*** F7 September 2015 Exam was.. Instant Poll and comments ***

I am in bad feeling… So long and so difficult…
Have much hard note (biological in Q1, Q2 10marks for comment… and I spent almost time to deal with Q3… but can not balance…)
Only lucky angle can help me…

Time consuming!!! i dintnt total my Q3 just moved on as i overrun so no idea if it balanced.

i assumed the note 1 for revenue was to do with the fact that it was a sale n repurchase to be bought back in 3 years so should have been treated as debt.

162,800 and my equity & liabilities 142800
didn’t waste my time, i just moved on to the next question

@gmpo12 said:
Guys what figure did you get for TOTAL ASSETS in consolidation question? 177000/176000 anyone?

i had a loss after tax of (210)
total comprehensive income 590 positive

the only difficult aspect for me in the exam was interpretation of financial statement.
the same that was awful for me in the last diet
i hope i scale through this time, although i still calculated it and answered my best.

still thanks to F7 opentuition lecturer who gave me hope when i was lost it earlier.

I had 500 for other comprehensive income from gain on revaluation. Must have missed some note for the other 90.

The ratios ques threw me.

Fingers crossed!!

Q1 – Revenue Adjustment – I treated it as deferred revenue – What did others do?

@hsn007 said:
Q3 part b – what was the treatment? Remain as associate of financial asset? Remained 35% equity stake but lost seats at board

I guessed a bit at this but noted the dates. 9 months before agresso bought 65% so I said only recored 9 months of their share of myno profits. Then after that to not include in accounts as they lost significant influence by losing board seats and the subsidiary no longer holds any of its own shares…but I made that last bit up just had to put something in there and still can’t find anything in study notes that covers this!!

@laurlou said:
I can’t remember a lot with this one but my dividend came to 6k . I think I calculated it on 30000 shares as they issued 10000 in the q so added them into the calc …think I made my own rules up tbh tho!

i realised in the question they said the dividend paid is 20c and it was issued a day after as a cash issue of 10,000 unit at full market value of $1.7 and the share premium was recorded in the other component equity.( not exactly the wordings)

in the trial balance 2015
equity……………………………………………………………….30000
other equity issue……………………………………………… 9300
loans and interest……………………………………………….5000

so i realised that
dividend of 20,000 X 0.2….4000
get the finance interest…..1000
TOTAL ………………………….5000

SHARE CAPITAL@$1 IS 10,000 X 1 =10,000
SHARECAPITAL@0.7 IS 10,000 X 0.7 =7000

I guess what you did was 30,000 x 0.2 = 6000

@laurlou said:
I removed the sale. N calc the finance cost to 150

3000 x 0.5 x 0.1(since it is for the six months) = 150

@laurlou said:
I can’t remember a lot with this one but my dividend came to 6k . I think I calculated it on 30000 shares as they issued 10000 in the q so added them into the calc …think I made my own rules up tbh tho!

i realised in the question they said the dividend paid is 20c and the shares was issued a day after as a cash issue of 10,000 unit at full market value of $1.7 and the share premium was recorded in the other component equity.( not exactly the wordings)

in the trial balance 2015
equity……………………………………………………………….30000
other equity issue……………………………………………… 9300
loans and interest include……………………………………5000

so i realised that
dividend of 20,000 X 0.2……………..4000
get the finance lease payment……1000
TOTAL …………………………………….5000

SHARE CAPITAL @$1 IS 10,000 X 1 =10,000
SHARE PREMIUM @0.7 IS 10,000 X 0.7 =7000

I guess what you did was 30,000 x 0.2 = 6000

FINANCE COST FOR SALE AND REPURCHASE
3000 x 0.5 x 0.1(since it is for the six months) = 150

the finance payment was the 10000 which was on the loan note of 20,000 x 0.1 x 6/12=1000

i hope i am not wrong?
did anyone do this too

I thought it was

Cash in: loan notes 20000
issues cost 500
total 20500@effective 8%= 1640 (add the additionl 640)

i don’t know if i am correct, this is what i did

lets keep our fingers crossed

cash in loan note = 20,000
admin expenses = (500)
total =19500

effective interest rate for 1year is
opening balance = 19500
1 yr x0.08 x 19500 = 1560
loan note interest =(1000)
year end liabilities= 20060
(0.05 x 20,000) because it is a 5% 20,000 loan note which gives the interest of 1000

then i deducted the 500 from admin cost.

so the 1000 +4000 = 5000 is included in the loan note interest and dividend like a proof to check calculations.

yes i thought of it also during the exam but lets wait and see what others got to say

@karanpreetrobin said:
i think loan cost cant go under admin expenses

so you should have taken 500 out of admin and add back into initial loan amount (20500)