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Hi Mr John
I just sat on the exam today . It was only 48% .
I’m sad but then when I think about that I just took the free lectures on opentuition more than 3 weeks ago .
So I know I can get higher percentage if I study harder and spend more time on itThere are 3 questions that I’m confusing in the exam
1- In consolidation , when they ask to calculate COS ( P acquires S on July 1st 20×3)
So normally we will get total COS – selling price + PURP .But the information s like this
” P sells goods to S $ 25000 on June 30 20×4 , gross markup is 25% .And on June 30 20×4 , the remaining goods ( from P sell goods to S )is 5000$
It seem like on June 30th , when P sells 25.000$ goods to S . There is already 5000$ goods there .
I never meet this case in the practice questions before . So I just add PURP and this 5.000 together .
Is it right ?2- They asked about contra . They said X sells goods to Y , but also purchase goods from Y . What’s the entries of X, and X receivable and payable is 1.500$ and 2000$
There are few entries , but 2 of that is ” DR Payable 1.500- CR receivable 1.500 and
DR Payable 2000 – CR receivable 2000
I picked the second one at the beginning , but then I changed to the first one .
I know the entries is right , but I don’t know which value it is .3 – They asked COS – unrealised profit or COS – unrealised profit in inventory
Honestly I don’t really know the difference , but I pick the second oneCan you pls help me to look at those ?
Beside , I’m using Kaplan now . But I think I should change to BPP practice kits . Could you pls recommend the site that I can purchase / download it ? Thank you
Hi . I just got a practice book from my friend . But it s for exams from 2014-2015 .
Do you think it still work this year ? Or I need a newer one ?Mr John , actually there is another question in the exam that I don’t understand.
They said P acquired 90.000$ for 250.000 shares .. and there is no percent that P acquires S . Also. They don’t give the RE @ acquisition .
And they asked to calculate Goodwill and retained earnings .
If they don’t give us percent , how can we calculate RE ? Thank youI am sorry that you did not pass the exam, but given your mark was so close I am sure you will pass next time.
1 I would really need to see the question, because the dates you have given seem strange. It is more likely that the question said that they sold the goods during the year ended June 20, and that 5,000 of those goods remain in inventory as at 30 June.
2. The correct entry is the first one (with an amount of 1,500).
3. Without me seeing the whole of the question, it would seem that the second one is correct.
The only thing in the syllabus that has changed is IFRS 15 (our lectures cover the new rules) but this is only a small thing for the exam. So the book from your friend is OK to use (although it is always better to have the latest edition).
If you do want to buy the latest edition then click on the link on the top right of this page, which will also explain how you can get a 20% discount.Mr John ,
Thanks for encouraging me . My background is language & literature , I haven’t known anything about CR/DR when I’ve started with opentuition 3 weeks ago . And I think Im just too rush to sit in the exam . I’ll practice more and sit on another exam end of next month .Back to my exam , assuming that P sold goods to S $ 25.000 on June 30th ( gross profit margin is 25%) . And on June 30th there is a remaining $5000 of goods in S ( this goods is purchased from P ) , then how should I understand this question ?
At the beginning , I thought this 5000$ is remaining goods from that selling price 25.000$ . But then I think they sold goods to each other during the year . And there is the remaining goods of $5000 on 30 June . And on 30 June . P sells another goods to S for 25.000$
How should I calculate COS in this case ?2- There is another question in the exam that I haven’t seen in Kaplan practice kits .
They said P acquired 250.000 shares for 90.000$ .. and they don’t show percent that P acquires S . Also. They don’t give the RE @ acquisition .If they don’t give us percent , how can we calculate the group RE ? Regards
Again, I am wondering whether or not you are remembering the dates correctly. However if they are correct then the 5,000 remaining will always be at the end of the day and so will have beeb part of the 25,000 that we sold.
If they don’t give a % then the question would have to state the total number of shares that exist in S. Then you work out 250,000 as a % of the total number.
Hi john. I have my FA exam on next Monday. I have already finished doing all the practice questions on BPP Revision kit and their mock exams along with specimen papers. I also purchased a set of three FA practice tests from ACCA and passed comfortably. I even had watched all your FA lectures. Do you think these are enough to pass the exam well?
Hi Mr John.
Finally….. I’ve passed my F3 this morning:)
I’m so grateful for your help. It was a hard time for me ( as I know nothing about accounting finance when I’ve just joined ) but your lectures made it easier 🙂So….Special thanks to you , Mr John 🙂
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