Junior Cert 2012: Business (HL) Paper Two

Shane15

Did anyone do question 1? I did it, but kind of messed up.

Cheerios

blobcat wrote: »

Fine except for the fact that I completely forgot how to do a trading profit and loss account! Should have revised it, but I thought I'd have another option. I literally just did sales, carriage inwards and depreciation in the hope that they'd give me some marks.

I forgot how to do one too! I got everything right in the Trading, Profit and Loss Appropriation Account until after the Less Expenses part. I really didn't know what to do with dividends/reserves. Same with balance sheet, didn't know how to what to do after Financed By (or at least I hope it's called that).

Other than that, easy paper.

Cheerios

TheZestyLemon wrote: »

Balancing the cash flow forecast does not mean you've gotten the correct answer.

What do you mean? My teacher used to tell me if you balanced it = you got it right.

Hannah_2012

Shane15 wrote: »

Did anyone do question 1? I did it, but kind of messed up.

Yeah, I did.. suppose it was alright til I got to the ledger and trial balance. Ledger was a mess & It didn't balance and I had to rush it. Felt like ripping the paper up. :mad:

K6Y

Anyone else get 38900 for the cash flow forecast?

paddyzk

Cheerios wrote: »

What do you mean? My teacher used to tell me if you balanced it = you got it right.

He's just being mean.

STAY POSITIVE

DaleHyland

K6Y wrote: »

Anyone else get 38900 for the cash flow forecast?

Ahoy -hoy correct answer.

Hannah_2012

K6Y wrote: »

Anyone else get 38900 for the cash flow forecast?

Yeah, I did.

paddyzk

Hannah_2012 wrote: »

Yeah, I did.

Same.
:cool:

Leinsterr

iWin1010 wrote: »

That's what I got!
I was so happy when it worked out in the exam!!:):):)

YESSSSSSS!!!! Everyone I asked said it didnt work out. Sooooo happy it did

paddyzk

Those 40 marks in the cash flow will get me a B right ? :cool:

DaleHyland

If you got 280/400 that's a B.

Hannah_2012

DaleHyland wrote: »

If you got 280/400 that's a B.

Great! Hope I got a B then.

paddyzk

DaleHyland wrote: »

If you got 280/400 that's a B.

Definitely got it then.

JCHelp

My story during that exam ...

Messed up Q1 scribbled it all out it was a disaster
Made a start on Q2 settled the nerves done very well
Started Question Three bloody was about 5,000 out ... absolutely sick after balancing them easy for 3 years
Q4: Just made things worse messed up about 5000 out
Q5: At this stage it was a consolation say i got full marks

One hour left on the clock

Decided to try Question 6: Easy few marks but didn't know what to say O Reilly Ltd might provide as collateral/ security ... I said Delivery Vans/ Equipment

30 mins left on the clock and i decide at the spur of the moment to completely scribble out my final accounts question and started again !!!

Only to find myself 10 euro out :mad: :eek:

Then 5 minutes left i go through Profit and Loss section to see i added 56,000 and 14,000 to make 70,010 ... do not ask how i got that !!!

Changed it to 70,000 and balanced it at 403, 200



Two minutes left on the clock and i went back to Cash Flow Statement to see another minor mathematical error ... I took away two number instead of adding them leaving the account balanced at 38,900

I would say nearly full marks on that paper

Hannah_2012

Just looking at the cash flow forecast now. On question (B)(i)State one reason for the expected decrease in Light & Heat payments.
What did you answer for that? I said that it would be summer so, the days are brighter & warmer therefore the light & heat would decrease. Felt a bit stupid answering that haha. Seemed like a geography exam for a minute. I just couldn't see any other reason on why it would decrease.

JCHelp

Hannah_2012 wrote: »

Just looking at the cash flow forecast now. On question (B)(i)State one reason for the expected decrease in Light & Heat payments.
What did you answer for that? I said that it would be summer so, the days are brighter & warmer therefore the light & heat would decrease. Felt a bit stupid answering that haha. Seemed like a geography exam for a minute. I just couldn't see any other reason on why it would decrease.

Yes correct

ektec

Is this ok?

I wrote, the business may have been shut down for a period of time and that they would not be using light and heat..etc? Is that ok ?

Hannah_2012

ektec wrote: »

the business may have been shut down for a period of time and that they would not be using light and heat..etc? Is that ok ?

Not that sure tbh. Maybe if it was on summer holidays or something like that. They should accept that though, it technically could be right.

ektec

I know many business' that shut down just because of weather :P I should of gave an example! >:( they didn't ask for an example so it should be right me thinks I think I done ok overall, I dream of a B.. budget and trading account balanced!

Hannah_2012

ektec wrote: »

I know many business' that shut down just because of weather :P I should of gave an example! >:( they didn't ask for an example so it should be right me thinks I think I done ok overall, I dream of a B.. budget and trading account balanced!

I'd say you would be grand. I tried to avoid the accounting questions, didn't work though. I ended up doing books of first entry. It was grand up until the ledger. I'd say im alright though. In my mocks I got like 6/40 on a ratios question & still somehow got a b.. haha Hopefully I got a B from today.

rm212

Both papers were so easy, I did all 6 long questions on paper one, left 35 minutes early and did 5 questions on paper 2 and left a whole hour early lol

rm212

Hannah_2012 wrote: »

Just looking at the cash flow forecast now. On question (B)(i)State one reason for the expected decrease in Light & Heat payments.
What did you answer for that? I said that it would be summer so, the days are brighter & warmer therefore the light & heat would decrease. Felt a bit stupid answering that haha. Seemed like a geography exam for a minute. I just couldn't see any other reason on why it would decrease.

I said that after the firm purchased the building, they may have got insulation work done on the building and, in case, I gave a second reason and said that they decreased usage by reducing the temperature (thermostat) in the building.

Leinsterr

I said since they r gettin a new premises it might be smaller and so less light might not be used. IS THIS RIGHT

JCHelp

Leinsterr wrote: »

I said since they r gettin a new premises it might be smaller and so less light might not be used. IS THIS RIGHT

They did not get a new premises. They were renting the premises and they then purchased it.

OwlYouNeed

Not too bad.... DIdn't get Q1 or 4 to balance though... Still think I've got an A in business though, so it's all good.

The quote about businesses needing to watch selling on credit or they might end up with a severe hair cut almost made me laugh in the middle of the exam. It just sounded so strange.

AnnaTorvFan

Did anyone get the ledger q to balance?
i was so annoyed mine didnt balance >.<

OwlYouNeed

AnnaTorvFan wrote: »

Did anyone get the ledger q to balance?
i was so annoyed mine didnt balance >.<

Nope. I checked over it at the end and found two mistakes but they only increased the difference between the two figures. :mad:

AnnaTorvFan

OwlYouNeed wrote: »

Nope. I checked over it at the end and found two mistakes but they only increased the difference between the two figures. :mad:

same.
i re-did the whole thing twice, after making my examiner walk around to every center for the accounting-type paper :P

OwlYouNeed

AnnaTorvFan wrote: »

same.
i re-did the whole thing twice, after making my examiner walk around to every center for the accounting-type paper :P

Lol. I had my hand up for over five minutes before taking a "sudden coughing fit" to try and get his attention. He literally stands with his back to us, doing something with papers, I haven't a clue what.