[jamesrob90]

Yeah I had the same paper as you ..
The deferred tax part of question 1 was tough I agree.
I went for investment property too with the lease, the ethics one was quite straight forward. Feel like I answered similar to you guys
Hopefully done enough !

[jamesrob90]

It was tough but could have been a lot worse!
I had the group question on consideration and share payment then which was difficult then calculating the NCI and Goodwill which was ok. Deferred tax was in here too which was horrible
Then the ethics question on the guy who transferred funds to an overseas bank account to fund his own expenses which was straight forward (intimidation, lack of competence ethics dilemma) rambled on about Acca ethics and the need to comply etc
The question on infinite intangibles was tough, what did people write for that ?
The management commentary one was quite straight forward I thought – all about giving context to the user from management on performance etc on the issue is management bias and lack of governance from IFRS on commentary.
Last one I had was the lease one, as it was an operational lease the rrisks and rewards stayed with the original company and a had the lessee using a right to use asset with a lease liability
No questions on groups such as step acquisitions and disposals or foreign acq which I studied the most!!!

[jamesrob90]

For relieving the loss, could they use early loss relief on fifo basis ? So carry back to three years..
For the Carmen one, I think she got tax relief on letting the house out as shared occupancy ? First £7,5k tax free ? That was the main extra income saving

[jamesrob90]

33,333 I think I got (5/12 * £80k) as a capital allowance

The loss I can’t remember .

Anyone have the IHT with the aunt living overseas ? Does she still got nrb ? I put yes and no rnrb in calcs

[jamesrob90]

See for the cap allowances one did you have to do 5/12s of the £80k ?

[jamesrob90]

Tough one! The losses question threw me a bit- I went for FIFO from three years back. But I think there was a lot more to it that I have missed since both parts was 18 marks.
One on capital allowances over rental was ok.
Though the overseas one of whether to go with subsidiary or PE was difficult.

Will be tight!

[jamesrob90]

Thanks Jon – yeah was the UK version. With everything going on in the tax world in the UK I wasn’t sure if there were any changes,

James

[jamesrob90]

Hi – I did watch them but still a bit unclear, Thanks

[jamesrob90]

Yes

[jamesrob90]

Does anyone remember if any of the directors had a financial experience, i touched on this a few times but my page also froze at the end so couldn’t go back and check it all. I also suggested NED on the board, would we this be a suitable recommendation ?

[jamesrob90]

Anyone get the question about what gives the most accurate IRR using any two discount factors – 10,15,20 and 25 per cent. Which discount factors is the answer ?

[jamesrob90]

@tropicalesramel said:
i answered mine like this, 65 x 8.00 = 520
20 x 7.50 = 150
Total 670

I don’t know if its correct

I would have thought you needed to deduct the £1.50 costs to sell from the £7.50 to get NRV, so should be £6x the 20 defected ones. Maybe wrong though!

[jamesrob90]

One that got me was 85 items in inventory , 20’are defects so will be sold at 50% of their selling price. Selling price £15 , costs 1.50 to sell and cost of the items 8 . What’s the value of inventory, anyone get this ?

Am sure I done 65 x 8 -£520 then added on £6 x 20 – £120 to get £640

Is that correct ?

[jamesrob90]

Some similar yeah. Did you get 15000 x 3.5 for the proceeds of the right issue shares, and put £2.50 x15000 into share premium in the statement of equity ?
Does the gain from the property go in reval surplus in that statement then get transferred to retained earnings ?

[jamesrob90]

Section A I found quite difficult. Had a horrible lease and financial instrument question for section B. Section C a bit better but in the ratio one I couldn’t get the roce ratio. Do we include goodwill in total assets ? Wasn’t sure how to comment too.

Also section c I got the construct a profit loss statement from a trial balance which was ok. But I did have the company at a loss so makes me think iv missed something

Will be tight!

[jamesrob90]

I answered the Profit Table question the same although I made a mess of the selling price. Do you still get a lot of the marks even if you use the wrong selling price but follow through the workings correctly and laid out the table correctly ?

@ranganaherath said:
And for the profit table it should be demand vs supply right?
Supply
Demand 3000 3500 4000
3000 xxx xxx xxxx
3500
4000 xxx xxx xxxx

And also the profit should be the same if the supply was 3000 for all 3 demand levels and if supply was 3500 it should be the same for 3500 and 4000 demand level but for 3000 demand the costs should be reduced

Did anyone use this approach for the profit table?

[jamesrob90]

Hi – Quick Question.

Do we include indirect Labour when calculating the TPAR Ratio for Costs per Factory Hour ?
Thanks

James

[jamesrob90]

Did anyone have the section A relevant cost question on staff not doing overtime in protest, lost contribution was £40, I wasn’t sure where to add the employee wage on to this? Should this be ignored as it is a committed cost that will be paid anyway ?

[jamesrob90]

My section C was very difficult. Had the profit table/EV one and the transfer price one. Could not work out the transfer price at all, it said cost of the full box plus 20% mark up but I couldn’t work out the full cost of the box!!

[jamesrob90]

Hi,

Does anyone have the Mock One and Two Exam Answers for PM1 on Kaplan ?

Do you know where to find them?

Can’t see them.

Thanks
James

[jamesrob90]

I had the employment income for section c. Thought it was ok, the loan, home
entertainment and car benefits were quite straight forward. Was the capital allowance just the full amount in the question? I didn’t take 18% due to AIA, Did you have the diesel car at 36%? I messed up with the interest!
Did anyone have the Q where one company transfers an asset to another where it owns over 51%, and you were to calculate the capital gain. Do you use the market value when it was at company one or when the new market value now it is owned by company two ?

[jamesrob90]

I thought it was ok. The chauffuer one was tough, I guessed £350(took the higher cost of each). I had the Partnership one for whether it was beneficial to incorporate as a company. This question was good, just had to work out their income tax on their salaries/dividend, NIC on the male, then corp tax – I had the company being less – did anyone have that ?
Think I made a mess of the Sofia Automatic UK Residency Test – where any of the two of them residents ?
Struggled with the losses on the four subsidiary groups – two had different month ends I am sure and one was under 50% so I said zero for that company.
I had a lot of capital gains – one the holdover relief gain deferred I got was £13,000.
Didn’t have a lot of trade losses or overlapping profits questions so that was a bonus.
The IHT question was on the 1.5m death estate was ok.

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