F7 Redrafting Balance Sheets

beansy1

Hi Guys,

I'm sitting F7 on Tuesday and starting to panic a little (!!!!).

Does anyone know of a good way of going about redrafting a balance sheet question ..hate those questions and afraid that it may come up this year.

Thanks a million for your and good luck to anyone else sitting it!

MCannon

Hope this is not too late but here goes:

I always found the best way to approach that question is to

1. Re-write the balance sheet as given in the question leaving spaces for additional lines. Write the figures as per the exam paper question in pencil.

2. Approach each adjustment by doing your workings and actually write out and circle the adjustments as you finish

i.e. Dr Bank X
Cr Debtos X

3. Once all your adjustments are listed summarise their effect on the balance sheet

i.e. Bank (up) X
Stock (down) Y
Debtors (up) Z

4. Amend you balance sheet with your summarise jounrnals writing all the adjusted figures in pen.

The reason why this approach is helpful is that it allows a careful constructive approach to the question. Also you balance sheet is drafted at the start when you will be at your most careful. Also, if you remember that every debti must have a credit and constantly consider the adjustments effect on the balance sheet, then this approach will help you balance easily. You might mess up an adjustment but you will still balance.

Hope this is helpful!!! It was for me and I passed all 8 of my ACCA exams in one go including F7 and P2.