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ACCA F7 December 2011 Question 2 Keystone

VIVA

ACCA F7 past exams lectures Download ACCA F7 Q&A


Reader Interactions

Comments

  1. kriselda says

    April 26, 2013 at 8:53 pm

    I am a bit confused in point (i) where goods are sold and the company is uncertain of whether the goods will be returned. So far the revenue is overstated receivables also and we have reduced inventory and increased cost of sales unrighteously and we adjusted all this. My question is that: Arent even our retained earnings overstated by recognising a profit that hasnt yet occurred. should’t we be deducting the PUP also from retained earnings

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  2. razraz says

    December 4, 2012 at 1:46 pm

    Good and hard wrk by tutor. But what I personally feel is the tutor should find the easiest way for workings. Such as deferred tax. There Is a plain simple way out of it rather then goin thru the t accounts.thanks

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    • MikeLittle says

      December 4, 2012 at 3:21 pm

      @razraz, Hi – if you can find an easier way, then go for it! Personally I can imagine nothing easier than T accounts! And if you hadn’t been exempt F3, then you too would have found them easy. In fact, the reason you were exempt F3 was because you did T accounts at University. What?!! You didn’t?!!! Then why on Earth did you apply for an exemption? T accounts are the meaning of life – you can solve all accounting problems with T accounts. Mothers should give their babies T accounts as a comforter instead of a blanket or a bottle.

      T accounts rule! OK!

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  3. c0712 says

    December 4, 2012 at 10:28 am

    Dear Mike,

    There is superfluous info given in note (ii) – Keystone determines the final selling price for goods by adding a mark-up on total cost of 40%. I was trapped there for quite some time. It seems you also felt it annoying (10:34), but you quickly went on without stopping. I wonder how could I possess the same ability!

    Thank you!

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  4. oshebegez says

    October 24, 2012 at 8:58 am

    All, how did the tutor arrived at the 16yrs for Leased hold ammortisation?

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  5. gaabita says

    June 10, 2012 at 4:09 pm

    Hi,

    Is it the correct gross gain on revaluation computed as (50k-10k)-48?

    We shouldn’t have accounted for current year depreciation before computing the gross gain on revaluation? Why?

    I would have wrote: (50k-10k-2.5k)-48k….

    Thank you in advance for your answer.

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    • gaabita says

      June 10, 2012 at 4:20 pm

      @gaabita, never mind…

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  6. juanalonso says

    June 5, 2012 at 11:35 pm

    great review!
    Probably it is me, but sometimes it’s difficult to interpretate whether an amount is included or not on the Trial Balance.
    I thought the manufactured plant was included on TB, hence my calucation for depreciation was messed up!

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    • MikeLittle says

      June 6, 2012 at 6:39 am

      @juanalonso, Hi, the question actually tells you that the expenses related to the manufacture of the plant are included within “the relevant expense items in the trial balance”

      That being so, it’s diffcult to see how you can misinterpret ( not misinterpretate! ) the question. But good luck next week anyway

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  7. ibrahim35 says

    May 20, 2012 at 12:52 pm

    good lucture

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