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Thank you Mike
I have a question though although not related to F7,
how will ACCA calculate my grades for OBU, will they include the marks i failed in the previous papers as i feel that it will bring down my scores and may lead to a Second Classs Lower or they just calculate the marks based on the papers i passed not including previous papers grade i failedI also want to ask a question, i know NONE of the ACCA papers are easy, it how hard you prepare for it that determines one success but i need ask for some advice here, i failed F9 AND F7 in June, Only wrote F7 in September and i passed, was wondering if it Okay for me to write F8 or redo my F9 i failed because i have a business i am doing, so i cant be doing two papers at a time. Just Only One
Thank You Mike
passed with 70… after 2nd attempt.God i bless youl, nearly gave up ut now i am stronger, failed last time due to my dad death
@jose.muwa@yahoo.com said:
jose , my finance cost to p or l was 1560. was i righti guess you are right for the finance cost for the finance cost on issue of loan note
but you didn’t include finance cost on the sale and repurchase which was 150yes i thought of it also during the exam but lets wait and see what others got to say
@karanpreetrobin said:
i think loan cost cant go under admin expensesso you should have taken 500 out of admin and add back into initial loan amount (20500)
i don’t know if i am correct, this is what i did
lets keep our fingers crossed
cash in loan note = 20,000
admin expenses = (500)
total =19500effective interest rate for 1year is
opening balance = 19500
1 yr x0.08 x 19500 = 1560
loan note interest =(1000)
year end liabilities= 20060
(0.05 x 20,000) because it is a 5% 20,000 loan note which gives the interest of 1000then i deducted the 500 from admin cost.
so the 1000 +4000 = 5000 is included in the loan note interest and dividend like a proof to check calculations.
@laurlou said:
I can’t remember a lot with this one but my dividend came to 6k . I think I calculated it on 30000 shares as they issued 10000 in the q so added them into the calc …think I made my own rules up tbh tho!i realised in the question they said the dividend paid is 20c and the shares was issued a day after as a cash issue of 10,000 unit at full market value of $1.7 and the share premium was recorded in the other component equity.( not exactly the wordings)
in the trial balance 2015
equity……………………………………………………………….30000
other equity issue……………………………………………… 9300
loans and interest include……………………………………5000so i realised that
dividend of 20,000 X 0.2……………..4000
get the finance lease payment……1000
TOTAL …………………………………….5000SHARE CAPITAL @$1 IS 10,000 X 1 =10,000
SHARE PREMIUM @0.7 IS 10,000 X 0.7 =7000I guess what you did was 30,000 x 0.2 = 6000
FINANCE COST FOR SALE AND REPURCHASE
3000 x 0.5 x 0.1(since it is for the six months) = 150the finance payment was the 10000 which was on the loan note of 20,000 x 0.1 x 6/12=1000
i hope i am not wrong?
did anyone do this too@laurlou said:
I can’t remember a lot with this one but my dividend came to 6k . I think I calculated it on 30000 shares as they issued 10000 in the q so added them into the calc …think I made my own rules up tbh tho!i realised in the question they said the dividend paid is 20c and it was issued a day after as a cash issue of 10,000 unit at full market value of $1.7 and the share premium was recorded in the other component equity.( not exactly the wordings)
in the trial balance 2015
equity……………………………………………………………….30000
other equity issue……………………………………………… 9300
loans and interest……………………………………………….5000so i realised that
dividend of 20,000 X 0.2….4000
get the finance interest…..1000
TOTAL ………………………….5000SHARE CAPITAL@$1 IS 10,000 X 1 =10,000
SHARECAPITAL@0.7 IS 10,000 X 0.7 =7000I guess what you did was 30,000 x 0.2 = 6000
@laurlou said:
I removed the sale. N calc the finance cost to 1503000 x 0.5 x 0.1(since it is for the six months) = 150
i got 56,000 for net asset
what did you get for net asset?you will only fail the NCI AND THE PARENT RETAINED EARNINGS.
but if you calculated them separately, the examiner would mark it differently and issue you marks for the parent retained earnings and ncidid anybody get the dividend of 20,000 X 0.2 = 4000
did anybody get the loan interest =1000my issue was that other component which was 9300 recorded in the trial balance
since there was a share premium of 7000, i assumed the 2300 was the balance b/f and added itdid anybody do this
i had a loss after tax of (210)
total comprehensive income 590 positivethe only difficult aspect for me in the exam was interpretation of financial statement.
the same that was awful for me in the last diet
i hope i scale through this time, although i still calculated it and answered my best.still thanks to F7 opentuition lecturer who gave me hope when i was lost it earlier.
i think i did what you did
i derecognize it from my sales
and calculated the interest rate because it included in my finance cost@laurlou said:
Time consuming!!! i dintnt total my Q3 just moved on as i overrun so no idea if it balanced.i assumed the note 1 for revenue was to do with the fact that it was a sale n repurchase to be bought back in 3 years so should have been treated as debt.
162,800 and my equity & liabilities 142800
didn’t waste my time, i just moved on to the next question@gmpo12 said:
Guys what figure did you get for TOTAL ASSETS in consolidation question? 177000/176000 anyone?thank you very much.
father loved acca so much because he was a chartered accountant
i would try and go over it today and ask you anything i don’t still understand
thank you for your patienceokkii.. so its more of an intragroup loan, so i treat it as a intergroup sales
yes sir,
Thank you very much
I have the December 2014 revision kit,
hope that would be enough wit opentuition sirPlease is it that the 2kg is lost in the production process.
Thanks very much
You d best
