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- This topic has 60 replies, 34 voices, and was last updated 8 years ago by gulrehman.
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- September 7, 2016 at 7:41 am #338488
Q31 was tough, my sofp didn’t balance and it wasn’t a round number because of the loan notes does that mean I did that part wrong?! Also the ROCE I used the total equity and Liabilities figure was there a CL part I should have taken out?!
I’m not feeling confident tbh.
Good Luck everyone!
September 7, 2016 at 7:54 am #338489AnonymousInactive- Topics: 0
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For me Q31 and q 32 were surprising .. they werent hard but needed concept application … Q31 was bit hard for me … MCQ’s were okay …
September 7, 2016 at 7:57 am #338490AnonymousInactive- Topics: 0
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When the paper will be available online ??
September 7, 2016 at 8:19 am #338497MCQ Q3 with the government grant offsetting the non current assets. What adjustment was necessary to repay the grant. Think the question was 90k non current asset with a 6 year life and 30k grant to offset it. Grant returned at the beginning of the 2nd year.
September 7, 2016 at 8:20 am #338498Had the same figure for Sfp-138,600
September 7, 2016 at 9:28 am #338515Regarding Q 31. I removed (700-450) of fraud from receivables and debited to LOSS 250. But did nothing about the other $450000 of fraud. I am not sure I am correct. Something must be done about the $450k. I thing no provision was required about the 50% of fraud. as it does not meet the definision of provision. I think the whole 750 fraud should have been written of as loss.
September 7, 2016 at 9:34 am #338516My SFP did not balance. Q 31 and Q 32 were not hard,but requred as you said concepts application. They were doable, but under the time pressure it is difficlut to concentrate 100%.
September 7, 2016 at 10:34 am #338526In Q31 I have deducted the whole amount of stolen receivables from the Trade Receivables, was that correct?
How did you calculate depreciation for the proprety under lease ? was it October to March 6/12 + 6/12 post depreciation?
How did you show Loan notes in SPF at 40 000 as per face value?
The Dilluted EPS had to include potential loan notes, the
30000 (PBIT)/ 50 000 (Shares as per q) + 8 000 (from loan notes) ? did you get this?
Thanks for comments!
September 7, 2016 at 11:46 am #338563A fair exam for a well prepared candidate but work and the fact that I have no accounting background didn’t help me. I couldn’t figure out how to consider all the adjustments for Q31. I need to get this cleared for my future papers while hoping that I would make it. On to the professional level by His grace as F7 was my last in the fundamental level.
September 7, 2016 at 12:24 pm #338577AnonymousInactive- Topics: 0
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I deducted whole 700 from the profit because i think they discovered the fraud now … liability should be recognised in full when discovered … i hope this is correct treatment …
September 7, 2016 at 1:44 pm #338598To correct receivables fraud:
Dr Opening Retained earnings 450
Cr Trade receivables 450Dr Current year Expenses 250
Cr Trade receivables 250For SOFP:
T.R -7000
R.E-450September 7, 2016 at 2:22 pm #338609This is also what I did.
September 7, 2016 at 2:36 pm #338611I deducted the 700 from Receivables but created a provision in expenses for the whole thing as I thought irrespective of the period, the expense will have to be dealt with in the current year! 🙁
Hope I can pick up half a mark for it!!
Also, what did people get for Q30?? It was the sale and leaseback question. None of my working matched any of the options provided! So just went with A I think!
September 7, 2016 at 3:18 pm #338616What about depreciation question in Q31? I think I got Carrying amount of 32 000 for leased property and 8000 was the revaluation? It should have been split 6/12 pre-revaluation depreciation and 6/12 post revaluation depreciation, is that right? Anyone remembers that ?
September 7, 2016 at 3:24 pm #338619Q31 Dilluted Shares, was it 30 000 / 50 000 + 8000 = 0,51?
September 7, 2016 at 4:17 pm #338630@graf said:
Regarding Q 31. I removed (700-450) of fraud from receivables and debited to LOSS 250. But did nothing about the other $450000 of fraud. I am not sure I am correct. Something must be done about the $450k. I thing no provision was required about the 50% of fraud. as it does not meet the definision of provision. I think the whole 750 fraud should have been written of as loss.Loss as a result of fraud for the previous year only should be deducted from the retained earnings I suggest.
September 7, 2016 at 4:54 pm #338635Q 31. I split property and plant. Property cost b/f was 75k – 15k accumulated depn (5 years of 25 years). Revaluation took place half way though year to 66.3m (weird number) then depreciated 6/12 at 3k plus 6/12 at 66.3/20 remaining years. Pretty sure this is wrong but gave it a crack. I tried to break the conversion loan into liability and equity so was like 40m so 2.4m * DF ??? for 2 years plus the 42.4 in final year? equity was balancing figure. Again my SOFP didnt balance but think that deferred tax messed me up.
Multiple choice were fine if you knew your standards.September 7, 2016 at 6:43 pm #338747@rangeuk said:
Q 31. I split property and plant. Property cost b/f was 75k – 15k accumulated depn (5 years of 25 years). Revaluation took place half way though year to 66.3m (weird number) then depreciated 6/12 at 3k plus 6/12 at 66.3/20 remaining years. Pretty sure this is wrong but gave it a crack. I tried to break the conversion loan into liability and equity so was like 40m so 2.4m * DF ??? for 2 years plus the 42.4 in final year? equity was balancing figure. Again my SOFP didnt balance but think that deferred tax messed me up.
Multiple choice were fine if you knew your standards.Did the same and balanced. Maybe your deferred tax was off
September 8, 2016 at 3:30 am #338876My calculation is nbv b/f is (75K-15K) 60k -1.5k(half year depreciation)
then i get 58.5k nbv and revaluation to 66.3k .so my revaluation surplus is 7.8k.
For another 6 months depreciation I’m use method time apportionment
(20 x 12 mth-6 mth) =234 month .That means my another half year dep amt is 1.7k
(66.3/234 mths x 6month)September 8, 2016 at 8:04 am #338935I showed loan notes as following:
40 000 *6% =2400Dr Finance cost 2400
Cr Conv Loan note 6% 2400in SFP
dedicted from Ret ears 2400
NCL
Loan note 6% 42 400September 8, 2016 at 8:20 am #338942Hi Mandy, I did the same
September 8, 2016 at 8:25 am #338944@f4notes said:
In Q31 I have deducted the whole amount of stolen receivables from the Trade Receivables, was that correct?How did you calculate depreciation for the proprety under lease ? was it October to March 6/12 + 6/12 post depreciation?
How did you show Loan notes in SPF at 40 000 as per face value?
The Dilluted EPS had to include potential loan notes, the
30000 (PBIT)/ 50 000 (Shares as per q) + 8 000 (from loan notes) ? did you get this?
Thanks for comments!
I showed loan notes as following:
40 000 *6% =2400Dr Finance cost 2400
Cr Conv Loan note 6% 2400in SFP
dedicted from Ret ears 2400
NCL
Loan note 6% 42 400September 8, 2016 at 8:32 am #338948@f4notes said:
In Q31 I have deducted the whole amount of stolen receivables from the Trade Receivables, was that correct?How did you calculate depreciation for the proprety under lease ? was it October to March 6/12 + 6/12 post depreciation?
How did you show Loan notes in SPF at 40 000 as per face value?
The Dilluted EPS had to include potential loan notes, the
30000 (PBIT)/ 50 000 (Shares as per q) + 8 000 (from loan notes) ? did you get this?
Thanks for comments!
Diluted EPS
earnings + notional earnings / shares plus notional shares
notional earnings = 2400-480= 1920
(40000*6%) = 2400 this is saved if loan is converted (because no need to pay 6% )
less tax on that saving (2400*20%) = 480notional shares i also calculated but do not remember the number
September 8, 2016 at 8:44 am #338953@graf said:
Diluted EPSearnings + notional earnings / shares plus notional shares
notional earnings = 2400-480= 1920
(40000*6%) = 2400 this is saved if loan is converted (because no need to pay 6% )
less tax on that saving (2400*20%) = 480notional shares i also calculated but do not remember the number
Graf, but the profit given in the question is before paying any interest,so deducting the interest of the loan notes proceeds would be wrong, no? Was it 30 000 before any interest and tax charges?
September 8, 2016 at 8:46 am #338954What about revaluation surplus, was it 7800 * 30% + 10 000 * 30% (given per qustion) = Total revaluation surplus, right?
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