FRA EXAM !! anyone would like to try and remember the questions for both sections?

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
I think 1st one was:

1.1 PLCA and we had to work out the dis.rec'd I got (I think) 2130.00? Did anyone else get this?
1.2 I think Rent a/c was next (not sure 100%) I made a mistake and treated 3000 as accrual, and ended up with rent of 12000.00....so totally messed up as everyone else seems to had it as a prepayment!!
1.3 ?? VAT on Gen Expenses? Thought it was an easy question?
1.4 ?? Total VAT ?
1.5 Vat Account?

Please help me to remember these, that way I can atleast work out what I had answered right..... Not many by the looks of it :(

AND my TB was out by approx. 56000 ...... I wanted to cry!! ...

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA EXAM !! anyone would like to try and remember the questions for both sections?
    eve wrote:
    I think 1st one was:

    1.1 PLCA and we had to work out the dis.rec'd I got (I think) 2130.00? Did anyone else get this? i got that as well

    1.2 I think Rent a/c was next (not sure 100%) I made a mistake and treated 3000 as accrual, and ended up with rent of 12000.00....so totally messed up as everyone else seems to had it as a prepayment!!
    1.3 ?? VAT on Gen Expenses? Thought it was an easy question?
    1.4 ?? Total VAT ? total vat was me thinks 4144

    1.5 Vat Account? 5926 i think, but im not sure if that was right

    Please help me to remember these, that way I can atleast work out what I had answered right..... Not many by the looks of it :(

    AND my TB was out by approx. 56000 ...... I wanted to cry!! ...
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

    yeah, I got the same amounts for Vat and total Vat, so we both have got it right or we both have got it wrong....!

    Thanks!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

    yeah, I got the same amounts for Vat and total Vat, so we both have got it right or we both have got it wrong....!

    Thanks!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

    yeah, I got the same amounts for Vat and total Vat, so we both have got it right or we both have got it wrong....!

    Thanks!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

    you know the last question on part 2, admin expenses and equipment, what did you put for that, i looked and it and nearly cried, i kept thinking it was a trick question.

    who would define admin expenses and equipment as the same thin?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    FRA EXAM !! anyone would like to try and remember the questions for both sections?
    eve wrote:
    I think 1st one was:

    1.1 PLCA and we had to work out the dis.rec'd I got (I think) 2130.00? Did anyone else get this?
    I got that
    1.2 I think Rent a/c was next (not sure 100%) I made a mistake and treated 3000 as accrual, and ended up with rent of 12000.00....so totally messed up as everyone else seems to had it as a prepayment!!
    Your rent of £12000 is right and £2000 goes to BS as prepayment
    1.3 ?? VAT on Gen Expenses? Thought it was an easy question?
    Gen exp inc.VAT=27824
    VAT=27824X17.5/117.5=4144
    Gen Exp Ex.VAT=27824-4144=23680
    1.4 ?? Total VAT ?
    Don't remember total VAT but BS VAT=5156
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?
    joyous wrote:
    you know the last question on part 2, ...who would define admin expenses and equipment as the same thin?
    I thought is was to do with FRS15.
    So I put down admin exp. as a revenue expenditure item and Equipment as a capital expenditure, a Fixed Asset. I think how significant the cost is and the estimated life of an item determines how you treat them. I hope that was right. Eg a stapler may last long but its cost is immaterial to record it as a FA(Equipment). I didn't actually give them an example, there was no room for it.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

    well I was making stuff up :)

    I thought that Admin Exp. do not get depreciated over the years like Equipment? It's the only thing I could think of!

    What did everyone else put?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

    thanks for the answer, I HAVE TOTALLY FAILED NOW!!!!!!!!!

    sniff sniff
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?
    joyous wrote:
    thanks for the answer, I HAVE TOTALLY FAILED NOW!!!!!!!!!
    sniff sniff
    Please don't give up. A lot of your workings add up to your final mark. So you may have done better tahn you thought you did.
    Hop for the best
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

    I waffled on about capital and revenue expenditure and said something about the capitalisation of purchases depending on the accounting policies of the company. By this time I was more worried about going back and getting things to balance. With a bit of sorting and a lot of tippex they did.

    I had rent as 12,000, which sort of made sense as a figure. Can't remember much else though.

    Chris
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

    Another difference is that admin expenses appear in the P&L, whilst equipment would be in the BS.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FRA EXAM !! anyone would like to try and remember the questions for both sections?

    I said the difference was in the treatment - admin an expense to the P&L, and equipment recorded as capital, therefore depreciated. I then mumbled on a bit about 'materiality' and it depended on the policies of the business. I felt like writing, "I may not be able to put it into words but I know what to do!"

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