Best Of
Re: Practice Assessment 2, task 1, Cash Budget
The key is to look for the change from the previous period.
Non-cash turnover (P6) = 1520 x 80% = 1,216
Receipts from trade receivables = 1,216 + (890 - 845) = 1,261
Decrease in NBV of non-current assets = 1860 - 1715 = 145
Receipts from disposal of non-current asset = 145 - 120 (depreciation) - 5 (loss on disposal) = 20
Decrease in car lease prepayment = 12 - 10 = 2
Car lease payments = - (26 - 2) = -24
Non-cash turnover (P6) = 1520 x 80% = 1,216
Receipts from trade receivables = 1,216 + (890 - 845) = 1,261
Decrease in NBV of non-current assets = 1860 - 1715 = 145
Receipts from disposal of non-current asset = 145 - 120 (depreciation) - 5 (loss on disposal) = 20
Decrease in car lease prepayment = 12 - 10 = 2
Car lease payments = - (26 - 2) = -24
Re: URGENT *** Assessment 2 task 4
@paige08x Sorry I didn't see this earlier in time for your exam but hopefully it might help someone else at some point....
To take advantage of the 3.5% settlement discount they are spreading the purchases out over 4 months (so 480+560+520+540 / 4 = £525,000 per month).
In the first month (Apr) they are paying 60% of the April £525k less the 3.5% discount (so £315,000 - 3.5% = £303,975).
In the second month (May) they are paying the same amount again (the 60% May purchases) plus 5% of the April account (so £303,975 + £26,250 = £330,225)
In the third month (June) they are paying both of the above plus the remainder of the April account (£525,000 x 35% = £18,3750). So £303,975 + £26,250 + £18,3750 = £513,975
In the fourth month (July) they are paying 60% of the July purchases less the 3.5% discount (£303,975) plus 5% of the June purchases (£525,000 x 5%) and 35% of the June purchases (£525,000 x 35%) so £303,975 + £26,250 + £183,750 = £513,975.
It's a little difficult to describe without drawing a table up but I hope that helps in some way!
PS I hope your exam went well, I had mine last week.... it was pretty brutal!
To take advantage of the 3.5% settlement discount they are spreading the purchases out over 4 months (so 480+560+520+540 / 4 = £525,000 per month).
In the first month (Apr) they are paying 60% of the April £525k less the 3.5% discount (so £315,000 - 3.5% = £303,975).
In the second month (May) they are paying the same amount again (the 60% May purchases) plus 5% of the April account (so £303,975 + £26,250 = £330,225)
In the third month (June) they are paying both of the above plus the remainder of the April account (£525,000 x 35% = £18,3750). So £303,975 + £26,250 + £18,3750 = £513,975
In the fourth month (July) they are paying 60% of the July purchases less the 3.5% discount (£303,975) plus 5% of the June purchases (£525,000 x 5%) and 35% of the June purchases (£525,000 x 35%) so £303,975 + £26,250 + £183,750 = £513,975.
It's a little difficult to describe without drawing a table up but I hope that helps in some way!
PS I hope your exam went well, I had mine last week.... it was pretty brutal!
Re: Sample 1 - Task 4
I know this post was a while ago, but I thought I would comment to explain for anybody else:
Period 5:
Option 1 - 10% discount
So the 42,000 x £10 x 0.90 =378,000 (All paid in Period 5)
Period 4: As the new discount starts from Period 4 onwards this is all paid in Period 4
The remaining balance of 40% from Period 3 paid in Period 5 = 164,000
164,000 + 378,000 = 542,000
Option 2: 5% discount 50% paid in month of purchase
Period 5 payments
Period 3 - still original timing of receipts = 40% 164,000 balance paid Period 5
Period 4 - 50% at discounted paid in Period 5 (40,000 x £10 x 0.95) = 380,000
50% Period 4 paid in Period 5 = 190,000
Period 5 sales = 42,000 x £10 x 0.95 = 399,000
50% paid in period 5 = 199,500
Period 5 total payments = 164,000 + 190,000 + 199,500 = 553,500
Hope I have explained this okay!
Period 5:
Option 1 - 10% discount
So the 42,000 x £10 x 0.90 =378,000 (All paid in Period 5)
Period 4: As the new discount starts from Period 4 onwards this is all paid in Period 4
The remaining balance of 40% from Period 3 paid in Period 5 = 164,000
164,000 + 378,000 = 542,000
Option 2: 5% discount 50% paid in month of purchase
Period 5 payments
Period 3 - still original timing of receipts = 40% 164,000 balance paid Period 5
Period 4 - 50% at discounted paid in Period 5 (40,000 x £10 x 0.95) = 380,000
50% Period 4 paid in Period 5 = 190,000
Period 5 sales = 42,000 x £10 x 0.95 = 399,000
50% paid in period 5 = 199,500
Period 5 total payments = 164,000 + 190,000 + 199,500 = 553,500
Hope I have explained this okay!
Re: Premier Training for AAT Level 2
Premier Training are excellent training provider, did my L3&4 with them without any issues. They are excellent at getting back to you and marking your work and giving you tips.
Have a look further down the forum and you will find more threads where people asking for recommendations in regards of Training Providers.
Have a look further down the forum and you will find more threads where people asking for recommendations in regards of Training Providers.
Re: Scope of content - Bookkeeping transactions Kaplan textbook
You need it all.
It's highlighted differently to indicate you're reading a different requirement.
1.1 highlighted
1.2 not
1.3 highlighted
1.4 not
It's just to try and make it clearer which points relate to what.
It's highlighted differently to indicate you're reading a different requirement.
1.1 highlighted
1.2 not
1.3 highlighted
1.4 not
It's just to try and make it clearer which points relate to what.
Re: Ruby Dale
Some general things I found useful (more to do with technique than content).
Do the computer marked questions first in all examples these are Tasks 1+5 you should be happy with general accounting rules and Ethics (Task 1) and ratios (Task 5) I'd then recommend Task 3 this is the find 5 weaknesses question which you'll have seen plenty of in the practices. After that most people find doing the written tasks in reverse order to be better (6 - 4 - 2) though that depends on your preference.
Doing this means you can get the 'easy' single answer marks quickly and move onto the more detailed questions later.
There are some really good analysis of the Ruby Dale content if you search the forum which i won't try to replicate here.
Do the computer marked questions first in all examples these are Tasks 1+5 you should be happy with general accounting rules and Ethics (Task 1) and ratios (Task 5) I'd then recommend Task 3 this is the find 5 weaknesses question which you'll have seen plenty of in the practices. After that most people find doing the written tasks in reverse order to be better (6 - 4 - 2) though that depends on your preference.
Doing this means you can get the 'easy' single answer marks quickly and move onto the more detailed questions later.
There are some really good analysis of the Ruby Dale content if you search the forum which i won't try to replicate here.
Re: IAS 2 Inventories - Cost of Completion / Cost of Conversion / LIFO
Q1- IAS2 needs the lower of the cost or the realisable value. The current cost is £240 so an appoximation of the realisable value is the final price £360 - the value not yet added £90= £270. So the value would be £240 unless I've misunderstood something.
Q2 - There's a mix of things that go into it but the main reason, is to make the balance sheet match according to current market rates. Inventory bought a long time ago would be valued differently now and if non perishable and if it doesn't deteriorate then it's true value is going to be closer to the more recently bought materials. Another side is that in an inflationary economy using LIFO would reduce the tax liability.
Q2 - There's a mix of things that go into it but the main reason, is to make the balance sheet match according to current market rates. Inventory bought a long time ago would be valued differently now and if non perishable and if it doesn't deteriorate then it's true value is going to be closer to the more recently bought materials. Another side is that in an inflationary economy using LIFO would reduce the tax liability.
Re: Management and Decision control exam
Hi Ishrat,
I agree these forums are a fantastic support aid. The MDCL exam is horrible!!! I have resat it quite a few times now..... just sat it again last week, hopefully for the final time. It does sound like you have tried your best and try and forget about it now until the result day, there is nothing you can do at this point in time!
The Synoptic is a tough one, lots of content to retain from all 4 core exams, but if you do lots of practice from mock exams to the greenlight tests on all core subjects you will be fine - I would say make sure you are ok with writing tasks, ratios and also how to conduct a SWOT analysis.
Wishing you well wishes for your MDCL result!
I agree these forums are a fantastic support aid. The MDCL exam is horrible!!! I have resat it quite a few times now..... just sat it again last week, hopefully for the final time. It does sound like you have tried your best and try and forget about it now until the result day, there is nothing you can do at this point in time!
The Synoptic is a tough one, lots of content to retain from all 4 core exams, but if you do lots of practice from mock exams to the greenlight tests on all core subjects you will be fine
- I would say make sure you are ok with writing tasks, ratios and also how to conduct a SWOT analysis. Wishing you well wishes for your MDCL result!
Starting Level 2 Sunday!
I’m all signed up for my Distant Learning course, and also books have arrived. Ready to get started with Level 2 on Sunday (I’m away this weekend). I’m not currently working in an accountancy role (currently working in sales) but I’ve never been more determined to achieve something as I feel right now. I’m expecting a long, tough road but it’s one I’m excited for!
Wish me luck!!
Wish me luck!!
Re: Really struggling to pass Decision & Control Exam :( - any tips are required please?
My highest result is 62%, the last attempt was 58%..... hopefully next weeks sitting I will achieve 70%+ and PASS this horrible one....
and PASS this horrible one....