Good news the neighbour’s have kindly returned the calculators thrown over their fence whilst I was studying Acpr.
Whoop whoop I passed my first level 3 exam first time – buzzing 🙂
It’s only been 3 days and I’m itching to start a new module, however after being flat out the last two weeks on revision I am having a weekend off to recharge the brain cells and catch up on the housework.
New modules arrived yesterday and I was so excited – the news of Tuesday is only now sinking it – yay I passed Acpr first time after 3 months of sheer hard work – tears and mini meltdowns.
I was so scared before the exam even up at 6.30am on the Saturday morning for my tutor marked mock, was returned in quick time with 85% so relieved that I had shown my tutor I could do this , contacted a friend and I burst into tears couldn’t even speak to them from relief and fear. How nuts was I – 85% was a good sign of passing all I had to do was keep calm on the day, this was the 9th time in two weeks I had passed a mock but I was terrified. Wish I could go into exams thinking it’s ok I can always resit. I can’t think like that I strive for 100% maybe I have a little bit of ocd.
My result was 4 exceeded and 2 mets the extended trial balances and figures all balanced but I know I messed up the questions underneath. So there’s your first tip learn everything and don’t hope that a question will be easier on the day – leave nothing to chance.
So proud I beat the brain fog – need to start studying again before the nerves kick back in.
So enough about me – as promised here are my tips and ways of remembering. These are my notes some may be taken from Osborne or First Intuition materials if this causes any copyright I will remove them ‘ but I am sure they are not direct copying.
AAT mock -CAPITAL
If you bought a computer and one screen then yes these go together as one item of capital as they become part of a package. Desks may not necessarily need chairs – think how much each chair costs is it capital ? include installation costs/set ups and deliveries. Do not include the maintenance or insurance.
How much is closing balance ?
We know the selling price is 20% greater than the cost so….
Selling price is 120
Divide the inventory amount given by 1.2 to get your answer
Putting closing inventory on the extended trial balance
Spl – credit
Sfp – debit
Think dr cr dr cr
So we know closing inventory is a credit because c=closing c= credit
So put them back to back
Cr on spl
Dr on sfp
P&L account. SPL
The one I query is drawings – these go on the sfp as they are taken out of the owners capital they are not an expense
So you’ve worked hard to get the difference between reducing or straight line
So don’t mess it up by rushing the question
Is it charged full year or part month
Is it reducing or straight line
Is it included in the year of disposal
Don’t forget if you disposed of it then there is no carried forward balance
Is a charge an added expense
So when you bring it back its a credit on the account
If you old enough to remember think of the shop called C&A
Is a credit you paid in advance
So therefore it comes back as an expense
An invoice to go in this years accounts
Think Dorothy Perkins
If its the same side
Dr. Dr. Both debit
Cr. Cr. Both credit
Add it together
If its the other side
Then take it away
Remember dead clic from level 2
Think what you learnt
Left hand pays in
Right hand pays out
Dr accrued income sfp
Cr sales spl
Not yet invoiced customer so can’t go in bank or credit account
Dr sale spl
Cr deferred income sfp
Not had goods yet so can’t credit the sale
Also watch webinars, use the AAT mocks, e learning and green lights,
Google first intuition gareth johns blogs do as much practice as you can.
I haven’t gone into detail on accruals prepayments or deferred income as these are areas where I struggled so I’m leaving it to the experts
Blogs I recommend to follow:
And this one
If you write an AAT blog please contact me I would love to follow you
Fantastic new website for tips and study materials
Business to use for your bookkeeping needs
And up for an award too whoohoo go Carol
Once again if you read this far thank you for reading and following my blog
If you don’t follow then please do
Big shout out to my tutor Nicholas Craggs at First Intuition for all his patience during my first module – the therapist couch is ready for you now it’s going to be ok 🙂