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Does anybody have this exam today? It was expectable, not so complicated questions. I have a question for ratios calculations and analysis in section C and the second was preparing the consolidated statement of profit and loss. I forget how we should account dividend from the associated company…
I had the same paper as you akomarova, however section a and b i didnt feel confident at all, i dont know what to expect as a result. how did you feel ?
This exam could of been nasty, however the questions were reasonable. Sneaky examiner with odd MYA dates though!!
Didn’t have to do a consolidation, but I did have to analyse one within section C. Also had to create a P&L, SOCIE and a cashflow statement.
All in all, feeling good. Fingers crossed ?
Definitely tough but fair exam had loads of acquisition and consolidation questions section a and b are pretty much 50/50 I think there. Section c had tough p and l question which I think I flunked.
Screwed myself up as had associate purp question but took the whole lot not % of associate. Hope a few silly mistakes won’t cost me to much and just creep over the line
Good luck everyoneHello,
Part A was realy hard for me and spent more time on it, almost half. That was really bed decison, because for C I have only 40 minutes, 20 per question. Part B was ok except IFRS 16.
And part C
At first question I have to calculate goodwill (around 72k if I remember well) and do consolidation of P&L with MYA.
I didn’t do point for loan at all.
Secound question was ratios and it was easy one although I didn’t have so much time for this part 🙁Hi every one I wish you good luck all
any suggestion for F7 June 2020 exams any important topic or learning that i should more focus on
your suggestion would be much appreciated
Regards
Hi shehzad
Whole syllabus def nothing really goes in asked important to nail down colsolidated statements but on the whole cover it all thoroughlySection A I found quite difficult. Had a horrible lease and financial instrument question for section B. Section C a bit better but in the ratio one I couldn’t get the roce ratio. Do we include goodwill in total assets ? Wasn’t sure how to comment too.
Also section c I got the construct a profit loss statement from a trial balance which was ok. But I did have the company at a loss so makes me think iv missed something
Will be tight!
Sounds like we had very similar paper I had horrible lease question which in section c can cost you. I had profit and loss from tb too which had loads of adjustments ended up a loss but also couldn’t determine what to do with some amendments
Hi shehzad
as scotty t said nothing really left out, you have to cover whole syllabus. My best advice is to get yourself a revision kit, it’s money well spent. They key to passing is question practice, practice, practice. So use the kit and all available specimens and past papers on the ACCA website. It’s important to familiarise yourself with how the examiners like to word questions so you know the key tricks, and pitfalls to avoid. Also strongly advise reading the examiners reports, at least the last 4, and all the technical articles on the ACCA website. Some of these are written by examiners and give guidance on how to answer a question the way they want you to. Today’s exam was tough but no surprises. If you want to pass you can’t go into the exam hoping that you won’t get a particular question type or topic.
Good luck in June!I got a loss as well, I believe that’s correct though. My workings were add back the inventory into cost of sales. Then, minus deprecation as it was an investment property at fair value, then add the 2000 gain to p and l. Then I added the provision to admin expenses. I took out the 3000 dividend from admin expenses and took it out in the statement of changes in equity. Added 1300 to admin for the spend on internally generated brand and another 100 for amortisation on the brand they bought. Lastly, I ended up with a tax refund of 560. my total loss was around the 10,000 mark. Was yours similar? Overall, quite a hard exam I thought compared to past papers.
I got a loss too, it was bigger than I would expect so I tried to quickly recheck but there is no point trying to make everything balance on these questions, just try to spend the little time you have concentrating on each figure individually.
I hope I passed but I need something over 60% really as I am enrolled on the Oxford Brookes degree course.
It was the third exam this week so I didn’t get to spend as much time revising as I would like.
does anyone know how the instant poll works as I can’t see one and I wanted to vote?
Some similar yeah. Did you get 15000 x 3.5 for the proceeds of the right issue shares, and put £2.50 x15000 into share premium in the statement of equity ?
Does the gain from the property go in reval surplus in that statement then get transferred to retained earnings ?Yeah I got 15,000 for share capital, and 37,500 for share premium. I only put the gain in the statement of profit or loss as it was an investment property held at fair value. Then I took the 3000 dividend out of retained earnings.
One that got me was 85 items in inventory , 20’are defects so will be sold at 50% of their selling price. Selling price £15 , costs 1.50 to sell and cost of the items 8 . What’s the value of inventory, anyone get this ?
Am sure I done 65 x 8 -£520 then added on £6 x 20 – £120 to get £640
Is that correct ?
Cae1231 that all sounds familiar which is already assuring I think I put more into admin costs though (release of capital expenditure on advertising for example) but tax worked out the same any marks from that question are a plus for me will be tight maybe too tight
I also had to prepare p and l from tb but there was a suspense account. Did anyone else have the suspense account and do adjustments to clear it out?
@teresa23 said:
I also had to prepare p and l from tb but there was a suspense account. Did anyone else have the suspense account and do adjustments to clear it out?Yes, there were the court case provision, the share issue (which was the main part) and I think something else but I have a bad memory
Did somebody calculated gain or loss on disposal of subsidiary (Substra if I remember correctly) in section C, question 2 (with ratios)?
I didn’t do the calculation but for ratio analysis I have assumed that there was a loss on that disposal, and I wonder if I was correct…
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