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

Exam was a disaster for me. Missed the bus and rain all to gather I am finished.

I found interpretation very difficult. Also I think there was an adjustment needed in Q32’s retained earnings in accordance with IAS 8 (valuation of inventory had changed and this requires a retrospective change)?
I think other questions were okay. Also I got PAT of 2915.

Mcqs as far as i can remember
1-A ratio not used by non profit entities -R0CE
2-goodwill in the consolidated statement: 80000(3.8-3)
3-unrealised profit to be adjusted – 6000 (150000/5 unsold inventory,25% mark up)
4- item not included in the definition of an asset -benefits measured reliably.
5-yearly impairment review- goodwill and patent.
6-which of the following are subsidiaries- i marked option B and C,i opted out option A as at the point of time the parent company held only 40% of the other company, i highly doubt if it’s right.
7-reason for increase in gp margin : option D (debtor going bankrupt)
Section B and C were really tricky for me. Only luck can get me through now.

@aaradhya33 said:
But debtor went bankrupt in December 2008 and I think the gp was of December 2007.
I think that understatement of closing inventory would be correct since it will result in a higher COS and thus lower gp

Wasn’t it understatement of OPENING inventory? If not you’re right.

@aaradhya33 said:
oh my god,the more we discuss the more we lose confidence?

Haha very truee.

@23123fd said:
It was closing inventory, I remember it well

There goes my two marks.

Which one was that I’m not able to remember

Aaradhia33
Yes I had the same thoughts but no one of the answers given didn’t match with what I thought should be proportioned.

@aaradhya33 said:
yes 31 was just hell.
About that PURP,i got answer B)3600

I dont think you have to proportionate it aaradhya. It was a sale from subsidiary to parent.you have to deduct the entire unrealised profit from retained earnings. Which would be 6k. Im prettyy sure about it

@aaradhya33 said:
damn there goes my 2 marks lol

Hehe. Are you attempting any other subject this time?

@aaradhya33 said:
yes suraj, I have f6 tommorow.
what about you?

Oh ya? Ace it. I have f9 day after tmrw. 😀

@aaradhya33 said:
Thankyou Suraj,its just small things of f6 that drives me crazy.
Goodluck with your f9.
Cheers.

Thanks :). Do well.

What about increase or decrease in goodwill by 20.000? Does the question mention overstate or understate of liability? On section b were the two operations discontinued? Does anyone remember the question about capitalisation of borrowing costs? I think i found 10435000. The question about subsidiaries may all answers are right as the company has the right to exercise some options, maybe an indicator of control. Another two theoretical questions am not sure is the one with revenue recognition of combined goods in section b and another one about development costs – research expense over the life of project & capitilasatio of deprecation or neither of two??