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I sat paper based exam.
About q32. I had a PL result to be adjusted from a TB and second part to prepare SFP. I didn’t have enough time. I added back the omitted closing inventory, adjusted result with the finance cost as the loan should have been split between liability and equity component and calculate intrest on % similar without reedemtion rights. There was adjustment for ppe with impairment, bonus issue, for which I used the share premiuim and the rest in the p&l. The same was fir impairment of ppe-partially offset againt revaluation reserve and the rest in the p&l.
Part 2 was statement for changes in equity. Apart from I already said, I deducted the dividends paid.
i had the same q, and did exactly the same things
here there are no more paper based exams….only CBE from now on…It will be same here from June, I think. Did you find cbe to be harder than paper based one? For example, on mcq part, do you really have a choice or you have to fill out the answer by yourself?
I have the feeling CBEs will be harder.no, it wasn’t harder than paper based, i suppose, at least not for F7;
the MCQ was mixture, there were normal q with answers provided and you ckick on the right ones, there were few with blank space for you to fill the answer, there were some drag and drop q, and one to click on true/false or somth like that
i found it much easier for the mini cases, since you have the question details on the left side all the time, as well as for the long q’s. The spread sheet helps a lot for the this exam as it saves so much time to have all the functionality of it instead of doing the calculation on the calc. and transfer the numbers…, plus if you link the cells, then is very easy if you need to make changesi had mini cases for leasing, impairment of assets and revenue/contracts with customers
and the section A was with 20 q, so my seeded q’s were there and not sec B, lets hope that they were the ones i didn’t get right….On the first section c question where adjusting for the p&h does anyone remember 1m worth of sales from parent to subsidiary? Did you have to remove this from revenue and cost of sales to eliminate sale? I think my adjusted profit came to around 2,000.
I found the Swanson question strange, I calculated the gain on disposal at about 3,140 from memory. Then I read the question and it said it was 9,440 I couldn’t work it out. Also I think I should have done a profit attributable to nci / parent but I missed it.
Does anyone remember their adjusted finance cost figure? The consolidated was 960 but Swanson was 1200 so did it leave a positive finance cost or did I go wrong?!This was my 2nd attempt at f7 (last one was in dec both CBe) disposal must be popular as I also had a similar question in December. Was surprised to see a socie but gave it my best shot.
Overall feel like it went ok but it is a very tough paper.Also there was one question in section A I believe which was to do with a lease I think it was asking for the charge to p&l for the year, some answers were 1,080, 360, 720 does anyone remember this?
@vixengard said:
On the first section c question where adjusting for the p&h does anyone remember 1m worth of sales from parent to subsidiary? Did you have to remove this from revenue and cost of sales to eliminate sale? I think my adjusted profit came to around 2,000.I found the Swanson question strange, I calculated the gain on disposal at about 3,140 from memory. Then I read the question and it said it was 9,440 I couldn’t work it out. Also I think I should have done a profit attributable to nci / parent but I missed it.
Does anyone remember their adjusted finance cost figure? The consolidated was 960 but Swanson was 1200 so did it leave a positive finance cost or did I go wrong?!This was my 2nd attempt at f7 (last one was in dec both CBe) disposal must be popular as I also had a similar question in December. Was surprised to see a socie but gave it my best shot.
Overall feel like it went ok but it is a very tough paper.I remember something about intragroup trading, i removed it at full from both revenue and COS as that inventory was sold before the disposal date; i don’t remember how much i got for that adjusted profit…
about the gain on disposal, what you’ve got looks more like it, than 9440… that wasn’t the actual one, why else they will ask us to calculate it if it’s given in the question… i also remember splitting that figure to group and NCI…
about the finance cost, the Swanson one was 1200 but for the whole year, till September was only 1200/12*8=800, that leaves the parent’s finance cost at 960-800=160 or so…don’t remember exact figures..
the second q was alright, even a bit easy compared to the mock exams, i think…
Ok my review for the f7 paper based exam
Part A was simple they asked simple questions and that is go to section for huge boost up
Part B was little harder but not so even tho i do have some trouble with 2 question apart from that it was ok
Part C was very tricky maybe because of my fault in the q31 i messed it up by wrong numbers (which i realized later) and had to redo the whole question twice lol i removed the gains in my question in part b since they asked about removing the affects of disposal and the ratios because of my mistake i didnt focused much on the first line that was saying something like parent sold 100% of shares from sub for 28.56m i didnt touch it i just subtract the ”goods” value from revene and cos and not that i might some errors in not properly reading the first part but hopefully i might steal marks
and that mistake had some affects on my q32 i did all the workings it looked easy but my value didnt matched i think i did error on NCA section but apart from that everything was right so i hope i will steal my marks from there too
There was a otq question based upon taxation ! defered tax on revaluation surplus , a)800 b)1600 which one is the answer ?
anyone remember ?Can anyone from paper based exam tell me what they did in q31?
Did they remove the subsidry and did time apportionemnt as subsidy was sold in september?
If yes that what what was the time apportioanment they took?
@inverter said:
Can anyone from paper based exam tell me what they did in q31?Did they remove the subsidry and did time apportionemnt as subsidy was sold in september?
If yes that what what was the time apportioanment they took?
X/12*8, as it was subsidiary only 8 out of altogether 12 months in that year
I just got that sinking feeling when I realise that I didn’t time apportion the disposal of subsidiary ?
I think I will lose a lot of marks on that, gutted 🙁
I did time apportionment for 9 months i think.
Will i loose lot of marks for it?
about the finance cost, the Swanson one was 1200 but for the whole year, till September was only 1200/12*8=800, that leaves the parent’s finance cost at 960-800=160 or so…don’t remember exact figures..so still negative but very little, hence the massive change in the the interest cover ratio
@vixengard said:
I just got that sinking feeling when I realise that I didn’t time apportion the disposal of subsidiary ?I think I will lose a lot of marks on that, gutted 🙁
that whole section was awarded 4 or 5 marks, so thats the most you can loose about it, i guess
there were 5 or 4 for the gain on disposal
2 for the new ratios and 9 for the comments, you do the mathI am very confused, in my Kaplan study text on page 544 it quotes “In the F7 exam, a 20 mark group accounts preparation question will not include disposals of subsidiaries” However a 20 mark question included a disposal of a subsidiary within group accounts. Anyone else got this question? Thinking of complaining to Kaplan.
i used BPP, but i think there was a similar statement as well
on the other hand that question was more about the parent as a single entity after the disposal.. idkquestion 1 – about principle-based ? what did everyone put ?
question about limitations about ratios ? was the answer ‘they are subject to manipluation’ or ‘they us historic not future data’ ?should impairment reviews be done on assets , every year ?
consolidated companies – dates… was answer ‘within 3 months’ ?I remember a question for a parent considering to acquire a subsidiary and we had to choose which information would not be relevant for them. I chose: key employees and directors.
For the impairment, I do not remember what I picked up, but for sure was not the one saying impairment review every year.
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