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I didn’t even think about it for a loss. I thought SSE whilst reading then saw loss and just deafaulted to thinking Group Relief/Gains Group.
Oh well. I think that only counted for a few marks in part a!So thinking about it the Substantial Shareholding Exemption will apply. But I’ve never seen this examined in relation to a loss so didn’t consider it during the exam. I did a lot of past questions – every SSE was about a gain.
Very tough exam. I also felt a lot of it was quite niche.
The sale of a company at a loss really flummoxed me. My last exam so I just want the pass, don’t care about the score!That was a pretty tough exam.
I messed up the HFS part in question 1 as I couldn’t remember whether to consolidate or not so just showed net assets held for sale on SOFP.
Hopefully that won’t lose me too many marks as feel the rest went okay.I found P1 to be the most time pressured exam I have sat, and I did a lot of practice questions in my revision stage. I think it’s difficult to replicate the pressure in the exam hall. I’m hoping I didn’t waffle too much and picked up enough marks to avoid a re-sit!
Thanks for taking the time to reply.
Those were precisely my thoughts. I’ll start studying P 3 straight after P1 and fingers crossed I get it all done first time around!
Thank you very much for taking the time to reply John.
I was hoping that would be the case, I have been practicing laying out my workings clearly. As I have a habit to get ahead of myself.
It was just very confusing when marking my work against the model answers. Especially where the model answer had rounded down a 0.5…figure!
Thank you once again.
I thought some of the multiple choice questions were really tricky, not particularly nice wording.
Had a lot to write on the 3 written questions – but we’ll see if the examiner liked my points!