- This topic has 87 replies, 44 voices, and was last updated 9 years ago by
.
- Posts
in Q32 did any one used the profit for the year to divided into months that is 9 months pre & 3 months post for the good will & the retain earnings
@seannyd said:
Hi, my response below:
For the mcq regarding development costs – I can’t remember the exact question but I recall 3 years in the question, were the development costs $1600 amortised over 3 years thus $533?1 – I had 6400 i think. 100K – discount – £5K transaction cost @ 8%
2 – yeah credit 4290 i think
6 – same
9 – same
10 – receive 2500 cash 1500? think it was A
11 – 3 options, think it was D (present, probable, reliable estimate)
12 – A was a sub, think i worked it out as it held 144 of 280 votes, which is more than half. the other wasnt as it held 45% regardless of whoever doesn’t challenge themCant remember the rest, Section b was ok. Interested to know other thoughts.
Sean
One observation made on this paper is that it was very similar to the one for December 2016. The last two questions were based on Group Accounts (consolidation) and Interpretations in March 2017. This was very similar to the arrangement in December 2016 where we had a question on consolidation and interpretations.
Could it be that ACCA decided to repeat the question arrangement because students did not perform well in these two areas?
Musa
I picked 56,500, wasn’t it FV less cost to sell which were 2% sales tax and $1 per one sold?
@seannyd said:
I picked 56,500, wasn’t it FV less cost to sell which were 2% sales tax and $1 per one sold?I chose 47000 which is carrying value because under prudence we can recognise profit when it is sold but loss we have to recognise immediately.
I am not sure if I am right.
@fashola94 said:
For agriculture I chose 57,000
For provision, I marked probable, present obligation, reliably estimated.i choose that option aswell it was option (c) I think
@fashola94 said:
Hi
Got 7000 for my goodwill..
32,000 shares consideration
15,000 for loan note
9000 for nci
Fv adj 4000
Shares 20000
Retainee earnings cant rememberi got goodwill of 7000 aswell
I can’t remember the wording of the question (agriculture) but this was one which I identified as being unsure about – I was stuck between two options. Anyone remember the development costs question? We were meant to amortise over the useful life of 3 years ? Can’t remember exact wording..
I think i put 500K for that, wasnt it 1.5m in development, and was being sold over 3 years?
Yeah that’s what I thought. Not sure if there was anything else in the question that we missed ?…Hopefully not !
- The topic ‘*** ACCA F7 March 2017 Exam was.. Instant Poll and comments ***’ is closed to new replies.