because you didnt balance that doesnt mean anything at all.

    So forget about it, there isnt anything you can do about it now.

    Amanda

    PS I got the profit wrong and the partnership accounts wrong on my PASSED FRA exam - so STOP worrying now
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    My TB was out by 27000 too, but I eventually spotted that I'd put the wrong Balance c/d in the PLC.

    Chris
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    oh i done so badly!!! my tb was out feel like my p&l and balance sheet was wrong too. everyone in the course said it was really hard too!! oh i have sooooo failed!!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    Chris, please don't panic yet....74770 - that figure rings a bell with me! I was also out on my trial balance, then with 20mins to spare I discovered (by chance)! that I hadn't included the bank payment made to Customs and Excise on my VAT calculation and I'd also forgotten to included the drawings for both partners (as shown on bank summary).

    After including these payments from the bank my trial balance, as if like magic, balanced!

    So whats that, a possible 2 marks lost? Please don't worry too much and lets all see what the results bring in February.

    Erm... I can give good advice but don't seem to take it myself.. I'm in a spin because I realise that for some strange reason I reversed all my entries in the T account for rent! I knew exactly what I was meaning to do and as such carried the figure I wanted, to the trial balance - but after I left the room - I had this flashback of my INCORRECT T account.

    Anyway Good luck to everyone - I'm off to pour myself another drink (and it aint coffee)!

    Carole
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    could someone please explain how they did the journal part exchange in part 2 this was the only problem i had with the exam the first part went ok and balanced but i couldnt do the part exchange :( the other were ok

    i basically credit vehicles

    opened a disposal debit 12,000
    credit depreciation
    cr 3500 - proceeds
    cr 2664 odd as loss on sale

    but i wasnt sure what else had to be done it said 10000 had come out of the bank and with the 13,500 i had down i thought the new vehicle cost was 13500 but i wwasnt sure did anyone else get part 2 tp balance properly thanks
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    Hi

    I did FRA in the summer and messed up my profit on section two by adding instead of subtracting something. My workings were all there and I still passed so don't be too hard on yourselves. I worried for months after I had read everyone elses answer for nothing.

    Easy to do I know when its important to you, I'm just as bad but hopefully if it was a hard paper it will reflect in how hard it is marked for you, if everyone struggled a bit.

    Good luck with it all anyway.

    Tori
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed
    blank wrote:
    could someone please explain how they did the journal part exchange in part 2...
    My journal entry looked like this:
    DR Accumu. Deprec.      5856
    DR Vehicle at cost(new)3500
    DR Loss on Disposal     2644
    CR Vehicle at cost(old)          12000
    The £10000 Bank payment was already in the accounts, so you only need to add £3500 onto the Vehicle account.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    The way the AAT insist on the workings, I think a lot of people will find that they didin't do bad after all. Think about it this way, you are working on a particualr account at work, you've done most of what is to do and you are stuck on very few items, you are likely to have a senior over you, or you can even take your time to solve it. So the AAT are aware of real life situations. And exams donot necessarily reflect your knowledge. Anything can happen in exams that affects your performance. That doesn't mean your are less able than others.
    So people, donot beat yourselves up, you might have done enough to pass it.
    One thing I just want to mention, did anyone use the workings columns on the P&L and the BS in section 2? I didn't. Instead I put another column next to the adjustments to show where my journal entries are(a-f).
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    thank sbuddy i thought that was where i was going wrong but i couldnt put my finger on it, i was crediting the 12000 and getting 10000 left and was thinking is this another vehicle or is it the total costm ahh well i hope the examiner see's where i have gone wrong and gives me the benefit of the doubt just wondering what did everyone put for the last question about the admin and equipment ??

    i did show all my working so there is ecvidence that i new what was going on !! ahh well just have to wait until feb now
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed
    blank wrote:
    ...i hope the examiner see's where i have gone wrong and gives me the benefit of the doubt...
    That is where your workings come in. You are likely to get marks for the parts you have done right. I think that is why they insist on us showing the workings. Good luck with that.
    ... just wondering what did everyone put for the last question about the admin and equipment ??
    a)the difference
    one is a revenue expenditure(Admin. Exp.) and the other(Equipment) a capital exp(FA)
    b)relevant information to decide the difference
    c)Where to find this info
    d)Accounts affected:
    Depreciation-Equipment
    Accumulated Dep.-Equipment
    Admin. Exp.
    Equipment A/c
    P&L a/c
    I was not sure about my answers to b) & c) So I didn't wanna bother you with it.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed
    DLaccts wrote:
    blank wrote:
    could someone please explain how they did the journal part exchange in part 2...
    My journal entry looked like this:
    DR Accumu. Deprec.      5856
    DR Vehicle at cost(new)3500
    DR Loss on Disposal     2644
    CR Vehicle at cost(old)          12000
    The £10000 Bank payment was already in the accounts, so you only need to add £3500 onto the Vehicle account.

    You seem to be quite switched on ! I know I stuffed up on my journal for the part exchange, it was one of the things I didnt revise as I thought 'They wont ask for it!' boy was I wrong.

    Thanks for explaining it, that makes a lot of sense.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    Can any one tell me on section 2 of the exams, was there a table to write your journals out on?? I have a horrible feeling that i had missed a page out!!!

    Or was it just the adjustment pagen that you had to write them on
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    On this part, was there a table to write the journals up???

    Or did you just have to right the figures in the adjustment table
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    they gave you a workings page and i assume that was where all workings were supposed to be done i just put

    a)28500/100x25 for depreciation etc then posted it in adjustments

    i also forgot to do the bit at the bottom of the balance sheet where it says financed by :( the admin equip question ithink was something to do with

    stationary not being of high enuff value to go into equipment eg how could u deprciate a pencil etc

    i put

    admin,equip and PL BS

    so when exactly do we get our results does anyone know ??
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Failed

    The cost was 135000 so you has to increase the asset by 3500.00 and take off the old asset

    I think i got my profit to be 19701.

    And then my balance sheet balanced aswell which was great was it something like 20000 + 19701 - 24000 = 15701

    Well I hope that was right

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