Accounts question [How much marks will be deducted]

[Artemis]

Hey guys,

I gave my Accounts exam today. I did a silly mistake and want to know how much marks will be deducted because of it, here it is:

A question of 23 Marks asking me to make a Trading and P&L Account and a Balance sheet.
Now what I did was I took the value of Closing Stock as opening stock, and the value of Opening Stock as Closing Stock. So can you please tell me how much marks overall will be deducted?

I am in so much tension right now because of a silly mistake, so help me get relaxed as 23 Marks is not less. I want to know how many marks maximum will be cut because of different Closing Stock and Opening Stock values.

Thanks in advance,
Waiting for a reply urgently,
Help will be truly appreciated,
~Artemis~

 

[Youssef Ali Mohammed]

you will be deducted 2 marks only the rest will be E.C.F. and O.F. No worries XD

 

[Artemis]

you will be deducted 2 marks only the rest will be E.C.F. and O.F. No worries XD

Your reply has saved me alot of tension! Thanks alot! Just one question though.. Whats ECF and OF?

 

[Youssef Ali Mohammed]

Your reply has saved me alot of tension! Thanks alot! Just one question though.. Whats ECF and OF?

Error carried forward , which means if u made a calculative mistake that other answers rely on it , you'll only get penalized once. On Figure , only gets used in subjects where financial records are used, it also means if u made a mistake which is relied on for the rest of the statement you'll get penalized once

 

[Artemis]

Error carried forward , which means if u made a calculative mistake that other answers rely on it , you'll only get penalized once. On Figure , only gets used in subjects where financial records are used, it also means if u made a mistake which is relied on for the rest of the statement you'll get penalized once

Thats clear now. Thanks a lot buddy!

 

[RoaringInferno]

Hey guys,

I gave my Accounts exam today. I did a silly mistake and want to know how much marks will be deducted because of it, here it is:

A question of 23 Marks asking me to make a Trading and P&L Account and a Balance sheet.
Now what I did was I took the value of Closing Stock as opening stock, and the value of Opening Stock as Closing Stock. So can you please tell me how much marks overall will be deducted?

I am in so much tension right now because of a silly mistake, so help me get relaxed as 23 Marks is not less. I want to know how many marks maximum will be cut because of different Closing Stock and Opening Stock values.

Thanks in advance,
Waiting for a reply urgently,
Help will be truly appreciated,
~Artemis~

Like Youssef said, probably 2-3 marks. Error Carried Forward will save you XD

 

[Artemis]

Like Youssef said, probably 2-3 marks. Error Carried Forward will save you XD

Thanks for the reply.

And I think my answer may be right now. Discussed with 5 other class mates..