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    (Original post by YuroStar)
    Nope I asked my teacher and he said that what the examiners are trying to tell you is that it wasnt the business' error but instead it was the bank's error. The fact that the bank apologised shows that they are admitting that they were at fault and it was there error and so you must include the £18 in the answer.
    So the cash book didnt change juat the last number you needed to add 18? So i only lost 1 mark max?
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    (Original post by AccountingHelp)
    But surely that forgotten cheque has to be recorded somewhere? I put it in the cashbook as that's where a cheque would usually go
    I made the same mistake.
    I think the issue is, even though you've found the cheque, you haven't cashed it in yet, and so it doesn't appear in either the cash book or the bank rec.
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    (Original post by NikitaPond)
    I made the same mistake.
    I think the issue is, even though you've found the cheque, you haven't cashed it in yet, and so it doesn't appear in either the cash book or the bank rec.
    CORRECT!
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    (Original post by Accountantlolks)
    You dont add discount received i think , becuase its not gross profit , they asked for only the gross profit
    I was thinking the same, but I am sure its 2 mark but I will get that extra 2 mark for presentation!
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    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.
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    (Original post by Iscodisco)
    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.
    Yup I got the definition question right, that's all you need to write but in depth for extra marks
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    (Original post by Iscodisco)
    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.

    Do you remember how many marks those 2 written questions were each?
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    (Original post by alhrona)
    So the cash book didnt change juat the last number you needed to add 18? So i only lost 1 mark max?
    Yup I think so if I remember correctly!
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    How did everyone find the 21 mark ledger question
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    (Original post by Iscodisco)
    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?
    What where was there personal use??
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    The personal expense that was incouded in one of the expenses.
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    (Original post by qazxsw123)
    Do you remember how many marks those 2 written questions were each?
    The purchase ledger control account was for 8 marks (for two benefits), the bank reconciliation was for 6 marks (for three benefits), the bank manager question was for 4 marks.
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    (Original post by Iscodisco)
    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.
    Why would you credit 18 in the cash book, if the question clearly stated that the bank figure was incorrect? The only logical to do was to put 18 as a outstanding lodgement in the reconciliation statement.
    Also the drawing does not come off purchases. There was not good for own use, it was something to do with insurance not purchases.
    I'm pretty sure I got an A, the exam was easy
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    (Original post by Summerlight)
    I had three but yeah I'm not sure either probably got it wrong
    There was one lodgement ( 5500)
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    (Original post by Iscodisco)
    The purchase ledger control account was for 8 marks (for two benefits), the bank reconciliation was for 6 marks (for three benefits), the bank manager question was for 4 marks.
    Thanks man
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    (Original post by TheSpecialist948)
    There was one lodgement ( 5500)
    I thought the £18 was one?
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    (Original post by Summerlight)
    I thought the £18 was one?
    Yeah 18 was one
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    Has anyone got a mark scheme
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    (Original post by Summerlight)
    I thought the £18 was one?
    My bad then, theres another mark for me dropped
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    I think your right abou purchases, but im unsure about the bank rec. What did you put for the sales account, sales return account and journal. For the journal did you use the last two additional information - dishonoured cheque: dr recivables cr bank, bad debt written off: dr bad debt written off, cr receivables?
 
 
 
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