I am undertaking the exam at the moment but have a dilema, there is no closing stock figure and I have been asked to produce TB, P&L and Bal. Sheet at end - can anyove advise?
If a closing stock figure hasn't been given, I suspect the examiner is looking for you to calculate back from other figures supplied.
It depends on what information they have given, for example have they given a percentage mark up on sales? or something similar, which you can directly work out the cost of sales then using opening stock and purchases calculate your closing stock.
Bill
-- Edited by Wella on Sunday 29th of November 2009 02:31:21 PM
It's a bit difficult to say what's going on. I am surprised that the closing stock hasn't been given because missing and incomplete records aren't dealt with until level III.
Assuming that the ICB haven't dropped a clanger and missed it off or hidden it somewhere else , there must be enough information given to work it back perhaps start by drafting a TB with what you know and use the basic accounting equation.
From memory it doesn't matter what stock was allocated (I think I just typed in a description and a value when I raised an invoice - but your assignment may be different)
I have just looked at my lvl II comp exam paper and I was given closing stock in the very last task
Sorry I cant help much more than I did before Bill
I have a mock and a final assignment exam and on both these the figure is as Bill says on the very last question number 10, (i) enter closing stock figure £*****.
Many thanks but there is definitely no closing stock figure, me and my husband have just gone through it again with a fine tooth comb, two pairs of eyes are better than one, really confused on this one!
I think I would be tempted to give the ICB a ring regarding this, because I know I definitely did not cover working out a closing stock figure on level 2, either manual or computerised.
I would strongly advise against asking any questions re your exam paper. Any uncertainties you have should be taken up with ICB directly. If they see these posts they could fail your exam!!
