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@nathan488 said:
Yeah that’s what I did! ^^^Profit for the year I got something near 16000
Total comprehensive income I got somethinn near 21000
Of course both ($ 000)
I only remember the thoudsanth. Forgotten the hundredth, tenth and units.Sorry.
The MCQs were very tricky. Trust me. And what the hell is contingent consideration.
Of course I managed to wrote three lines using my logic and they were right. Nonetheless… never heard of it.
The ratios question was not difficult but due to lack of time I answered only parts a and b.
Either the Section B or Section A has to be reduced. Or give 3.5 hours.
Actually, i was shocked on how easy the MCQ was, and the paper in general.
MCQs:
Example. One EPS we have to calculate the rights issue fraction and the Theoretical Ex-Rights was actually given, i couldn’t believe it and thought i was imagining things and calculated it my self any and i matched..
My paper, No leases , No cash flow.
The 2 big questions, i couldn’t hope for something better, No published accounts , interpretation the examiner guides you to calculate six ratios and just six. No NCI, GOODWILL , NON- CURRENT ASSETS, EQUITY , LOANS , INVESTOR, REVALUATIONS NOTHING AND NO COMPLICATED STORIES. only liquidity and profitability ratios to do and analysis. You get six marks just for calculating those six ratios!
Consolidation, I do better with SOFP, but a common a simple SOPL with NO ASSOCIATE, and btw i didn’t have it the exam as well. NO INTER-CO LOANS, INTEREST ETC THE TRICKY ONES, just so straight forward.
It could have been a lot lot worse,
It was ok actually much better than my previous attempt.Could have done more better with more past paper practice.
The exam overall was balanced as it should be.Some MCQ,s were tricky and some were difficult.In Q31, was the Inventory days for the year 2015 – 206 days?
And in Q32, as there was a deferred consideration, we do consider unwind amount in finance costs right?
i prepared the consolidation with the wrong method (apportioned everything by 80% when it should’ve been 100%) 🙁 I hope it doesn’t affect my marks tooo much
Hello,
The MCQ with goodwill: 20000 and amortisation of an asset. What was the correct answer? 20000+1000 amortisation?
i did the same… i apportined everything by 80%, instead of by 9/12
And I deducted URP from COS, instead of inter-company trading
I do not remember the figures exactly, but that what I did for Q32, I apportioned by 3/12 – period from acquisition date to statement of financial position date. (just hope it’s gud :S)
I deducted inter co sales from revenue and added it to cos. URP was sub to seller, I deducted it from cos. Unwinding of discount, I added to finance costs.Someone plz confirm the apportionment 3/12 or 9/12.
Thanks!!
I think apportionment should have been 3/12 as didn’t they aquire 1st July and y/e was 30th Sept?
I deducted inter co sales from revenue but I also deducted from COS too and added the PURP to COS which i now think is wrong.
What figure did people get for the unwinding of the discount to be added to finance costs??
@rampll07 said:
I think apportionment should have been 3/12 as didn’t they aquire 1st July and y/e was 30th Sept?I deducted inter co sales from revenue but I also deducted from COS too and added the PURP to COS which i now think is wrong.
What figure did people get for the unwinding of the discount to be added to finance costs??
It is all correct.
Yeah u re rit. Did exactly same. Guys please can anyone confirm mcq2 goodwill amount.? And that mcq with options of increase in 40000 200000 n goodwill remains unchanged what did u guys do? Then in section b I faced difficulty in impairment charge mcq went for something like 175k or 75k. Also in financial instrument part section b it was an mcq of treatment of redeemable debt n debt component of convertable loan please share ur answers guys thanks 🙂 been very tensed coz of these so many doubtful mcqs
FOUND THIS IN THE ASK THE TUTOR SECTION. PLEASED ABOUT THAT THEN AS THAT’s WHAT I DID……….
If subsidiary sells $6000 worth goods to parent and then sells $5000 of it to a third party. do we deduct 6000 or 5000 from the revenue? also will URP be 1000?
| QUOTE December 5, 2017 at 5:57 pm
MikeLittle
Keymaster
We cancel the FULL amount of the intra-group transaction from both revenue and from cost of salesWe calculate the PROFIT ELEMENT of the remaining $1,000 and add that unrealised profit to combined cost of sales
Hey guys, will start up an unofficial mark scheme to help everyone out, feel free to quote this and add to it. Will be in random order as can’t remember all
Of
Them1) which IFRS/ISA is not relevant to not for profit/public sector
– I put EPS
2) goodwill of acquisition (key part here was to add 6/12 of profits to retained earnings) rest of the Q was straightforward
3) was this the EPS one? If so I got 0.24 X5 and restated amount of 0.18
4) contingent liability already recorded in consideration of 200,000, how much should be recorded or adjusted in goodwill?
I put increase of 200,000 just as I felt no change would be too easy.
5)
6)
7)
8)
9)
10)
11)
12)
13)
14) two statements, which are correct, i went with 2) only which was uniformity is required for better compatibility.
15) correct costing methods for an item of plant, main deterrent here was the correct realisable value. There were two £250 expenses (one for selling costs and one for modification costs) I only included one of them since it’s the value to sell minus process costs.Feel free to add from here, otherwise I’ll be here all day!
Selam guys the fixed asset bv,cost & realizable value question 10,000 40,000 & 12,250
Initial cost of asset the test product sold is that to be deducted from z cost?
What about the revalued asset is it 11m?-Was the equity component in mcq 0.386?
-And was the carrying amount after depreciation and revaluation 11,000 in one of those mcqs?
-And gearing ration is for examining bla bla?
-And was the finance cost of preference shares 0.15?
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