Accounting AQA Unit 1 - 17th May 2016

Ok. Firstly i think i got an A in this (i was already on a b but am retaking). Did anyone else reduce purchases as there were goods for own use? Im assuming everyone put the debit AND credit opening balances on the purchase ledger control account as this is the correct thing to do. I think 1078 is the correct balance on the bank statement as they have not yet accounted for the error that the made, so credited 18 in the cash book to remove thier error. Finally, all written questions were nice Control account benefits ( accurecy, deters fraud, information management or helps to prepare financial statements, bank rec (missing entries in cash book identified and corrected, missing entries in the bank statmenet identified/investigated and notify the bank for correction, and detterent to faud, and the stakeholder question (bank will assess profitability/liquidity to see kf the business can pay back the loan with due interest, assess possible lending.

Firstly, the purchases would lose me one mark. My teacher confirmed that you were supposed to put the opening balances for both the credit and debit of the purchase ledger. Im not convinced by your bank reconciliation figure, but if its correct i would lose one or two marks. I should have dfinia lty got full makrs for the written questions (18), balance sheet (5) Plca, slca both the recivables accounts, possibly the sales and sales return and the journal. So if your correct i would be dropping 4 maybe 5 marks out of 80, last year it was 65 to get an a so im fairly confident i will get an A yes.

Firstly, the purchases would lose me one mark. My teacher confirmed that you were supposed to put the opening balances for both the credit and debit of the purchase ledger. Im not convinced by your bank reconciliation figure, but if its correct i would lose one or two marks. I should have dfinia lty got full makrs for the written questions (18), balance sheet (5) Plca, slca both the recivables accounts, possibly the sales and sales return and the journal. So if your correct i would be dropping 4 maybe 5 marks out of 80, last year it was 65 to get an a so im fairly confident i will get an A yes.

Where both the tick boxs the 3 one?

why would you be reducing the purchases? it said it was on the vehicle purchase account. and the bank reconciliation correct balance was 1060. also you said you put debit and credit at the start on the purchase ledger control when the date said 30th april which was the end of the month. do you think you still got an A after all them mistakes??

Where both the tick boxs the 3 one?

did u get prepayment or accrual as 600? can't remember which is which, but one of them was 600.

I got the third for each

Same , just trying to get as most marks as possible to get my predicted A , but that exam had alot of stuff which threw you out

One of the things was 2400 for the year that had been accured but not paid. However, it was 2400 invoiced ending july 2016, so we only take 9 months of the 2400, which is 1800. I believe this was for the rent&rates. We also had to add 1500 as a months prepayments I think.

are you sure? I think the accruals was for £600. prepayment was for like £1400 or something, can't remember exact number.

One of the things was 2400 for the year that had been accured but not paid. However, it was 2400 invoiced ending july 2016, so we only take 9 months of the 2400, which is 1800. I believe this was for the rent&rates. We also had to add 1500 as a months prepayments I think.

did u get prepayment or accrual as 600? can't remember which is which, but one of them was 600.

are you sure? I think the accruals was for £600. prepayment was for like £1400 or something, can't remember exact number.

Accruals were for three months so 2400 x 3/12 = 600. Prepayments were the total amount of like 1510 lr soemthing like that. How many transaction did you put in the general journal i put two, dishonoured cheque (dr recivables, cr bank) and bad debts (dr bad debts, cr recivables).

Same man, I've got an A in every mock I've done, but I feel like I made too many mistakes this time. Also, I don't feel the paper was that hard, and so I'm worried the grade boundries will be high.