*** ACCA F7 June 2017 Exam was.. Instant Poll and comments ***

I found Section C Q32 with the P&L, SOCIE & Cash Flows a little too simple – like I’ve missed loads of things out? All the practice questions/examples I have seen have been a lot more complex with more/trickier adjustments. Seems too good to be true!

@kerrimcm1 said:
I found Section C Q32 with the P&L, SOCIE & Cash Flows a little too simple – like I’ve missed loads of things out? All the practice questions/examples I have seen have been a lot more complex with more/trickier adjustments. Seems too good to be true!

Did you get a negative profit? excluding other income?

I got 200 profit on disposal for subsidiary.
I highly doubt I got the right answer

I’m really not sure how I felt about this.

Section A was alright, so was B but I am not sure about C at all. First part of Q31 (4 marks) was not nice for me personally but really hoping I managed to claw some marks back through the second and third part.

I found Q32 ok but there was a few things I may have classified incorrectly. Hoping for at least half!

I didn’t do that part as it was only 3 marks and there were a few MCQs I wasn’t 100% sure about first time so I went back to those instead. My timing still needs to be better!

added to ytd expenses less $1m invoicing to get Asset..

I did operating activities – add back depreciation and remove gain
Financing activities – added loan notes and removed removed issue costs and something else – can’t remember as all a bit of a blur now lol

No long question on Consolidations.. spent so much time on it and Associates

Anyone remember what they put down for their mcq’s answers ?

Enhancing characteristic: comparability ?

Section c – main complications

Interest in tb on the loan notes was at the lower amount so we had to deduct it and add in the correct rate interest by multiplying by the net proceeds of the issue. Investments in tb included 200 gain which you has to split out and report under other comp income as it stated in the question but 100 related to other increments which was to be reported after operating profit. The issue costs of the loan notes were charged to admin exps which had to be recharged to finance costs I believe. The 3.5m gain on properly gave rise to excess dep’n which was to be charged to cost of sales. The net figure was to be reported in other comp income as the gain. In statement of equity excess dep’n transfer was required.

I faced timing issue, I spend lot of time in understanding questions. Sec A & B were easy. Q31 I spend some times to understand a) question.

…

I didn’t split out the results of the subsidiary because it didn’t say anything about the loss occurring evenly/not, nor when the goodwill was written down.

I did talk about it quite a lot though and how it may have effected things, also brought in how the gearing had been lowered.

For the profit/loss on disposal I worked out a profit of c800k (I think). I worked out the goodwill at acquisition, then did the value of the subsiduary at acquisition as what it cost, took off half the goodwill for the impairment, added the revaluation and took off the post acquisition loss. That came up with a figure about 800k below the £9m they got for it I think.

Not entirely confident that was right but we will see.