Forums › ACCA Forums › ACCA FR Financial Reporting Forums › *** ACCA F7 September 2016 Exam was.. Instant Poll and comments ***
- This topic has 60 replies, 34 voices, and was last updated 8 years ago by gulrehman.
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- September 8, 2016 at 9:03 am #338959
I thought convertible loan notes have to be split between equity and liability. Has anyone done that?
September 8, 2016 at 9:51 am #3389696% Convertible loan $40m and directors pushing for 8% etc…
Interest rate of 8%
Yr 1 0.93
Yr 2 0.86
Yr 3 0.79Split the Equity component 1st:
$40m X 6% X (0.93+0.86+0.79) =$ 6,192
$40m X 0.79 =$31,600
Total =$37,792
Equity share component =$ 2,208 (goes on your Equity in S of FP)
Total Convertible Loan =$40,000Now for interest and LTL loan:
6% Loan $37,792
add 8% interest(37,792 X 8%) $ 3,023 (deduct from your S of P&L)
Total $40,815
Pay (6% X 40,000) ($ 2,400)
Total LTL Loan $38,415 (goes in your LTL in S of FP)Anyone struggling with this stuff just follow Mike Little’s lectures and revision on this website.
September 8, 2016 at 10:40 am #338981Thanks …Chester
I did same with your answer.September 8, 2016 at 10:46 am #338983That is what I did as well, but most people seem not to have bothered with splitting…ahh relief
September 8, 2016 at 10:56 am #338992any one still remember the question 31
is regard the deferred taxi get the tax relief for my SOPL
is it true ?and my SOFP is
deferred tax asset $2400 under current asset
is it correct ?September 8, 2016 at 9:04 pm #339197I think the paper was fair. One just had to be prepared for it. Question 32 was also the toughest for me.
September 9, 2016 at 7:11 am #339255Anyone remember what the share price was immediately before acquisition for the parent in question 32? As part of the ceo’s observations current price was 2.30
September 9, 2016 at 8:49 am #339302@sunnydeol89 said:
Anyone remember what the share price was immediately before acquisition for the parent in question 32? As part of the ceo’s observations current price was 2.30I think it was $2.00. They issued 6m new shares and share cap and share premium increased from the prior year by $12m.
September 9, 2016 at 4:05 pm #339375previous share price was 2$, 6m new shares at 1$ nominal value and increase in share premium by 6 milion, previous year share premium was nil. So 6m at 1$ goes to share capital and if 6 m to share premium so must have been 2 $ all together.
September 10, 2016 at 8:25 am #339636better than previous one
September 10, 2016 at 8:27 am #339637what you did in the blance sheet with loan notes?
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