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Realy don’t know what to say… in section C i’ve got ratios and consolidated sfp. I didn’t like section b at all. I was not very well prepared on eps and contracts with customers…
Got the ratio question on the drinks company then consolidated P&L plus Goodwill.
Thought 15 marks was generous for the P&L.Hi John, I had the same question in section C. I know I did net asset ratio wrong.. complete brain freeze on that one. so annoyed
Here’s what I remember of the paper –
Section A had some really easy and some tough questions ex: def of asset and liab, inventory value from NRV and cost, contingent liab etc. Section C was straight forward with the basic ratios and consol SPL
Section B was tougher with one or two easy questions in each scenarioI got Pioneer. I don’t think it was negative. Consideration was 30 plus 6 NCI. Net assets were 27.3 I think. Share cap 20, RE 8.3, plus adjustments -1.5 and +0.5.
It didn’t balance but sure it was enough to pass.
I find the usability of the system for section C really annoying. I couldn’t insert a line in the spreadsheet so copied and pasted. Then the formulas were all wrong and I had to go back and correct them. Excel would adjust for this.
The word processing was similar. I tried to edit and it would type over the words. I had to cut and paste sections instead.
But fairly straightforward otherwise, a few I wasn’t sure about as usual.
I think cosideration was 18m, there was info that 12m was already paid in Cash.
I also calculated negative goodwil and all my way back I was wondering if was it correct..
I think cosideration was 18m, there was info that 12m was already paid in Cash.
I also calculated negative goodwil and all my way back I was wondering if was it correct..
Yeah i got that, seemed straight forward at first but the adjustments caught me out and it didn’t balance, i didn’t know how to treat the Financial assets.
I got £18m for the consideration and £6m for NCI then had negative goodwill. i added the cash consideration even though it was accounted for in the parents books. i just thought it needed to be included as in my all my practice questions i never came across negative goodwill and just thought it cant be right!
Most of my questions were around PPE, Impairments, Ratios, Investor ratios, revenue and intangibles. Nothing on leases, financial assets, liabilities, convertibles or tax ( i spent a lot of time on those subjects aswell!)
Consideration was 12 cash plus 18 share value. Cash was already accounted for but still is in the calculation for goodwill. The shares are then added to share capital and share premium.
If you buy something with $12 cash first and then $18 vouchers the cost of the item is still £30, not just the value of the vouchers.
I’ve got same results for goodwill consideration 30, nci 6 and 27.3 for net assets.
It didn’t balanceI thought the same! spent a lot of time on those other topics but I didn’t get much on impairments either. Strange exam.
Goodwill consideration was $12m cash + $18m via share exchange. I’m sure Goodwill total was $8.7m.
Oh noo, I completely missunderstood the question then…
Now everything make sense… But negative goodwill was also probable so I though it is ACCA’s trick to make us confused or something…
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