SBR*** ACCA P2 June 2018 Exam was.. Instant Poll and comments ***

@vind1994 said: I never showed any journal entries. Will that be a problem?

The examiner states that as long as you show where those numbers go to then you’re fine. Eg: if I just did journal entires but didn’t transfer them to my SOFP, I get full credit since I’m showing the examiner I know where the amounts go Likewise, if you don’t do journals but adjust the SOFP and link/reference back to your workings then you’ll also gain full credit

@vind1994 said: I never showed any journal entries. Will that be a problem?

There is no need to show journal entries in the exam, as long as your workings are clear and you allocate them to the right balance sheet accounts. It's useful to think of adjustments in terms of journals though as this helps you ensure you make all the necessary entries, and it's also useful when explaining to others, as we are doing.

@akortower said: But guys, the disposal was at the end of the year. how then did it affect NCI

The NCI increases by the share of net assets acquired, which I calculated as 390 x 10% = 39m. The consideration received was 48m, so there was a 9m credit to OCE. The NCI still received a 70% share of the change in retained earnings and OCE as the disposal was only on the last day of the year

Well that's a mark lost for me then! Yes, the idea is they apply the own figure rule. You should only be penalised once for one mistake.

Hi, I showed all the workings and journal entries and transferred all the numbers between workings showing the references as well. On the face of SOFP, I put in the captions (such as PPE, Goodwill, etc), and referenced it to a working (e.g. PPE W6), but did not actually write any amounts on the face of the SOFP. Do you think any marks will be deducted for that? Thanks

i want to talk about my answer on q3 in details and wanna hear your comment on how u did. For (a) Finance lease i wrote the finance lease defination, followed by the 6 indicators for a finance lease. then i pointed out about the lease term being covered the major part of the UL and total lease payment being more than 90% of the FV of the asset as the RV being zero as they disposed them as clinical waste. ( now i see that they also mentioned about the instrument as a specialised item, i didnt notice in exam, i was nervous ) then i subhead the accounting treatment to recognise the PV of total lease payment as lease receivable and sale revenue. then when they transfer the instrument to hospital, to recoginse out from the inventories and COS respectively. As the lease is FOC, i stated to calculate the lease payment on the basis of Stand alone price, under IFRS 15. I didnt answer for part (c) as i didnt have enough time. but for part (b) development exp, i wrote the DE's defination and the 6 factors that entity must demonstrate and applied to the Medsupply having the commercial and technical feasibility for use or sale. so i stated to capitalise the know how $3m but to recognise the cost of $50,000 each for equipment in the inventories costs. As for the provision part, I stated the provision defination followed by the lawer's comment and i said to disclose it in the notes to the FSs as contingent liability, it's defination also. but I forgot to mention about the amount to disclose. (i regret that i forgot ) i have a very slow handwriting and the translation of my logic to english is not that fast. so couldnt touch part(c). i also couldnt finish SOFP in Q1 (only finished workings i m worried sick and trying to count my marks. T T how did u find my answer? do u think i could gain, may be 15 marks from Q3?

salam every one if someone tell me what question 3 was all about and i have done question 1 section B related to 60% and 40% equity interest of Plaston and i have treated and calculated through effective interest and in both scenarios i have come up 48% and 32% and should be accounted in financial statement of group as associate and also what about the liability of subsidiary in section c of ques 1. so i need ur kind comments.

@abdulwahab2018 said: salam every one if someone tell me what question 3 was all about and i have done question 1 section B related to 60% and 40% equity interest of Plaston and i have treated and calculated through effective interest and in both scenarios i have come up 48% and 32% and should be accounted in financial statement of group as associate and also what about the liability of subsidiary in section c of ques 1. so i need ur kind comments.

In 1b, although the effective interest was 48% for the 60% purchase option, the group still controlled it via the 80% and 60% holdings, therefore it should be accounted for as a subsidiary despite the effective interest being less than 50%. You needed to talk about the definition of control as well.

Hi, if I recall correctly, I think Q3 1 is inventory and IFRS 15. Q1 c is related party, but is also inter company transaction, should be cancelled on SOFP

Hi, I think, Q3 a is about IFRS 15, not IFRS16, because the surgery equipment is inventory in one of the company.

Hi I think, 40% that is changing structure of the company group, less then 50% parent no control over it only a associate one line entry in SOFP, Dr NCI Dr remaining investment Cr net asst Cr good will CT/Dr equity The 60% still is a sub.

Hello, can any one send me the p2-paper for june 2018 sitting? may email is : [email protected] Thanks.