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Thanks admin. Sorry I didn’t know we can’t add email address because I saw the latest post to sell book has email address so I just want to do so.
Hi Admin,
I’ve tried to post comment or new topic in past hour but nothing appear in the forum yet. Is there anything wrong on my side?
Thanks.
The paper is ready to donwload now.
The voting result of “Easy” and “OK” are higher than other papers so far.
Look forward to seeing the pass rate of this Dec intake will be the highest amongst all F7 papers.
Best wishes to all of us.
Hi Mike,
I’ve asked this intra-group interest but still don’t understand why doesn’t need to adjust it in the Retained Earnings working. When I was working this question, I did the same as yours in the video but ACCA answer (https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f7/exampapers/int/F7INT_2012_jun_a.pdf) hasn’t done any adjustment.
The interest paid by Square(subsidiary) to Pyramid(parent) came from post-acquisition profit of Square so I thought to add back the interest under S and deduct it under P so the post-acquisition profit of S is free from any intra-group transactions.
So why the answer book doesn’t do any adjustment?
Many Thanks.
Hi Mike
Sorry I’m a bit confused. I can’t see “H’s own + H’s share….” in working 3 in the answers. The working 3 in the answer book is Reconciliation of Current Accounts.
The information (ii) in the question said all interest due on the loan notes has been paid and received so this means Pyramid has Dr Bank Cr Retained Earnings while Square has Dr R.E. Cr Bank.
The answer has stripped out inter-group loan notes $2.5 M from Assets (from Pyramid) and Liabilities (from Square) so I don’t understand why the answer hasn’t stripped out inter-group loan interest ($2.5M x 11% loan notes rate) from Retained Earnings of both parent (deduct R.E.) and subsidiary(add back R.E.)
Many thanks.
Hi Mike,
It’s regarding the same question.
Why the interest on $2.5M 11% loan note bought by Pyramid from Square isn’t deducted from Pyramid’s Retained Earnings and added back under Square’s post-acquisition profit?
Thanks.
@junaidacca26 said:
I passed P2 in my 1st attempt. I only relied on open tuition notes and past papers, no book nothing else and i got 63…………Do you have any techniques or skills to pass without any book? Are you studying university or a fresh graduate so your knowledge is still fresh? Really interested to know how to pass in 1st attempt without any book. It will be very helpful to share your approach. Thanks.