Hey there! Sign in to join this conversationNew here? Join for free
    Offline

    0
    ReputationRep:
    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
    Offline

    9
    ReputationRep:
    (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
    Offline

    4
    ReputationRep:
    when doing the trader receivables for Tracey and the other guy, was you meant to include returns and discounts?
    Offline

    9
    ReputationRep:
    Tracy? , we has peace and Jo
    Offline

    4
    ReputationRep:
    (Original post by alhrona)
    Tracy? , we has peace and Jo
    yeh i mean t peace, and joe
    Offline

    3
    ReputationRep:
    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
    Offline

    9
    ReputationRep:
    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
    Offline

    3
    ReputationRep:
    (Original post by alhrona)
    Again i did the same as you with the accrued , 1800 as accrued in the cirrent liabilities


    U are right
    Offline

    2
    ReputationRep:
    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?
    Offline

    3
    ReputationRep:
    I got same answer
    Offline

    3
    ReputationRep:
    Did u guys get two bal bds in ur purchase ledger control account at the end
    Offline

    1
    ReputationRep:
    (Original post by 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?
    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.
    Offline

    0
    ReputationRep:
    (Original post by HUSSAIHA15)
    For 1 did any1 add the discount received? I didnt,:O
    I didn't!!


    Posted from TSR Mobile
    Offline

    3
    ReputationRep:
    (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
    Offline

    1
    ReputationRep:
    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%!
    Offline

    0
    ReputationRep:
    (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.
    Offline

    0
    ReputationRep:
    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?
    Offline

    3
    ReputationRep:
    You'll get full marks on the recon cause of OF marks
    Offline

    1
    ReputationRep:
    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
    Offline

    0
    ReputationRep:
    Question 3 was a killer, but i looked at my notes after and it seems i did well in the paper. Good luck for unit 2
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Brexit voters: Do you stand by your vote?
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Write a reply...
    Reply
    Hide
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.