haonan
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what everyone got for the cash flow question?? Q3
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Shanbon
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Omg that paper was an absolute disaster


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NumberNerd
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#3
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6805. I was 3k out at 9805. How did you do the current ac?
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Shanbon
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My second half of the appropriation didn't work out to a whole number so i just rounded it up. With the current account I put drawings and interest on drawings on the debit and the interest of capital and others on the credit


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Shanbon
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My socf was a disaster


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AmyBabee17
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I thought the exact same. Question 1 was easy i thought. might have got tge income statement right but the balance sheet didnt balance. Dont know what tht cash flow statemrnt was but i didn't get th cash figures to mqtch up to resy was like £60,000 out. The first 10 mark essay was weird and the last question was okqy
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NumberNerd
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For the current ac, did you include his share of profit before white was admitted?
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sk_
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the written questions were easy to compensate for the complexity of the information provided for the numerical questions. It wasn't a BAD paper but it was challenging where it didn't need to be.
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sk_
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(Original post by NumberNerd)
For the current ac, did you include his share of profit before white was admitted?
share of profits after he was admitted
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NumberNerd
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#10
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I know but it was 9 marks?..
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sk_
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(Original post by NumberNerd)
I know but it was 9 marks?..
the date was asked for after white was admitted so I did it for after his admission
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NumberNerd
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#12
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Mehh I dunno. When will model answers be up?
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AmyBabee17
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#13
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what did people get for the income statement and balance sheet figures? also, what about the cash flow statement? did anyone get the cash at the end to get to 0 like it was supposed to?
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AmyBabee17
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(Original post by NumberNerd)
Mehh I dunno. When will model answers be up?
is anyone doing model answers? if so, who? would be helpful if someone could
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sk_
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(Original post by AmyBabee17)
what did people get for the income statement and balance sheet figures? also, what about the cash flow statement? did anyone get the cash at the end to get to 0 like it was supposed to?
cash at the end was an overdraft figure
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AmyBabee17
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(Original post by sk_)
cash at the end was an overdraft figure
ive just realised what ive done! but tbh, maybe that was why my whole thing didnt balance and got the rest correct....hope so!
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The Example
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The Interest on drawings for the partnership account really put me off.

For green it was 22k Withdrawn evenly thorough the year and interest was 3% PA

So I did 22000/12 x9 = £16500

Now this is the amount he withdrew for the last 9 months and interest should only be charged on this amount but it's at 3% (PA?)
If so 16500*0.03 = 495 and (495/12*9) gives decimals so surely that can't be right?

Can anyone explain what i'm missing here?
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AmyBabee17
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can anyone remember the cash and bank overdraft figures on the cash flow statement? also, what did people write for how you can have a decrease in cash and still make a profit?
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sk_
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(Original post by The Example)
The Interest on drawings for the partnership account really put me off.

For green it was 22k Withdrawn evenly thorough the year and interest was 3% PA

So I did 22000/12 x9 = £16500

Now this is the amount he withdrew for the last 9 months and interest should only be charged on this amount but it's at 3% (PA?)
If so 16500*0.03 = 495 and (495/12*9) gives decimals so surely that can't be right?

Can anyone explain what i'm missing here?
the interest itself is 495. you already split the overall drawings so you just need to work out the interest

22000/12 x9=165000 *0.03 = 495 n that's all the working you needed
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AmyBabee17
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#20
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#20
(Original post by The Example)
The Interest on drawings for the partnership account really put me off.

For green it was 22k Withdrawn evenly thorough the year and interest was 3% PA

So I did 22000/12 x9 = £16500

Now this is the amount he withdrew for the last 9 months and interest should only be charged on this amount but it's at 3% (PA?)
If so 16500*0.03 = 495 and (495/12*9) gives decimals so surely that can't be right?

Can anyone explain what i'm missing here?
hang on, i thought that there a £10,000 figure and a £12,000 and you had to do the 3% on just one of the two (may have been the £10,000). but then again i may be doing a different question. i just dont remember getting £16,500 anywhere.
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