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@sonia94h Yes exam was quite unusual, making sense of some scenarios took a lot of time for me, i think the examiner wanted most students to fail and prepare for FA24 ATX syllabus because FA23 quite a lot of things were streamlined like those basis periods which are added again in FA24. I know i will be attempting it second time lol soo im going to start preparing in advance, no need to wait for the result. Some rates of CGT have changed in FA24 syllabus and Investors relief lifetime limits reduced, some changes to APR in IHT, lots of small changes in FA24 but the core concepts remain the same.
Well i guess at this point no specific guide is going to help. AA has become a my kryptonite. Suck that even after practising and reading soo much i still write generic stupid when giving recommendations in test of controls or doing substantive procedures
Dear sir thank you soo much, i have done soo many questions but was stuck at this little silly mistake, i rounded up the 40.5 days figure to 41.
And Yes my bad i mistyped the kaplan answer. Again thank you@Ambuj11 bro don’t give up the hope , next time you will pass with good marks , don’t fall into the trap of changing kits & don’t listen to the people who fail , one kit from either bpp or kaplan is enough for passing the paper , you don’t need both of them just to pass the paper. Just practice one kit only with good understanding & do the kit twice .
@iyamu it is not hard bro trust me just a little tricky , most people failing this paper don’t have the understanding of the syllabus
@pryanka are u using reddit or facebook , you can tell me your reddit user or fb user becoz writing email id here in forums is not allowed
Hi pryanka i would be glad to help you in PM & give you some tips , its a tricky paper with low passing rates but trust me it is not a hard paper because syllabus is not as huge as other papers in applied skills
I can give you some tips if you need any help ,i passed it in just 15 days , pm is tricky but not that hard because syllabus is not as huge as other papers , due to its tricky nature its passing percentage for september 2021 was only 37% as always low compared to other applied skills papers.
I passed with 53% , was totally convinced that i would fail but thanks to opentuition and the amazing teacher I passed it .
I have started studying for the next paper sir & I am very confident that I will pass this one because 90% of the MCQ’s were piece of cake for me to solve as i studied a lot & did the revision kit 2 times but this little issue is bothering me ever since the exam , the amount of exam pressure can sometimes trick us in little problems like these , so can u please clarify if my method was correct because i can’t find anywhere this type of question in the kit or other practice questions.
I had the same paper as u are telling , the capital allowances were tested in last corporation tax question if i remember correctly and there were 2 short life assets and one of them was sold was giving rise to capital allowance charge , section c last 10 marks question was really stupid and i can’t make sense out of it , i had done kit twice but still got stuck on that question . Lastly the VAT section b question was about a take over by another business as a going concern as far as i remember .
Don’t worry it happens to everyone and its a fact that under time pressure u can’t do workings precisely on a computer as compared to a paper , u have to show all ur workings in section C questions to gain marks that’s why they are just 40% , rest of the mcq’s working can all be done on paper provided because working are not necessary in MCQ’s , just practice the specimen exam given on the ACCA website and u will be familiar become familiar on how to approach these questions . Don’t try to read the question from exam kit and do it on computer because its very tedious process , in actual exam the question is on the same screen on which u have to provide answer so it becomes a little easier.
Yeah it seems like an updating error from last year & yes the trader was making accounts to 5th of April that’s why i said Tax year . Anyways thank a lot for the clarification.
I just want to clarify this single point .
Trader paid 95% of his purchases from Total of 17660 by 5th april 2020 & the remainder in May 2019 .There is no closing inventory.
In accruals we deduct full 17660 from revenue because there was no closing inventory but doing this on cash basis the answer in the kit is 17660 x 95% = 16777 when it is clearly mentioned that cash payments are done on 5th april 19 and in may 2019 both of which falls in tax year 19/20 . Why are we taking only 95% amount when doing cash basis ?Yes I have worked examples 7 & 8 again , i understood now by reading the notes again and i was mixing up the allowable expenses in case of motor car given to employee and motor car used by the owner of the business . Thank you for responding.
I understood it now , I just had a look at technical articles on ACCA website which states “Where a leased motor car is available for private use, then 50% of input VAT on leasing costs is non-deductible”. This was not mentioned in OT notes so i got confused .
Thanks a lot sir for replying , I understood it myself after listening to further OT lectures and doing examples myself , already done all section C questions myself from exam kit & started VAT.Again thanks for all the amazing lectures .
One more thing is confusing me is that Nil rate band is separately available on both “Transfers chargeable during lifetime” and “Transfers chargeable on death” , e.g if all of the nil rate band is used up in the Transfers during lifetime then there is separate 325k nil rate band available on Chargeable transfers on death or not ?