FOUNDATION - HELP!

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi

I started AAT Foundation in September and sat the first exam 2 weeks ago - my tutor has said if you dont understand by now you shouldnt be on the course! I still find it very hard to know which side put entry into and then to post to the ledgers - any help greatly appreciated - I am nearly in tears in class and cant get any time with tutor. Ju :cry:

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FOUNDATION - HELP!

    Hi

    I finished Foundation level last August and am now doing Intermediate, but can remember feeling lost during Foundation level.

    We were taught PEAD and SILC as a way of remembering debits and credits i.e.
    P = Purchases
    E = Expenses
    A = Assets
    D = Debtors or Drawings
    These would all go on the debit side.

    S = Sales
    I = Income
    L = Liabilities
    C = Capital or Creditors
    These would all go on the credit side.

    Hope this helps.

    Have you asked your tutor for a tutorial where they can go over things?

    You can e:mail me on lindareid_6@hotmail.com and I will try and help you if I can.

    Linda :)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FOUNDATION - HELP!

    Hi Ju.

    It takes a while for it all to sink in.

    Here are the basics:

    Assets - something which the company owns
    Liabilities - something which the company owes out
    Capital - liability to the owner

    If you increase an Asset - it's a Debit
    If you decrease an Asset - it's a Credit

    If you increase Liability/Capital - it's a Credit
    If you decrease Liability/Capital - it's a Debit

    Remember PEARLS:
    Purchases, Expenses, Assets are Debits
    Revenue, Liabilities, Sales are Credits.

    Example: Owner pays in £1,000 to the business
    Debit Bank £1,000
    Credit Capital £1,000

    Example: You pay Rent of £500
    Debit Rent £500
    Credit Bank £500

    The Debit entry must equal the Credit entry.

    Relax and enjoy!

    Scott.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FOUNDATION - HELP!

    Hi Ju,

    I struggled when I first started Foundation as well, I bet there are loads of other who are in the same boat as yourself. If you let me have your email address I will forward you copies of my work to have a look at then you know what direction you need to be heading in.

    Regards

    Nic
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FOUNDATION - HELP!

    You tutor should be there to encourage you and to help you. I started college in September and I am going to do my Unit 1 Simulation on Tuesday, some people in my class haven't got a clue what to do, but our tutor is very helpful and she gives us extra help. Don't dispair I am sure it will all sink in.

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FOUNDATION - HELP!

    It will sink in eventually but what concerns me as well is the attitude of your tutor. You are there to learn and pick up skills not to be downtrodden by some ignoramus who thinks he/she is better than you guys.

    I would consider complaining about your tutor - they are there to help you and presumably that's what they get paid for.

    Keep at it and don't get too dispondent if things don't go according to plan. In my experience I found that Foundation is probably the hardest part of the course because some students are introduced to subjects that they have probably never come across before and to a certain extent this can be quite frightening but it does go in at the end.

    Good luck.
    Steve
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FOUNDATION - HELP!

    thank you - thank you very very much!!!!! :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FOUNDATION - HELP!

    Thanks for the reply - you are a star!!! - my email address is j.samways@poole.gov.uk :)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FOUNDATION - HELP!

    Just thought I'd add that I started Foundation home study in October and work in an accountants aswell. All the people who work with me think that I should know it all by now (4 months!) and shouldn't be getting things wrong. so don't worry your not alone!

    You can add me to msn if you like

    lydiawalker1405@hotmail.com
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FOUNDATION - HELP!

    I am also doing foundation home study, and work in accounts, even tho i do accounts daily its very hard to learn all the theory behind it, and why you are doing what your doing.

    Its easy to let the computer do most of it for you....and believe me I am struggling too, i've thought about chucking it all in but I know how much i'll regret it!

    This forum has helped alot, if you are ever stuck, even if you think its stupid just put up a post and we'll all try to help!!

    Sam x
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FOUNDATION - HELP!

    Hi,

    I started at foundation level after having worked for nine years in Personnel. Like you I found trying to work out where things went a bit of a nightmare as I had absolutely no accountancy experience but I persevered and am now a full member having completed all three levels.

    Try not to let what your tutor said put you off, in fact use it as a way of pushing yourself further so that you can complete the AAT and prove to your tutor that you are better than what they thought.

    Good Luck for the future

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FOUNDATION - HELP!

    hi

    Youe tutor seems to have completely the wrong attitude.

    I started foundation in SEP 2005.

    After the first 3 or 4 tuition days, I remember driving home thimking, I am none the Bloody wiser and thinking everyone else in the class is finding it straight forward. (Not the case)

    The first couple of attempts at a trial balance I could not get them to balance, when they should have.

    I still have to think hard about what I am doing, but it does sink in eventually.

    Good Luck.

    James. :lol:



  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:FOUNDATION - HELP!

    Yeah Im finding it difficult to grasp how assets and expenses can be on the same side! I think it's because my tutor basically said debit is in and credit is out, so I couldnt understand how purchases goes on the debit side but then sales go on the credit side! Everyones got to create their own way of remembering it because theres no way of remembering it by someone explaning it! PEARLS is my method too :)

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