Revision thread - Accounting (AQA) Unit ACCN1 - 10 January 2012 (pm)

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smallfish008
Yes, that's what I got for the income statement adjustment and balance sheet

But the cashbook should be 1160 CREDIT, then you add 255and take away 208, final you get 1207 which agreed with the balance on bank statement

if the cash book was 1160 credit.. then the bank reconcilliation would be

Balance per cash book (1160)
outstanding cheque + 255
Lodgments - 208
balance per bank statement = (1113)

the figuire i got in the cash book was 995 on the credit side
and i cnt remember the exact figuires, but i ended upwith (1207) which matched the bank statement, as on the bank statement it was 1207 on the credit side which shows its overdrawn..

:O i jus realised theres two ways of doing it, LOL you might of done it working from the bank statement? coz i workd my way from the cash book to the bank balance figuire, oh and there was two enteries for outstanding lodgements not 1..

anyways hoping to get an A..

Reply 161

Mr.money

and what did everyone write for the source documents?
for direct debit i wrote bank statement..
and the cheque i wrote cheque counter foil

what did you all write

Reply 162

humaira.k

Original post by Khan - 786

Wreckon i got 60ish marks, around about. So im happy. XD Wbu..? What do you want/need?

I think i must have got just about 45marks- i did realy bad man. This is my first accounting paper and i was hoping to get a minimum of 65 marks
Ahhh i can always resit lol

also i heard alot of people did bad so theres hope - i know quite abit of people who do accounting

Reply 163

humaira.k

Original post by Mr.money

and what did everyone write for the source documents?
for direct debit i wrote bank statement..
and the cheque i wrote cheque counter foil

what did you all write

I wrote bank statement for both first then i crossed them out and wrote sale invoice but not sure if it is right.

I know 100% the cheque on wanst cheque counterfoil. I think you read the top information bit wrong lol. You cant recieve a cheque and check the counterfoil things LOL
also the direct debit one im not sure of that one

Reply 164

Mr.money

Original post by humaira.k

but the cheque for how evermuch it was, was on the same column as the direct debit, and standing order payments.. therefore isnt this a cheque written out to pay for something?? thus the reason why i wrote cheque counterfoil.. blehh, myta misread the data not sure

Reply 165

humaira.k

Original post by Mr.money

Imajine i misread it, i may have you know cz i didnt get it

Reply 166

princess_meera

Okay thanks guys... I got 44285 as my net profit... And in my balance sheet I got 39645. Both balanced although a lot of the people in my class balanced their balance sheet but got a different answer. And the net profit 2 of my friends got was 50 thousand and sumin... Just wanted to find out if anyone got similar figures to me. Thanks for all ur replied though :smile:

Did anyone manage to do the bank reconciliation? ... I got £1160 ... Did anyone else? :/ I reckon I've messed up this paper ...

Reply 167

A*'s

Yh I wrote cheque counterfoil for the cheque and it IS bank statement for the direct debit

Reply 168

A*'s

For the rent account did you guys put the acruals in the credit side and the prepayment in the debit side and then the cheque (bank) on the debit side then both balance carried forward on the Credit side....then obviously balanced it off??

Reply 169

Mr.money

yehh lets just hope for the best..

A*'s wat dd u write fr the definition of cheque?

Reply 170

Mr.money

Original post by A*'s

EXACTLY WHAT I DONE..but i havent come across this question b4, i was tryna mke sense of it all.. with dead clic and thort of accruals as expense so in the accrual ac its dr so in rnr cr.. prepayments is lyk incone, so cr in prepayment ac, dr in rnr.. buh i dna if its right..
guesswork tbh.. buh yehh apart from rent n rates the paper wasnt tooooo badd

Reply 171

princess_meera

What did people get for net profit? And balance on the balance sheet... I got £44285 for net profit and my balance sheet balance but I got 39645... Anyone get anything similar? :/ I reckon I've messed up this exam :|

Reply 172

A*'s

Hmm I wrote something like "the business would write a payment to creditors on the cheque to be presented to the bank and they would then record this information on the cheque counterfoil to keep on their own records" something like that

Btw, for the adjusted profit, did you get figures that mainly increased the profit, and one which had no effect and then I think 2 or 3 which decreased the NP?

Reply 173

Robzillor

Original post by A*'s

I done the first things you put but i honestly cant remember what i did with the balance carried forwards, i may have put them both on the debit side :/

Reply 174

princess_meera

Original post by A*'s

I only got 1 other which increased the profit which was the prepayment... Apart from that I found all the others decreased the profit accept for the transfer from personal account which has no effect ...

Reply 175

A*'s

Nahh it wasn't too bad, I knew all the definition exactly how the other marking scheme papers put it (I memorised them) apart from cheque, cost of sales which I made an educated guess on

And the bank reconciliation I wrote benefit which I think was 1b, again I memorised this from past papers and I wrote

"assists in prevention of fraud A's bank statement is an independent record"

"enables out of date cheques to be identified and written back"

"identifies dishonoured cheques to seek repayment from debtors"