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MOCK EXAM

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › MOCK EXAM

  • This topic has 12 replies, 2 voices, and was last updated 10 years ago by John Moffat.
Viewing 13 posts - 1 through 13 (of 13 total)
  • Author
    Posts
  • June 10, 2015 at 2:28 pm #256018
    rustamrakhmatov27
    Member
    • Topics: 156
    • Replies: 127
    • ☆☆☆

    Sir could you help me with this?
    at 31 october 2013 a business had machines with a cost of 120000 with accumulated depreciation of 25000.
    on 1 january 2014 they sold a machine for 10000. this machine had originally cost 30000 on 1 april 2012.
    the business had depn policy of charging straight-line depn at the rate of 20% per annum, on a monthly basis.
    what is the depn expense for the year ended 31 october 2014?

    THANK YOU!

    June 10, 2015 at 2:45 pm #256022
    rustamrakhmatov27
    Member
    • Topics: 156
    • Replies: 127
    • ☆☆☆

    and one more detail:
    1)when parent sells to subsidiary Co. then Retained earnings should be deducted by full amount of Goods left in inventory=unrealised profit
    when subsidiary sells to parent Co. then Retained earnings should be deducted by % of Parent’s share capital in this Co. Right sir?
    2)In Consolidated Sopl we add to COS inventory left
    In Consolidated Sofp we deduct from inventory
    3)We eliminate all the TR and TP
    right sir?

    June 10, 2015 at 4:24 pm #256081
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    First question:

    There is more than one way of getting the same answer, but here is one way:

    From 1 November 2013 to 31 December 2013 (2 months) the cost of the machines was 120,000. So the depreciation for that period is 2/12 x 20% x 120,000 = 2,000

    They then sold a machine that cost 30,000, so the cost of machines fell to 90,000 for the rest of the year (10 months). So the depreciation for that period is 10/12 x 20% x 90,000 = 15,000.

    So the total depreciation is 17,000

    June 10, 2015 at 4:27 pm #256087
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    Second question:

    You might mean the right thing, but you have written it in a strange way.

    1) You calculate the unrealised profit in the closing inventory.
    2) In the consolidated SOPL you add the unrealised profit to the cost of goods sold
    3) In the Statement of financial position you subtract the unrealised profit from the total inventories
    4) For the SOFP you subtract the unrealised profit from the retained earnings of whichever company sold the goods originally to the other company
    5) In the SOPL you reduce sales and purchases by the total of everything sold from one company to the other during the year.

    June 10, 2015 at 6:02 pm #256142
    rustamrakhmatov27
    Member
    • Topics: 156
    • Replies: 127
    • ☆☆☆

    first question:
    Sir, but in the mock test it says that correct answer is 19000.
    and I dont understand the logic of what your doing…(

    June 10, 2015 at 6:08 pm #256144
    rustamrakhmatov27
    Member
    • Topics: 156
    • Replies: 127
    • ☆☆☆

    oh it is straight line method so we looking at COSTS not NBVs, yes? thats why we deducting full 30000?
    THank you! You have just computed it slightly different it should be 4000 (2/12*20%*120000), yes?
    THank you, sir! my exam is tomorrow. I’ll tell you the result soon! 🙂

    June 11, 2015 at 7:38 am #256260
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    Yes – it is because it is straight-line method.

    Sorry about the arithmetic mistake and I hope the exam goes well.

    June 11, 2015 at 2:43 pm #256393
    rustamrakhmatov27
    Member
    • Topics: 156
    • Replies: 127
    • ☆☆☆

    I’ve got 84 sir.;( 1 mark wasn’t enough for achievement..feeling so mixed: regretting and relaxing…

    June 11, 2015 at 6:07 pm #256443
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    84 is a very high mark – many congratulations 🙂
    Now you should go and celebrate 🙂

    June 11, 2015 at 6:44 pm #256466
    rustamrakhmatov27
    Member
    • Topics: 156
    • Replies: 127
    • ☆☆☆

    Sir, For winning award I should have got min 85 yes?

    June 12, 2015 at 6:52 am #256519
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    I am not sure that they give awards for CBE exams.

    June 12, 2015 at 10:16 am #256557
    rustamrakhmatov27
    Member
    • Topics: 156
    • Replies: 127
    • ☆☆☆

    Noo, I am about your site’s genius hunt or something. 85 and more right?

    June 12, 2015 at 4:11 pm #256620
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    It depends who gets the highest mark – but that won’t open until 1 August.

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