Paper F3 Dec 2010 exam was

Home Forums ACCA Forum ACCA F3 – FIA FFA Financial Accounting Forums Paper F3 Dec 2010 exam was

This topic contains 58 replies, has 26 voices, and was last updated by avatar arushi79 3 years, 6 months ago. This post has been viewed 247 times

Viewing 20 posts - 1 through 20 (of 59 total)
  • Author
    Posts

  • Avatar of admin
    admin
    Participant
    • Topics: 246
    • Replies: 756

    Please share your comments about F3 exam!

    Take our F3 exam survey >>

    Vote in our instant poll!


    Avatar of Plen
    Plen
    Moderator
    • Topics: 16
    • Replies: 151

    AMAZING!!!! i was actually shocked. Before the exam, I could feel my heart beat in my throat remembering my F3 experience in June 2010. After attempting every question i was thanking God for it. im telling u guys June 2010 Paper F3 stands no where in front of this exam. December 2010 F3 ROCKED!!!!!


    avatar
    joseph89
    Participant
    • Topics: 14
    • Replies: 57

    everybody have the same tests?
    if yes what was your solution for partnership question where goodwill was valued at 36000?


    avatar
    littlestart
    Participant
    • Topics: 9
    • Replies: 52

    About this question, I used the method without goodwill account. which capital + goodwill with old PSR – goodwill with new PSR. I am not sure if it is right. Yes, the new partner input additional goodwill. Do we need to do something with the additional goodwill?


    avatar
    littlestart
    Participant
    • Topics: 9
    • Replies: 52

    Congratulation Plen, seems F3 is very easy to you. I felt it is ok for me or maybe a little bit hard to me.


    avatar
    yesha07
    Participant
    • Topics: 0
    • Replies: 6

    i had attempted it for the first time, i felt it was hard!!!


    avatar
    joseph89
    Participant
    • Topics: 14
    • Replies: 57

    littestart I used the same method and ignored new partners additional goodwill, because I think that goodwill can’t increase in that way. but I am not sure about that and want the true answer :D
    I have already found two mistakes :-(
    one about register ( almost nothing was said about it in kaplan) and one about cash flow. I forgot to deduct 50 for deduction in loan .


    avatar
    joseph89
    Participant
    • Topics: 14
    • Replies: 57

    I attempted for the first time too. it wasn’t easy but it wasn’t to hard too.. but it had difficult confusing items…


    Avatar of Terry Kekeli Tay
    Terry Kekeli Tay
    Participant
    • Topics: 0
    • Replies: 1

    it was manageable but the Goodwill in partnership was abit challenging


    avatar
    nokuthula
    Member
    • Topics: 0
    • Replies: 2

    F3 was just what l expected at least l know l made it


    avatar
    joseph89
    Participant
    • Topics: 14
    • Replies: 57

    and what about the question where they asked us to calculate opening retained earnings?
    I deducted dividends paid from profit( and ignored proposed dividends)
    and then deducted the sum from closing retained earnings.
    closing retained earnings -(profit – paid dividends)= opening retained earnings
    am I right?


    Avatar of longines
    longines
    Participant
    • Topics: 2
    • Replies: 5

    What about the other question on partnership? One of the partners was guaranteed a minimum share of profit. I knew the interests on drawings should be added back to the profit before appropriation. But the question asked about the partner’s “total profits”, which is different from “residual profits”???

    The one on suspense account (credit 1944) also confused me.


    avatar
    joseph89
    Participant
    • Topics: 14
    • Replies: 57

    in that question answer was c. you add interest on drawings to appropriation profit then it deducted from the share of profit and also you had to deduct the difference between another partners guaranteed minimum and the actual profit.
    what I mean if partner b-s guaranteed minimum share of profit is 18000 but his actual profit share was 15000, then another partner(or partners) have to give him the difference in this case 3000.


    avatar
    joseph89
    Participant
    • Topics: 14
    • Replies: 57

    and in another question I think that neither a or b would result on suspense account so the answer was credit 1944.
    and what you thing about my question?


    Avatar of varunkrishi
    varunkrishi
    Participant
    • Topics: 1
    • Replies: 3

    the exam was really tough! everyone i wrote with found it pretty tough! had to make a few logical guesses if thats what you call them :S


    Avatar of longines
    longines
    Participant
    • Topics: 2
    • Replies: 5

    To Joseph89: I cannot recall the details of the question on retained earnings, sorry. As for the one on partnership, I think it’s the same that 18000 shall be deducted from the total appropriatable profits. Neither did I make any adjustment to the opening credit 1944, though I was dubious about the 360 to be debited to the receivables ledger. I’d also say that there were a few tricky things in this F3 paper.


    avatar
    littlestart
    Participant
    • Topics: 9
    • Replies: 52

    @joseph89 said:
    and in another question I think that neither a or b would result on suspense account so the answer was credit 1944.
    and what you thing about my question?

    agreed with you


    Avatar of ansi
    ansi
    Moderator
    • Topics: 88
    • Replies: 809

    oh boy ..
    this paper knocked me off a bit ..

    I can’t that it was tooo hard , but some questions , like first one , the one about imprest and the one to calculate profit from operating activities made me feel quite bad and looost lots lots of time..

    They seem so easy and strigtforward , but no matter which way to settle i applied , i could never get any answer from options …that felt bad , so bad.

    But well paper is general was okay, however can’t say definately that i passed it ..we’ll see .

    Plen, congratulations! , i’m so so happy for you :))


    avatar
    nca1
    Participant
    • Topics: 0
    • Replies: 12

    i think that goodwill shoudnt be deducted from 36000.coz that godwill will offset the goodwill presented to the partner in new ratio in debit side.since no goodwill account is taken into account the debit side and the credit shoud offset


    avatar
    nca1
    Participant
    • Topics: 0
    • Replies: 12

    @joseph89 said:
    everybody have the same tests?
    if yes what was your solution for partnership question where goodwill was valued at 36000?

Viewing 20 posts - 1 through 20 (of 59 total)

You must be logged in to reply to this topic.