[tammi]

I guess the journal entries are dr liability cr cash, not sure though 🙂

[tammi]

Hi there,

I guess the exam (F4 ENG) was OK, not really difficult, it was possible to include more difficult topics but there was not any such topic. Though I do agree with the above posts, the first question (part a) was not quite clear what answer was expected by the examiner, I tried to show the whole system of courts and also mentioned which cases could be binding according to the hierarchy of the courts.
The last question was also unclear regarding directors, I wrote something about directors, de facto directors and shadow directors, also spoke about the liability of a disqualified director, fraudulent and wrongful trading (though noted that a question didn’t indicate whether the company went insolvent or not)
The resolutions were tested (all kinds :D), I did not like this part. I don’t think I made an excellent answer but I think I passed this question.

There was no treasury shares and bribery examined and don’t remember also anything regarding auditors (I was expecting questions on these areas :D)

So hoping for the best wish you all “pass” and good luck 🙂

Regards,
Tammi

[tammi]

Is anyone studying F4? 🙂

[tammi]

Dear invincible1,

I guess your Kaplan book comprises of Study Text and Revision Kit, then it will be enough, opentuition course notes will also help you in your studies. Practice as many questions as possible, it will help.

Good luck,
Tammi

[tammi]

Dear sangria9,

The answer is D.

I agree that the revenue is 90,000, but regarding profit you have taken only closing inventory into consideration and not the increase of the revenue.
The gross profit is: 20,000 + 10,000 – 5,000 = 25,000
Gross profit percentage: $25,000 / $90,000 = 27,8%

Hope it helps 🙂
Warm regards,
Tammi

[tammi]

Hi mxo,

Could you please provide the whole question or otherwise it is impossible to answer your question.

Regards,
Tammi

[tammi]

Hi there,

As you know when treating the irrecoverable debts you make credit entry in the receivables account but with doubtful debts you don’t make any entry in the receivables account. This means when the doubtful debt is paid, the receivables account will be credited as the payment is received.

Hope it helps,
Regards,
Tammi

[tammi]

Hi umairarif ,

One of the advantages of perpetual inventory is that there is the inventory that is needed, not excessive for some lines and insufficient for others.

Hope it helps,

Regards,
Tammi

[tammi]

Hi tammiehy ,

Audio and video lectures cannot be downloaded, you are supposed to listen to them on the site.

Regards and good luck in your studies,
Tammi

[tammi]

Hi Jonesqe,

I have copied the following from the ACCA website:

“You are eligible to sit a maximum of four papers in a six-month cycle, in any combination of computer-based and paper-based exams. The cycles are:

1 February to 31 July
and
1 August to 31 January

If you wish to take computer-based exams, please indicate this on your exam entry form each session. You can then enter to sit the balance of your four exams at the paper-based session. For example, you can enter for F1 and F2 by CBE and then elect to sit F3 and any one paper from F4 to F9 at the paper-based session.”

Regards,
Tammi

[tammi]

Hi Enes,

Wrong forum, still I will advise you to check OT notes for the examples.

Regards,
Tammi

[tammi]

Hi Jane,

You are asked to calculate the opening stock for 2005 Dec. but at first you should find out the op. stock for 2006 Dec.
2006
Sales 240,000
Cost of sales: 160,800
Gross profit: 79,200
Op. stock = 160,800 + 51,000 – 170,000 = 41,800
2005
Sales: 200,000
Cost of sales: 128,000
Gross profit: 72,000
Op. stock = 128,000 + 41,800 – 136,000 = 33,800

Hope it helps, if you have any questions, feel free to post.
Regards
Tammi

[tammi]

Good answers! Still I will add opportunity costs as well. For more details on relevant costing check OT notes of F2.

Regards,
Tammi

[tammi]

Hi rafay04,

The errors were:
1. Irrecoverable receivable/debts do not decrease sales revenue, it is an expense and is deducted after the gross profit is calculated. Correction: 20,000 should be added to sales revenue.
2. A return outwards of $5,000 had been wrongly posted to the sales returns account. This error resulted in decreased sales revenue and overstated purchase. Correction: 5,000 should be added to sales and deducted from the cost of sales.
Sales revenue = 700,000+20,000+5,000 = 725,000
Cost of sales = 400,000-5,000 = 395,000
Gross profit = 330,000
Gross profit margin = 330,000/725,000 x 100 =45.5%

Regards,
Tammi

[tammi]

Hi there,

You are right, the source of funding is overdraft to support the receivables and the cost of the overdraft is 8% per year.

Regards,
Tammi

[tammi]

The answer is 15,000

The allowance for receivable for 2006 is: (517,000 – 37,000)* 5% = 24,000

The decrease in allowance (39,000 – 24,000) will increase the profit.

Warm regards,
Tammi

[tammi]

Hi Albertnow,

Of course calculators are allowed, but only simple and scientific calculators.

Warm regards,
Tammi

[tammi]

Hi eeebonita,

Why don’t you read OT notes or watch the videos, please ask any specific question you may have after studying it.

Good luck,
Tammi

[tammi]

Hi Hussein,

Is this question for a tutor or for a fortune-teller 😀

[tammi]

Hi andrewmark89,

Unfortunately, the video lecture on Chapter 13 is not uploaded yet. If you have any questions about bank reconciliations and suspense accounts, feel free to post it here.

Warm regards,
Tammi

[tammi]

Hi student 14,

Then start learning it and spend all available time on it. If you have any specific question, feel free to post it on the forum.

Best wishes,
Tammi

[tammi]

Hi habib,

Your question is not clear to me, if you mean the dates for December exams then the exams are between 6-15 December. But if you mean something else, please make your question more clear.

Thanks and regards,
Tammi

[tammi]

Hi dariadim,

I cannot be a gay, I am a female 😀

Just joking, you are welcome 🙂

Best wishes,
Tammi

[tammi]

Hi Fraufreda,

Thanks for noticing it and posting here, Admin will fix it. 🙂

Best wishes,
Tammi

[tammi]

Hi Deeno,

Here are the answers to your questions:

1. Exam Cycles for CBE: ACCA offers two six monthly cycles for taking exams:
June cycle: 1 February to 31 July (including June paper-based exam session)
December cycle: 1 August to 31 January (including December paper-based exam session)
In each of the six-monthly cycles, you will be able to sit a maximum of four exams by paper based or CBE method.

2. You can find a person who sells “secondhand” books or you can post here:
https://opentuition.com/groups/buy-or-sell/forum/

3. I had no accountancy background and passed all 3 papers with more than 80 marks for each paper.

Good luck,
Tammi

[Author]

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