F3 Revision Mock Exam

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Comments

  1. Avatar of royaltee says

    I got 80%, which I suppose is good enough as I’d say the test is more difficult than those provided by BPP Learning Media and Kaplan books.

  2. avatar says

    I got 54. The test has exposed my weakness and I have learnt some new things. The test is really good and I believe the experience I have gained is going to help me tie the loose ends.
    For question 28. Current Ratio equals Current Assets divided by Current Liabilities which is 7200+14976+38592 = 60768/45360= 1.34 which is option A.

  3. Avatar of kashish26 says

    Venus Co paid $2 cash per share acquired and also issued 1 share for 1 share acquired. i.e. 75000 shares for 75000 acquired.

    Purchase Consideration = Cash paid + exchange of shares
    = (75% of 100000)* $2 + 75000* $1.75
    = 281250

    Goodwill = purchase consideration + NCI – Net assest
    = 281250 + 8200 – 215500
    = 147750

      • Avatar of meenakshee2604 says

        @kashish26,
        11. At 1 January 2009, the capital structure of Q, a limited liability company, was as follows:

        Share capital: (1,000,000 ordinary shares of 50c each) $500,000

        Share premium $300,000

        On 1 April 2009 the company made an issue of 200,000 50c shares at $1.30 each, and on 1 July made a bonus issue of 1 share for every 4 in issue at the time, using the share premium account for this purpose.

        Which of the following correctly states the company’s share capital and share premium accounts at

        Share capital Share Premium
        A $750,000 $230,000
        B $875,000 $285,000
        C $750,000 $310,000
        D $750,000 $610,000
        can u plz explain me this question?

      • Avatar of kashish26 says

        @meenakshee2604, Its C.

        At January 1 – Share Capital = 500,000 (1,000,000 of 0.5)
        Share Premium = 300,000

        April 1 — Issue of 200,000 shares at 1.3 each. 0.5 as share price and remaining 0.8 as premium.

        April 1 — Share Capital = 500,000 + (200,000* 0.5) = 600,000 (1,200,000 of 0.5 each)

        Share Premium = 300,000 + (200,000* 0.8) = 360,000

        July 1 — Issue of 1 bonus share for every 4 at that time. i.e. issue of 1,200,000/4 = 300,000 shares. at 0.5 each, but not in cash, its a bonus issue and to be deducted from share premium.

        Share Capital = 600,000 + (300,000* 0.5) = 750,000
        Premium = 360,000 – (300,000* 0.5) = 310,000

        C

      • Avatar of kashish26 says

        @kashish26, Sorry , Corrections

        In 4th line Share premium total will be 460,000. i.e 300,000 + (200,000 * 0.8). Same in the last line. Premium = 460,000 …….

    • Avatar of deniellephilbert21 says

      @kashish26, please direct me to where in the text book have that exchange of shares thing i never see that yet -__- bpp!!!! understood everything else but y the exchange of share part u adding to paid

      • Avatar of kashish26 says

        @deniellephilbert, its not there in study text. i am using GTG.
        why am i adding ? …. its like when Venus acquire 75% of mercury. it invested 150000 in cash and 131250 by issuing its shares. let me say it like this. suppose i purchased a piece of land from u for $10000. i paid u $5000 in cash and 1 gave u 2500 shares of mine for $2 each. so net consideration paid will be = $5000 + (2500* 2)

      • Avatar of kashish26 says

        @deniellephilbert21, No. u always take fair value , not nominal value. that lower of cost rule does not apply here, that is for the inventory calculation only …

  4. Avatar of deniellephilbert21 says

    twas ok scored 78 still bomby…. expected higher how to do the question with 25500 charged as maintainance and had depreciation of 25%…??? i got the answer once n forgot the method

  5. Avatar of gogazg says

    Could you help me to understand the following question.

    Venus Co acquired 75% of Mercury Co’s 100000 $1 ordinary share capital on 1 November 2011. The consideration consisted of $2 cash per share and 1 share in Venus Co for every 1 share acquired in Mercury Co.
    Venus Co shares have a nominal of $1 and a fair value of 1.75. The fair value of the non-controlling interest was 82000 and the fair value of net assets acquired was 215500.
    What should be recorded as goodwill on acquisition of Venus Co in the consolidated financial statement.
    63375
    16500
    147750
    91500.

    Thank you.

  6. Avatar of cbeula says

    So ppl friend I need to take the exms in December but I think that am not read for that so someone could give to me the top details of F3

  7. Avatar of puntusha says

    i have got 68 ! is it good? it seems to me that questions were slightly easy, yes ? hope questions will be like that in exam :)) :(((( i am very scear :S