[hannah123uk]

@essien13 said:
Question 1, requirement a (If I remember correctly)

Depreciation of plant…….3000
Expensed development..6000
Decrease of Inventory……..700
Amortisation of lease…. can’t remember the figure

If I remember correctly, this requirement asked for a schedule of events affecting the profit before tax… so I didn’t include taxes adjustments and OCI revaluations…

I couldn’t agree the Financial Position (pretty sure it was due to taxes), but both Assets and Equity&Liabilities sections were in the 60,000s. I do recall the Assets being somewhere in the 69.000 region.

This is my 3rd attempt at F7 and it’s the first time I completed the 30marks Q and I feel confident that I passed. And I always pass when I feel confident after the exam, as F7 is the only paper I failed so far.

MCQ 01: Chose D

MCQ XX: This was probably the #2 question. It asked for the valuation of WIP at year end, giving info about the estimated costs to complete and sell. I think this was a trap question, as the WIP was given at year end, so I didn’t include any future completion costs and selling costs and went with the given WIP as year end valuation. But can’t remember the exact figures.

MCQ XX: This was probably the #3 question, regarding provision, contingent liabilities and assets. I chose the legal case with 55% probability of losing and the outstanding environmental cleaning.

MCQ XX: This was probably the #6 question, regarding parent and sub. I was between 3&4 and ended up choosing the option which had both 3&4 as answers, as they compliment each other and just make sense.

MCQ XX: About what characteristics are associated with materiality (or something like that), I choose Nature and Magnitude.

MCQ 20: I was between “Dividend paid” and “employees/directors” but I chose the latter in the end. Surely they do care about the acquired Co’s profitability (dividends)? After all, if they acquire 100% of the Co, they can replace all employees and directors if they wish to…

Consolidated I/S Q… Share Capital 28000, Share Premium 3200
Adjusted the Investment Income by removing the dividends of associates and putting them in the OCI section instead. Also put the additional FV increase (400k?) of the Sub at year end to OCI. Anyone remember the figure they got as Profit after tax and Comprehensive Income?

When are the results out?

I thought you weren’t supposed to include the inventory note for that part of the question? You were only supposed to look at notes ‘ii’ and ‘iv’?

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