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I took 15000 as opening balance equity and calculated the rest of question, i was wrong.
And just on NCI for disposal do we have to take the NCI value as at disposal date or the NCI at aqusition, because in question they have given profit figures of scooter, for 2 years then after 2 years 20% of that profit figures will be added back to NCI right? Have you guys done that adjustment or did i just over adjusted it?
In the question there was information that the disposal was in 30 March 20×9 and the reporting date was on 30 June 20×9. Also there was information that since acquisition till 30 June 2018 the profit of subsidiary was 3,000 and for the 2019 was 2,000.
You had to calculate it as: NCI at acquisition + 20% * 3,000+20%*9/12*2000 – 20% on adjustment on PUP.
@ruby67
I was wondering if these dividend refers to the preference share or maybe to the all shares. I have also included it in the SOCE.Have you maybe capitalized borrowing costs for 6 months in relation to the construction of plant(additional depreciation on other expense) ? Also I did the adjustment for the first two months of loan interest as the loan was taken on 1st March 2019 and in the TB the interest were calculated for the full year(2,000 * 9%). I do not know if it is correct…..
I got the same question i guess in the single entity they gave us dividend paid and implicit rate of interest . what i did was i took the 6% and reduced it from the retained earnings and the excess i took in finance cost. I guess i am wrong
Hi Pjashu1995
My calculation is gain 440, I saw somebody above said that they get loss. Very confused ;((YK2017
Im confused too may be im wrong i got profit of 3.9mn. i thought what i did was right but i cant recall exactly what i did in exam.
Does anyone remember some of the MC questions for section A and B? There was one for example on diluted EPS for section A, options were 0.75, 0.74, 0.93 and some other number.
@qwert443 the note was specific about the dividend, it’s for the preference shares.. so it should be finance cost.. I was so confused about it in the exam.. settled for SOCE
I can only recall it was mentioned somewhere in the note that depreciation has been correctly included in operating expenses, why I didn’t do extra depreciation.. might be wrong
I can’t recall the note on loan, I must have missed the interest being for the whole year.. used 1800 in finance cost.. but my finance cost is wrong already cause I didn’t include the dividend
@pjashu1995
the proceeds from sale was $6m; FV of NCI @ acqn $1.2m; post acqn profit as at disposal date (3m+2m*9/12)=4.5m; SC and retained earning at acqn 1m and 1.3m i.e. Net asset @ acqn is $2.3m; FV of consideration 3mI did Proceeds + NCI @ disposal – Net Assets @ disposal – Goodwill @ acqn (no impairment)
=6m+(1.2m+20%*4.5m)-(2.3m+4.5m)-(3m+1.2m-2.3m) = -0.6m (loss on disposal)Ok i forgot to add 4.5mn in net assets @ disposal, thats the reason i got gain 🙁
Hi Sarah, I got 0.74 for that one, my answer was like 0.7425 and question said to two decimal place, not sure if I worked it correctly tho
@qwert443 @pjashu1995
did you do transfer of excess depreciation to retained earnings in SOCE/OCI??Ruby67 are you referring to the revaluation ?
Also in the question I think you had to also add the additional depreciation for the two months of borrowing capitalization, which was 8 if I remember correctly.
It is funny that this question checked wider spectrum of knowledge about FR syllabus than whole section A or B.
In the section B did you have a question with the calculation of the depreciation of aircraft ? I had calculated it as 1280 and I assume it is incorrect…..
The paper was really difficult for me and due to technical issues i had to revoke it and i attempting it again this week on 17th , is it going to be the same paper for me ?
Add , Revneue and Leases to that and you got what I went through in section A & B i believe i may have just failed by first ACCA paper , but if that is the case i will keep my chin up and go again in march.
I got 0.93, I think mine is wrong as I rushed through it during the last minute. Do you remember any other MCQs?
@Sarah1306 do you remember the question in section A in which they asked both profit or loss on disposal for group and individual Financial statements?
I think so, the one that had acquired the subsidiary at 100% and disposed of it at 1 Jan 2016, right?
@qwert443 yes, I’m referring to the revaluation.. did you do the transfer??
I didn’t make any adjustment in operating expenses, thought I read depreciation expenses had been correctly included.. felt weird tho, might be wrong
I think the exam generally is tough and it felt like bait was set everywhere
I got 1280 in the aircraft question too, thought I was wrong in the exam but didn’t recompute cause of time pressure
I found the exam difficult. I felt like every question was covering some remote aspect of the syllabus, there were almost none questions, that I could answer quickly just based on what I was studying. I mostly had to exclude answers that were “rather wrong” than choosing a correct answer being confident.
On top of that I sat the exam remotely and found it extra difficult to sit the exam without any single sheet of paper allowed to summarize my thoughts. The scratch-pad within the exam is a joke, not useful at all. I hope they will change the rules for remote exams. If we are allowed to have a calculator, we should be allowed to have 2 A4 sheets of blank paper as well.
That was the case for the very first remote exams offered (FA for example).Same !! I didn’t attempt 2 /3 questions,other than that managed to do it all But I feel like all the answers that I wrote is gonna be wrong .Argh I just hope I pass that’s all I need ?
All these comments make me more nervous .This was my first time and I feel like I totally messed up this exam .I definitely know that my CSPL is gonna be wrong But can someone tell me if I will atleast get some marks from workings ?? This my first time I don’t know how they give marks !!
Anybody remember the first MCQ on Relevance and Faithful representations. What are the options were there? The entry for impairment of goodwill in group accounts? My only hope is part A and B as I overspent time on part A and B. Many questions are confusing and requires extra time. If Anybody knows any other part A answers please drop here.
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