This F7 test simulates Sections A and B of the paper F7 exam. Section A consists of 15 multiple choice questions, and Section B consists of 3 scenarios each having 5 multiple choice questions. All questions are worth 2 marks and all questions should be attempted.
(The real exam will also contain a Section C consisting of 2 long-form questions)
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- The time allowed is 108 minutes
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- If you choose to attempt another test, then a window will appear with ‘yes’ and ‘no’ buttons and a question mark! You should click on ‘no’ to start a new test.
The bank from which the questions are selected will be gradually expanded, so do visit the test again regularly ?
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Can anyone help on how we got to the answer in the question below.
Promulgate’s trial balance as at 31 December, 2015 showed credit amounts of $500,000,000 and $80,000,000 against the $1 equity shares and the share premium account respectively. On 1 September, 2015 Promulgate had correctly accounted for a fully subscribed 1 for 4 rights issue at an exercise price of $1.20 each
Promulgate had paid two dividends in the year. The first dividend payment of 4 cents per share was in March and the second dividend payment of 2.5 cents per share was paid in November
What was the total dividend payment made by Promulgate during the year ended 31 December,2015
$28, 500, 000
Incorrect
This is a rather difficult exam, but I think you can do it, I already wrote this exam and can help you. The most important thing is a thorough preparation for the exam, from here you can take an essay on any topic, I think it will be useful for you.
anyone help with the question regarding the tax charge to p and L 31/12/2015?
trial balance 31/12/15 deferred tax cr 38.4mil
current tax cr 5.4mill
during the year tax temporary difference increase by $20mil , where $12mil is due to revaluation
Income tax rate 20%
no provision made, estimated tax liability based on this year’s profit excluding valuation is 22.8mil
(+) 22,800 estimated current tax for the year
(-) 5,400 trial balane (cr) which rep over provision(given)
(+)Temp difference (20,000*.20)=4,000
(=)21,400
sir question 9 for 2nd lease
payment made o1 feb 15 to 28 feb 15 so its 1 month right?
why computed as 2 month?
thx
Can you please provide solution for question no 26 – Flyscreen? Thank you!
Q9 Aristidis –> how to allocate the impairment?
question 10: impairment allocation.
total impairment 565 – 450= 115
we first exclude current assets from impairment
further we deduct first goodwill in full amount – 60 and the brand by 25 and we arrive at 115 – 60 – 25 = 30 left to allocate further between motor and PPE which we apportion by as in below:
motor 30 * 115/(115+240) = 9.72
carrying amount after impairment for motor will be 115 – 9.72 = 105.282 as per solution
Qn 20 on calculation of dividend for Promulgate I do not understand how the 21.4m was arrived at.
Shares at 31 March I calculated 400*8/12*1.2/1.04 @.04c = $12 307 692
Shares at November I calculated 500*4/12 + 400*8/12 *1.2/1.04* .025c
Please advise how 28.5m is arrived at?
we need to find no of shares before rights issue which is:
x + x/4 = 500m thus, x=400m shares before rights issue
dividend for March (before rights issue) = 400m * 0.04 $/share = 16m
dividend for November (after rights issue) = 500 * 0.025 $/share = 12.5 m,
total 28.5 m
Helo sir
i don,t understand the computaion of purchase in question 7. can you help me please?
thank you!
Q7?
yeah.
Q05/30, i didn’t get the answer, pls help me.
20% of $320,000 + 20% of the $50,000 goodwill
Q12/30 on the FR mock doesn’t make sense.
What is it that doesn’t make sense? (It makes sense to me!)
how is the working also ?
Which question?
how is the working for this question done
Which question?