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Many of the scripts were well above pass standards and some were prepared to a most excellent level of competence.

Question 1: This incomplete records scenario was once again a popular question.The common errors, as in previous papers, was the treatment of the accruals and prepayments. Some candidates did not determine the closing bank balance accurately.The less prepared candidates also struggled with the layout of the Balance Sheet.

Question 2: Final Accounts of a Ltd Co. Three areas of weakness were apparent here. The treatment of carriage inwards and outwards, the failure to calculate the profit on the disposal of the asset and its effect on the depreciation charge for the year and the adjustment to the provision for bad debts and its effect on the reported debtors figure.

Question 3: Club and Society Accounts. The area that caused most trouble to students was the subscriptions account and as in question one others failed to account correctly for the accruals and prepayments. In future I may ask for the preparation of 'T' accounts to show those items of expenditure subject to both opening and closing accruals and pre-payments.

Also some candidates could not determine the opening Accumulated Fund----- simply apply the Accounting Equation.

Question 4: Partnership Accounts Many candidates have difficulty in dealing with goodwill. Once it has been recognised, it needs to be written into the books on the basis of the original profit sharing ratio and out on the new profit sharing ratio.

Question 5: Very few candidates could identify Capital Employed, this is simply defined as Total Assets less Current Liabilities. Others had little knowledge of the term Gearing. The identification of Shareholders Funds also caused difficulty.

Overall I was most pleased with the candidates performance and in particular the single candidate who achieved full marks.