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BA4 Computerised mock exam on Sage

  • Student
  • 8 posts
  • # 115998

Hi Guys,

I have just sat the computer mock paper for the BA4 exam.  There is one section I'm stuck on and don't know how to fix it.

I have carried out the end of year process and transferred the Drawings and the Profit and Loss balances to the Capital Account as instructed.  I am having an issue with the final balance sheet it has asked me to produce. All the figures add up the only issue is the bottom section of the balance sheet. the answers show it as:

Total Assets less Total Liabilities:
Capital & Reserves 

Capital                              84,135.00                         253,288.00
Drawings                           35,500.00                           0.00 
Reserves                        (119,635.00)                          0.00 
P & L Account                           0.00                             0.00 
                                                             0.00                                     253,288.00 

My balance sheet shows:

Cotal Assets less Total Liabilities:
Capital & Reserves

Capital                                      0.00                           169,153.00
Drawings                                  0.00                           84,135.00
P & L Account                            0.00                            0.00 
                                                               0.0                                         253,288.00

I followed all instructions for the end of year process exactly and transferred the balance from the profit and loss account and the drawings into the capital account as shown but for some reason it looks different.  I did change the chart of accounts to capital 3000 - 3049 and drawings 3050 - 3299 for task 4, because the answers showed drawings as a separate balance on the balance sheet, as my balance sheet was showing it as capital reserves only. Could somebody please explain to me what I'm doing wrong and how to alter the balance sheet so it shows capital, drawings, reserves and profit and loss as four separate balances as shown in the answers?  Also, how to get it to look like the answers balance sheet or will this not matter?  I know its 4 marks but this exam is really hard and every mark counts!

Thank you,

Aysha

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