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Hi,
The first half of the question was more confusing. If you read the examiners answers It seems that the examiner is repeating the question (e.g apendix 1) in his answers and then at the end adding the “approach” e.g key players. In the exam I thought there was no way he would want us to do this as it seems repetitive and did not justify 1 mark each.
I have taken the time to read the examiners report which has helped a bit but I still think his questions do not clearly state what answer he is looking for.
Thanks, its just that I am finding it really hard to discipline myself, and physically need to come out of my house to study. I get a bit tired staring at my laptop. I also work through BPP book as well as OT because I find BPP covers more and prepares you better for the exam. It would be good to compare notes, share books with other people.
What area do you live?
thanks for answering Mike, but from what i remember from f3, to do a debit entry is to increase right? so for instance if i am debiting cash and crediting inventory, I am effectively increasing cash and decreasing inventory. So in the case of my example above, by debiting retained earnings, I am increasing it, and by crediting liabilities I am decreasing it.
I am I totally off course??
Hi There,
I wonder if you can help me, I have been stuck on this for a few days and cant seem to get my head around it. The treatment of dividends in consolidation: say a subsidiary are proposing a payment of 10,000, i think in SOFP we cr retained earnings dr payables. However, on the open tuition lecture (Ch8 example 4) it is the other way: dr ret earnings and cr payables. How can this be so? If it was the income statement then this is right but not the SOFP. Am i missing something here?
Hi mike,
I am trying to do chapter 8 example 4 and I am not sure where the figure 9 comes from in the receivables and the retained earnings of the parent company.
Also if we are debiting retained earnings in subsiduary shouldn’t the amount increase rather than decrease, ie in the same example it is 50 -10, surely this is crediting ret earn not debiting.
Hope i am making sense.
Thanks for this website by the way.