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So it’s possible to adequately cover both in 7 weeks? I’m especially nervous considering I’m self studying, but would really consider it a waste of a session if I sat just one paper this June.
I usually like to solve the revision kit 3-4 times per paper, but I’ve never tried sitting 3 together, it’s quite a task! I’m hoping I’ll manage to work each one out at least twice (and that that will suffice!). In any case, I’m highly looking forward to your guess.
Thank you for your reply!
Last minute jitters’ve got me running through the revision kit again, but I feel more confident after seeing your reply, thank you!!
Plen,
I skimmed through the text today and saw what you meant, there does appear to be a lot of practice needed! I do like the idea of preparing for an extra paper in advance to sit for the dec session, I guess i’ll stick with just the two for now.
Thanks for the advice 🙂
That’s what I’ve been doing now, I guess I’ll continue with that then. I’ll probably speed read through solutions to the pilot paper and through the Framework from BPP. Thanks, Mike!
sorry, i’m new to open tuition, thought they were two separate forums altogether!
Are you studying off BPP?
Anyway i posted this in the Ask the Tutor group (https://opentuition.com/groups/ask-the-tutor-acca-f7-exams/forum/topic/help-%E2%80%93-minster-cash-flows-dec-06-bpp-q80/), and got this answer:Quote:valentinat171 said 4 hours, 30 minutes ago:Oh, I see. I’ve just looked at it and this is what I think.
the PPE-carrying value working you are looking at starts with the opening balance of 940. This is at 30 September 20X5. The mine was purchased on 1 October 200X5, that’s why they added it.
hope it helps.
ValentinaIt makes sense now; the provision wasn’t a cash outflow, and therefore was segregated in the ledger account so it wouldn’t be included in the cash flows from investing activities. At least, that’s what I understood from it.
Ohh I see that now; I figured it’d be included in the acquisition cost of the mine, but it seems they’ve segregated the provision balance to calculate the discount unwound plus exclude it from cash flows from investing activities, didn’t think of that.
Thank you! 🙂
@valentinat171:
thanks for your reply!
But that wasn’t quite what i was confused about. In the question, it clearly states that the costs have already been included in the carrying value of the mine (already shown in the SOFP), so why is the $150,000 added again in the asset ledger account? It’s this re-treatment of the cost that I don’t follow!