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Hi Mike,
I was wondering if you have access to the Kaplan Exam Kit and if yes please could you guide me on how to answer it. The answers are quite dissimilar to the methods we are taught on Opentuition and I don’t understand where they’re coming from.
Struggling on how to calculate Cons. ret earnings and the PUP on Inv. Also on how to work out the share capital and share premium for Parentis for the CSoFP.
Also nothing to do with the topic but what ways do you recommend to practice exam style questions? Shall I disregard exam kits and do past papers instead?
Thanks a lot!
“… how to work out the share capital and share premium”
Acquired 600 shares, issued 1 in Parentis for 2 in Offspring, so issued 300 shares
Parentis shares are nominal value of 25 cents and a market value of 75 cents
So share capital increases by 300 shares @ 25 cents each = 75 and
share premium increases by 300 @ (75 – 25) = 150
Pup
Offspring made a profit of 6 on a sale of 15 = 40%
5 is still in inventory and 40% of 5 = 2 pup adjusted in Offspring
(Dr Offspring retained earnings 2
Cr Combined inventory 2)Here’s a link to my working for Parentis on this site:
https://opentuition.com/acca/f7/acca-f7-revision-kit/
It’s on the F7 home page, almost at the very bottom of that page, under the heading F7 Revision
The consolidated retained profits working should be there
If that doesn’t work for you, post again
OK?
“Shall I disregard exam kits and do past papers instead”
Exam kits / revision kits are essentially made up of past exam questions!
OK?
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