[sara]

Thank you so much.

God Bless you

[sara]

Ok i think after submitting this Question, I kind of understand now.

I am sorry if i bothered you because due to exam, I am panicking and thats why it took so long to understand this particular transaction that I gave up and needed ur help here.

I thought they added as an administrative expense but actually they wrote it reduced the Administrative expense.

Which means saint
Cr 4000 income I/S
Dr 4000 liability SOFP

Netting off with expense.

So now we reverse it
Instead of recognising full income.
We should recognise only 1 year income.

But saint already recognized it in full.

So we

Dr 2000 exp ( so that only 2000 left included as income )
Cr 2000 liability

Please correct me if my concept is still wrong.

Thank you and best regards.

[sara]

I received email from obu

Dear student

The pass letter, Award confirmation letter and transcripts were posted to successful period 37 students in May. However, it can take several weeks to arrive, depending upon the postal service where you live.

If you do not receive the above documents by late July, then please email us again in the week commencing 22 July 2019 and we will then arrange for your documents to be resent.

Meanwhile, if you urgently require another copy of your documents, then you would need to order them from our online shop.

I asked from them tracking Id number so I can check from my local office but Instead I got this email to tell me to wait further …

[sara]

I emailed them on Wednesday and still i haven’t received any response for them…its been over a month and Neither they give us soft copy nor any information regarding our documents so we can track them… first submission was late then result and now no ethics or sympathy at all for us .. at least let us know

[sara]

Kindly please let me know How will we know that our transcript has arrived ? Is it come directly to our home address or at postal office ?? DID Anyone received transcript in KUWAIT ???

Thank you

[sara]

thank you so much Sir, you have cleared all my doubt in such a simple way. I have just recently started watching your lectures and they are amazing .I am doing Kit as well
I hope everything goes fine in exam
and once again thanks for your help and have a good day Sir 🙂

[sara]

Thank you very much Sir.I was very so upset frustrated that time and you cleared it.May God Bless You.

[sara]

the requirement is calculate income tax liability not ” payable”

[sara]

Hello @palmy
Hope you are fine.
First of all, i want to say sorry for replying you so late as i was quite busy and secondly I am so happy and thankful to you for taking out the time and giving me the information and your valuable advice that i need from this website.

I appreciate your help for helping me decide what to do.I am clear now and I am gonna plan according to that.

I wish you too all the best of luck and God Bless you always.

Thank you once again 🙂

[sara]

Thank you Sir so much for your help and prompt reply.I am so happy that you made me understand the whole question in just a second.May God Bless you always
Have a good day 🙂

[sara]

Hello Sir,
Hope you are doing well.
I am sorry for commenting on this old post but i have one question regarding this topic if you could help me with it i would really appreciate your help.

Sir, the problem in kaplan book is that they didnt do the method like the way you have explained it by adding the interest loan in profit for the year and apportion it .then deducting the same interest from post acq profits

I am so confused now. i did the same method the way you explained to us but the answer they gave is without taking into account for loan interest.they have simply pro -rate the profit for the year.

here is the question and answer related to mid year acquisition and loan borrowed from Parent compan:-

Parent comany Karl has acquired the susan subsidiary on 1st May 2007 and year end is 30 November 2007
Non­current liabilities  8% Loan notes  for subsidiary is  20,000 which  represents monies borrowed from  Karl on 30 November 20X7.  
Susan earned a profit of $9,000 in the year ended 30 November  20X7. 
Retained earnings  for Subsidiary is 69,000 at 30 November 2007

their answer is
RE @ acq’n (balance)    63,750 
Post acq profit (7/12 × 9,000)  5,250
RE @ reporting date  69,000 

and they have allocated 5250 to NCI and Group retained earning.

Last thing they also have the impairment in the question for goodwill at the year end.
I want to now that do we have to pro rate the impairment too or not ?

Thanking you in advance.

[sara]

i guess i understood the concept.correct me if i am wrong
so the total lease payments are $5000 (($1000 (initial ) + ($1000 * 4))
Annual payment is charged therefore $5000/4 = 1250 to the statement of profit or loss
NOW there are two payments made in one year,first at $1000 of initial non refundable deposit on 1 jan and second one is also $1000 at 31 dec in the same year.
it makes a total of 2000 amount paid in 1 year
now the difference between amount paid is $2000 and amount charged $1250 is $750
which means we already paid our liability in excess hence its a prepayment
if let’s say the amount paid was less than amount charged then it would be accrual as we still yet have to pay the liability for this year
am i right?

[sara]

sorry for the late reply.Wish you all the best too 🙂

[sara]

Thank you so much @palmy for your valuable advice and guidance and for taking the time to share all of that great information with me.
Your advice and guidance have been extremely helpful.I really appreciate your time and your message has motivated and encouraged me a lot as i was totally blank and unsure what to do about my papers but your message has been so helpful to me.I will focus all my attention and time towards f7 and like you said i would not directly jump into p1 as i have other fundamental papers left as well.

I will definitely look for all the notes,lectures,materials available in Open tuition as well as my own dedication towards the paper in order to plan my schedule and preparation for exam.

Thank you once again from the bottom of my heart for such a useful and quick advice.I absolutely love this website.you guys are doing wonderful job.

I wish you and your team All the success and happiness and wish you all best of luck.

[sara]

hi mike thank you soooooo much once again …..i passed my f4 with 83 % ….:D i am so happy and thanks a lot 🙂

[sara]

Thank you so much mike … I am so thankful for the time you took to help me out with this question… it was really so kind and nice of you to reply me back so fast …..i really appreciate you and your work ..God Bless you Always …thanks once again 🙂 have a great day 🙂

[sara]

This is my first ever question asked in open tuition..please i need ur help 🙁 :, (

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