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I found the lease question a little strange. they asked about the right of use? there were the years for amortization given. But they gave the interest rate that I didn’t find what to use for… Am I missing something?
somebody pls explainIn the lease q they had given the present value of lease
They asked for right of use amount to be put in P&L
I remember calculating total lease payments which were more than the present value
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@simspetya said:
I found the lease question a little strange. they asked about the right of use? there were the years for amortization given. But they gave the interest rate that I didn’t find what to use for… Am I missing something?
somebody pls explainFor the Asset “right to use”, the present value was given, therefore you just had to depreciate the asset. eg 17000- (17000/20). If the present value wasnt given, you would have have to find the pv of the cash flow for the liability. ans that present value would have become the opening for the “right to use asset”. The Asset (right to use ) you depreciate and the liability , you amortize.
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@mkwalters said:
For the Asset “right to use”, the present value was given, therefore you just had to depreciate the asset. eg 17000- (17000/20). If the present value wasnt given, you would have have to find the pv of the cash flow for the liability. ans that present value would have become the opening for the “right to use asset”. The Asset (right to use ) you depreciate and the liability , you amortize.in term of what goes to the P&L, you put depreciation
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@kanchandhankar said:
Gg 1.9
Did time proportioned the gg amt for p&l for the year
I think 1 July asset was bought
Ye was Dec
I did for 6 months
Which was coming 10000
200000/10yrs X 6/12
200000-10000
1.9Anyone ???
did that as well and got the same ans
Dep increased by 100 due to revaluation so expense increased, it should be debit 100 in pnl and revaluation of should have gone in comprehensive income, does it make sense?
@rajina said:
Nothing will Happen In Such Cases…
I often forget To do so …
Dint Quoted $ Sign In F5 – F9- F6 …
No harsh Treatments even my Tutur said that they are checking whether std Know The Answer Or Not…Not such matters…thank you!! im worried this is my first paper-based exam
@adam94 said:
Dep increased by 100 due to revaluation so expense increased, it should be debit 100 in pnl and revaluation of should have gone in comprehensive income, does it make sense?Yes you are kind of right
About the lease what I did was just to depreciate the present value given. But now cannot remember if they wanted all the amounts to the Profit and loss???
If it’s so than I missed to calculate the interest charges for the year…The correct calculation for Q32 good will
Cash paid 92,000
Contingent Lia. 23,996
NCI. 15,000
130,996SC. 60,000
Re at Aqu. 34,000
Revalu Sur.at Ac 4000
Fv. Adj for pp &inventory 15,600
Total NA at acquisition (113,600)GW ARISES AT CON. 17,396
Comment if you disagree,
mkwalters
You are right this is what I did but
Do you remember well what was the question ?
Was it enough to reach the depreciation only or we had to add the interest charge as wellI did exactly the same except that I subtracted the FV adjustment. I jut realised I misread the question. I hope I don’t lose many marks.
Hi Mark,
Yes I did the CBE one. It was question 31 which was in the word format and just showed my workings. 32 was spreadsheet.
How did you find the exam?
I was slightly confused by Q32 as it gave total net assets and liabilities but seemed to miss out current assets or liabilities I think so wasnt sure whether i was supposed to put a balancing figure in for one of those??
I found section A & B mostly straight forward. And question 31 was fine but 32 threw me a bit.
Do you remember any answers to questions you put?
@kinde said:
The correct calculation for Q32 good will
Cash paid 92,000
Contingent Lia. 23,996
NCI. 15,000
130,996SC. 60,000
Re at Aqu. 34,000
Revalu Sur.at Ac 4000
Fv. Adj for pp &inventory 15,600
Total NA at acquisition (113,600)GW ARISES AT CON. 17,396
Comment if you disagree,
I agree. But then when compiling the consolidated statement of financial position what other adjustment did you put for the inventory fair value adjustment at acquisition that was sold almost completely by year end (only 10% remained unsold at year end)?
Did you adjust retained earning and inventory?I haven’t seen any other past paper with this scenario.
@kinde
My goodwill amount was same .Yes I would like to know how did u adjust for inventory and fv in csfp
For post acq profit
I deducted dep on excess fair value which i added to calculate net assets of sub.
And added fair value adjustment which sub had in post acq year .@andyc1
I adjusted for inventory in csfp but I think I was wrong.
I adjusted for fair value 4m for parent 1m for sub in csfp- Topics: 1
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@simspetya said:
The consideration in 32 I multiplied by the discount and then divided by 1.08I just guessed this
Does Somebody know for sure how to do it?yes you are correct . It was a future cost. July 2015 I think. and you always discount future cost.
Step 1 :
Dr asset
Cr liabilityStep 2:
then unwind the discount. ( this part was not needed as we were doing a SFP)
Dr ;intrest (I/S)
Cr. Liability ons SFPThere was a question about where to pay dividends from?
I picked No matter from what kind of shares the dividends are paid out from retained earnings…
It was just a guess so pls if somebody is sure about the right answer…@kanchandhankar said:
I guess I did the silly mistakeI know all these double entries
, but I didn’t know what the question was asked! ):- Topics: 0
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what is the accounting standards examined in section B in your CBE paper ?
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@ak2401 said:
Hi Mark,Yes I did the CBE one. It was question 31 which was in the word format and just showed my workings. 32 was spreadsheet.
How did you find the exam?
I was slightly confused by Q32 as it gave total net assets and liabilities but seemed to miss out current assets or liabilities I think so wasnt sure whether i was supposed to put a balancing figure in for one of those??
I found section A & B mostly straight forward. And question 31 was fine but 32 threw me a bit.
Do you remember any answers to questions you put?
what is the accounting standards examined in section B in your CBE paper ?
The (600,000*90%) of inventory is already sold, so have to adjust in our retain earning for the rest 10 % of FV adjustment by deducting because which overstate our cost of sales by 10%. And also in CSFp we adjust both for PURP (25%) and this 10% of Fv adjustment for group inventory. Note that the PURP affects only group reserves, b/CE the intergroup sale is from parent to Sub.
Surely If I Had Been Sensible Enogh – I Could Have Added Other 6-8 marks In MCQ ..
But It Happens. .
Time pressure Ruined My Few Marks…
But Still Looks Like I Can Achieve Decent Score Of 62-63 in F7 .The Problem Is F8 ..
Paper Went Below Average …
But Again I Think I Had Done Enough To Attain 50..
Anywhere Between 47-57 Is A Probability In F8 …Seee You All In Result day Comment Section…
Hope For The Best …
Cant Wait For The Result From Now Only Haha….
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