Accounting AQA Unit 1 - 17th May 2016

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It said that the £2400 for the year ending July 2016 had not been paid, so 9 months of it were still owing which is £1800 and the £600 wasn't an accrual or prepayment

Reply 161

alhrona

Original post by NikitaPond

I'm pretty sure the adjustment stated
"£2400 for anual rent have been occured for the month ending July 2016"
Now, the income statement was set in April 2016. This means that the rent invoice starts from July 2015. This means we have used up 9 months of it.
If we have used 9 months, weAga do 2400/12 * 9 = 1800 accured.

Again i did the same as you with the accrued , 1800 as accrued in the cirrent liabilities

Reply 162

ismokeweed

when doing the trader receivables for Tracey and the other guy, was you meant to include returns and discounts?

Reply 163

alhrona

Tracy? , we has peace and Jo

Reply 164

ismokeweed

Original post by alhrona

Tracy? , we has peace and Jo

yeh i mean t peace, and joe

Reply 165

df2397

You want the months that's in the financial year, as a result of this 9/12 was correct
You didn't need to work out the prepaid figure because it was already there

Reply 166

alhrona

I think you did have to include returns but i have no idea aboit discount i put it in at one point but then noticed it was a dishonoured cheque so i put it on the opposite side woth no discount because when you have a dishonoured cheque the discount is no longer available

Reply 167

Taroba123

Original post by alhrona

Again i did the same as you with the accrued , 1800 as accrued in the cirrent liabilities

U are right

Reply 168

Hazzaj500

draft correct answers from speaking to people at my college:
82940 +-carriage in correction
tick both choice 3
bank loan+bank overdraft+trade payables+accruals
3 different entries in journal+first customer written off
bank recon cash book bal +2105 -18-5500 =1402
control acc not sure, hope ive got full marks tho
bank recon can deter fraud, notify bank for errors, improves accuracy etc so true
bank assess profitability + liquidity, may want to loan to them more if can pay back on good terms, (see if they can charge interest?)
possible grade boundaries 29-E 38-D 45-C 54-B 61-A, opinions?

I got same answer

Did u guys get two bal bds in ur purchase ledger control account at the end

Reply 171

qazxsw123

Original post by Hazzaj500

It's highly unlikely they would reduce it by that much. Last year an E was 43 marks which has been the lowest in recent years but it should definitely be lower this year.

Reply 172

viddiii

Original post by HUSSAIHA15

For 1 did any1 add the discount received? I didnt,:O

I didn't!!

Posted from TSR Mobile

Reply 173

df2397

Original post by qazxsw123

It's highly unlikely they would reduce it by that much. Last year an E was 43 marks which has been the lowest in recent years but it should definitely be lower this year.

I reckon the grade boundaries will be higher this year, this year's paper was easy

Reply 174

username2373283

So much was on Control Accounts you either did crap or amazing. I'm guessing lower C-E grade boundaries but higher A-B grade boundaries.. Not sure how much higher they can even go though,, its been around 85-90% for an A for a while,,all my other subjects are just 67-73%!

Reply 175

callumtr

Original post by df2397

I reckon the grade boundaries will be higher this year, this year's paper was easy

Mate I'm not sure which paper you took, but this years paper was impossible. Last years paper and the year before that was a peice of cake though.

(edited 7 years ago)

Reply 176

Jsmith1590

Regarding a question on the bank reconciliation. If your cash book was incorrect (therefore leading to and incorrecct balance b/d) however your actual bank rec was correct, how many marks will you recieve?

Reply 177

df2397

You'll get full marks on the recon cause of OF marks

Reply 178

amarsh486

Accruals were definitely 1800 as they should have paid 9 months worth of the £2400 in that year which equates to £1800. Prepaymetns was £1530 - as they had paid this in advance