Help with the Financial Statements Sample Assessment 1

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Katie2014
Katie2014 Registered Posts: 29 Regular contributor ⭐
in AAT Level 4 (Level 8 in Scotland)
Hi all,

I have just completed the Financial Statements Sample Assessment 1 on the AAT website and after when I checked the answers to see where I am going wrong, they do not give a breakdown of the separate calculations for the financial statements which seems a bit odd to me. I was just wondering if anyone has any of the answers to the specific calculations if possible please? The ones that I need are :

Q1.1) the Admin Expenses calculation
Q1.2) the Property, Plant and Equipment and also the Trade and Other Receivables calculation
Q1.6) the Inventories calculation, the Retained Earnings calculation and also the Non Controlling Interest calculation.

If anyone has these then that would be fantastic! I have my exam in 4 weeks and I feel like I am no where near being able to obtain a pass so being able to see exactly where I have gone wrong would be a great help.

Thank you for your help.

K

Comments

  • welshwizard
    welshwizard Registered Posts: 465 Dedicated contributor 🦉
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    1. Admin expenses from trial balance + allowance for doubtful debt + the amount for servicing photocopiers
    1.2 Cost - accumulated depreciation - the adjustment re the photocopier servicing + the revaluation of PPE
  • CeeJaySix
    CeeJaySix Registered Posts: 645
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    Katie,

    The TB is given in '000s.
    The notes are not.

    So your admin expenses are 27,338,(000) + 47,(000) + 5,(000) = 27,390,(000).

    Easy mistake to make, make sure you read the question properly! I haven't looked at your other queries as I guess it's probably the same error, but if you're still having problems let us know.
  • CeeJaySix
    CeeJaySix Registered Posts: 645
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    Hi Katie,

    Same answer, you should only be subtracting 5 for the photocopier servicing, as the BS is in 000s and the note isn't. Well done, you're getting the technique right, just make sure you read the question to avoid silly errors.

    PS. If you reply to the thread rather than commenting on a post, then the thread shows as having unread posts when people log in. If you just comment on a post, it doesn't, so people may not read it again to see your comment!
  • Katie2014
    Katie2014 Registered Posts: 29 Regular contributor ⭐
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    Thank you so much for your help Ceejay! I appreciate it a lot :)

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