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how are you guys getting your results??? i haven’t receive any text message from ACCA on to now 🙁
Awaiting P3 results….. I don’t think I got it but there is this thing called hope that keeps saying what if you did…..
If you studied you would have passed. This exam was not a difficult one. If i fail i would be very upset as i knew what to do but its the difficulty in relating it on paper. I did question 2 and 4 for the option sections. However, question two gave a bit of a struggle like Ratim just could not make up his mind as to what he really wanted to do with his accounting life.
Question 8 had given the percent completion – it took the full contract price less the contract cost. The profit figure was then prorated based on the percent completion. Working one where we calculate the attributable profit, the prorated profit was deducted from the revenue recognized for the period. That figure was the balancing figure which was the total cost for the period.
If I take the percent of total cost that figure does not agree to that above.Was I clear? Please do let me know.
That’s what I am not t sure of – is it that when she gives the percent then you use the balancing figure approach??? Or is there additional information I should be looking for???
The difference I noted was that one question (#8) gave you the percent completion and the contract price was fixed. This question used the balancing figure approach.
The other question (#7) you were required to calculate the percent completion. The company recognizes profits on uncompleted contracts on the percent of completion basis as determined by the agreed work to date compared to the total contract price.That’s cool – would you be answering other questions today? Because I posted two more questions under the same 8 Taxation topic for questions 5 & 9.
Respectfully
ShamelaOh so basically instead of accounting for it separately we net the two balances off?
Thanks its clearer now
The income tax amount was a credit balance in the question Sir. I looked at the examples we worked during the lectures. The question Jurgita’s where we accounted for deferred tax on the accrual basis to bring the financials to most accurate state. Then in the following year expense it out.