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Accounting (ACCN3) Exam 12th June 2012

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    Ahh mixed reviews for me i found most of the paper very easy. For example Partnership App Account, Schedule OF NCA and IAS . However the Bloody BS worth 30 marks rely annoyed me I would be lucky to get 5 marks on that Question. Was really annoyed with the fact that one question contained more that 33% of marks but oh well should do better that before atleast need a B from acconting already got 2 B for Accn1/2 and a 47% In jan for ACCN3 if i get more that 60% i will be happy and concentrate on ACCN4 now. Good luck to all put your thoughts of the exam...:cool:
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    i didnt sit this exam but could you tell me what questions came up. was it harder than jan 12.
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    omgggggg , this paper is tooo hard compare to jan 2012 i have to say . Anyways , can i ask somequestion please ? In the income statement , do we have to add and takeaway the accrued or prepayment ? And in the balance sheet , do we have to work out the new prepayment and accrual or just put the figure already there ?
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    I feel exactly the same as you Timeplayer, That one question caused me so much hassle!

    I know that one wen't wrong, but at least i found the appropriation fine etc.

    Which IAS's did you write about being relevant?
    Did you all manage the Schedule of fixed assets??


    @Sukhys, i found this better than Jan12.
    Topics that i can remember:
    IAS' relevant to Stock value and Dividend payments
    The revaluation of stock and calculation dividend payments
    Schedule of non-current assets
    Huge Incomplete Records question
    Appropriation account for partnership
    Advise whether or not to introduce a new partner to partnership

    Surprised there was only 1 major written question, and NO CASH FLOW STATEMENT!! I was so ready for one...
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    I was disappointed that there was one huge question on incomplete records i was prepared for Schedule of NCA and appropriation was simpler. If you had revised had Jan12 was very much easier that this one as you could have revised all this month and still unable to do the 30 mark question. However it has got to be said the rest of the paper was quite simple but when you take in to account that 33% of the paper was quite hard it rules out a few grade (for me at least) 30 marks for one question is just too excessive. IAS i got was ISA2 Inventory and IAS10 as one talked about inventory valuation NRV vs Cost and the other was an issue of bonus share after the accounting period where they had already discussed a proposed dividend and once bonus shares were issued dividend changed. Good luck to all sitting ACCN4... I need a B overall Got 2B in ACCN1/2 hope this retake gets me atleast 60%+...
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    it was ias 2 and 37

    starts trading with march and ends in february

    provision contingent assets and liabilities
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    Im hoping that the grade boundaries are kind. ususally they are not in accounting they are based on % but i hope i gt atleast 60%+
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    i think the papper so so hard compared to the one in january , i revised cashflow and it didnt even come up . most of the stuff that came up was from unit 2
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    (Original post by timeplayer)
    Im hoping that the grade boundaries are kind. ususally they are not in accounting they are based on % but i hope i gt atleast 60%+
    Well good luck to you ^_^ That's what i have to aim for after messing up the Incomplete records!

    And in reference to before, i did IAS 2 and 10, so that makes me relieved a tad!
    30 Marks was a huge amount for that, i was horrified when i realised and couldn't get it correct...
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    For me it was brilliant, hope to get B or even A. Though I missed most of the written bit, I'm pretty sure I got most of the calculations right. From the BS I'd say I got around 20 points. If I'm right, you had to find the telephone and rent expense figure for the year by creating control accounts for each. And then obviously 2 control accounts for debtors and creditors. The very last Question was kinda confusing. What I've done is, I did a capital a/c with goodwills created and just balanced the accounts lol

    Didn't know how to answer that question
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    adv partnership/ 50k capital profits 2013 additonal skills/ disadvantages/ profit shares/ unlimited liability disagreement

    from
    to
    date
    subject
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    did you have to do control accounts for the incomplete records question ?:confused:
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    Here's the paper !

    when we changed rent and telephone expenses where did you guys change them? in the income statement or in the balance sheet?
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    ninaa post the paper on this thread more members are active on it

    http://www.thestudentroom.co.uk/show...1#post38068336
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    (Original post by niiinaaaa)
    Here's the paper !

    when we changed rent and telephone expenses where did you guys change them? in the income statement or in the balance sheet?

    ninaa post the paper on this thread more members are active on it
    http://www.thestudentroom.co.uk/show...1#post38068336

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    All i know incomplete records were very challenging will be lucky to get 7 marks + so have to aim low everything else was quite simple app account for partners was...
    Net profit split 1-4months and 5-12 months
    add interest on drawing
    less
    salaries
    interest on cap
    interest on loan
    =residual profit
    and then split it to the ratios given old and new...
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    when will the mark scheme come up ?
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    (Original post by timeplayer)
    All i know incomplete records were very challenging will be lucky to get 7 marks + so have to aim low everything else was quite simple app account for partners was...
    Net profit split 1-4months and 5-12 months
    add interest on drawing
    less
    salaries
    interest on cap
    interest on loan
    =residual profit
    and then split it to the ratios given old and new...
    interest on loan is not to be included in the appropriation account as it would have already been taken out of the Profit & Loss account under Expenses.
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    (Original post by nakz_)
    interest on loan is not to be included in the appropriation account as it would have already been taken out of the Profit & Loss account under Expenses.
    What did you get in the split in years?

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