[olawepoomo]

AFM exam was okay. Preparatory to the exam, I was already palpitating when I seem not to be able to lift my hands gleefully on the specimen exam questions within the time allowed.
But glancing through the questions, I think God made it simple for me this time around!
I have read all of our comments; we all faced the same dilemma; perhaps made same mistakes, but generally the exam was okay.

I expect markers will be leniet with marks and give us COVID incentive marking

[olawepoomo]

Really thought-provoking exams, somewhat loaded with a lot of tricks. Pray God sees me through IJMN

[olawepoomo]

Passed with 60%. All glory to my Lord Jesus Christ. Back to my practice kits for F8

[olawepoomo]

Oh! I see & now understand. Thank you Mr. Mike

[olawepoomo]

The other option which was marked correct is $200,000 Cr.

[olawepoomo]

Sorry sir for a rather late response. I wasn’t feeling too well.
The answers provided are: 1,160,000 Cr; 360,000cr; Nil-less than 5% probability of returns.

[olawepoomo]

Alright sir. Many thanks

[olawepoomo]

Many thanks for your effort. The year and is Feb.’2015 and the question expressly States that d 1st lease was a finance lease and the second lease agreement is as described above.

I had solved the question the way you did only that I used 1/12×30,000=2,500 and I got N127,000 which I don’t think was part of the option.

Thanks; by your solution, I’ve just reconfirmed I need to deduct initial payment of 120,000 from the FV of the plant.

[olawepoomo]

Yes. Thanks Mr. Mike. No time apportionment in dividend payment & 1c= 1/100. Got that in sir!
But what and this fin lease question
1/3/14- F.V of plant=390,000, implicit interest rate: 10%
1/3/14- 1st instalment payment of 4 years=120,000 was paid
1/2/15- A payment of 30,000 was made for a 1 yr lease of an item of excavation equip.

Qn: Total amt to charge to P or I

I had done this:

Int rate @ 10%= 39,000
Dep. Chg/ annum=97,500
1 yr contract lease=30,000. All of these totals 166,500 and was told it’s actually 154,500

[olawepoomo]

I got negative goodwill too. Quickly added that to retained earnings calculation. Spent over 1hour on mcqs because I was hoping to get my boost from there. I tried my best to show the workings; I did the discounted cashflow in the note of question 3.
I struggled with time; I pray God crowns my effort with success & ACCA magnanimous with marks

[olawepoomo]

Oh! Thank you. I got it clearer now!

And sorry for the nauseating “d’s”

I sure won’t write that way in the exams.

[olawepoomo]

Oh sorry sir. The qn is whr adj shd be made in d records of d sub for d purposes of d consolidation?
I had thought d adj and be (750000/7*6/12). But a answer isn’t there

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