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Active 9 years ago
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  • June 18, 2016 at 6:58 pm #323418
    mysterymarios87
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    Hi maxkhoon…I only used opentuition notes and kaplan exam kit. I also bought the study text but i never used it during my studying. I believe the notes are more than enough.

    June 14, 2016 at 4:32 pm #322901
    mysterymarios87
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    Kaplan study text has around 800 and the revision kit around 550

    November 23, 2015 at 10:43 am #284701
    mysterymarios87
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    Ok John thank you!

    November 23, 2015 at 10:19 am #284697
    mysterymarios87
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    I think after that you also need to discount the 65.000 to the present as the first receipt will be in one year’s time?

    December 8, 2014 at 4:03 pm #219433
    mysterymarios87
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    My thinking was that 2500 is an opening balance for Deferred tax which after the RR tax and the temp differences tax addition it would become a closing balance of 6900.

    December 8, 2014 at 1:29 pm #219378
    mysterymarios87
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    My workings on Question 2 (Possibly wrong as i did not add back 1800 on the redraft statement)

    Loan notes: 29000
    Less:Interest paid (1800)
    Add: P&L 29000*9% 2610
    Total: 29810 (BS)

    Depreciation & Revaluation
    Asset Land Building P&E
    Cost 5000 50000 58500
    Accum. —- 20000 34500
    Carr. 5000 30000 24000
    Reval. 8000 39000 —-
    Deprec. —- 2600 3000
    Carr. 8000 36400 21000

    Revaluation Reserve 12000
    Less: Def Tax 12000*20% (2400)
    Balance 9600

    Deferred Tax
    Balance 2500
    Add: RR Tax 2400
    Add: 10000*20% 2000
    Total 6900 (BS)

    Tax Charge
    Provision 2400 (BS)
    (Over) Provision (1100)
    From Def.Tax 2000
    To P&L 3300

    Redraft statement
    Retained Earnings 17500
    Add back: Issue costs 1000
    Deduct: Interest (2610)
    Deduct: Depreciation (2600)
    Deduct: Depreciation (3000)
    Deduct: Tax Charge (3300)
    TOTAL 6990

    Balance Sheet
    PPE 65400
    Current Assets 68700

    134100

    Equity & Liabilities
    Share Capital 40000
    RR 9600
    RE 6990

    Non-Current Liabilities
    Loan Notes 29810
    Deferred Tax 6900

    Current Liabilities 38400
    Tax provision 2400

    134100

    Balance sheet agrees but still i think the 1800 should be first added back to Retained earnings and then deduct the 2610. Or just deduct further 810.

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