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Why didnt you apportion the depreciation for
9 months? I got your figures except 375 instead of 500 for depn.I remember a question ask about consideration. I provide information about share issue in future with current price at $2 and likely future price at $3. What price should we use for the consideration?
The definition of the goodwill is the difference between the cost of the acquiring which is the consideration paid by the acquirer to acquire the assets of the acquiree less the fair value of the acquiree’s identifiable net assets. Why haven’t you included the 12m cash paid in goodwill calculations? That’s why you got negative goodwill.
I myself made a stupid mistake in the MCQ about contingent liability and provision. I thought there was something wrong with the question so I kept pressing on the choices but the color wasn’t changing then I got a message that I can’t try anymore :s so 2 marks from this question is already deductible lol .
The 500 refers to fv of inventory @ acquisition. I apportioned the depeciation for 9 months in the RE calculation
There were a few things not covered, deferred tax, cash flow and sale and lease back, the latter two I was panicking about as I’d done loads of practice questions and they didn’t appear enough to master them.
Don’t worry too much about a wrong figure in the consolidation. You can still get most of the marks. I was surprised how much can be wrong and still score highly when reading this – https://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/exam-technique.html
The exam looks more like a good one. I got SPL and ratios in section C, and i attempted ratios first. By the time i was done with ratios, i realised i had spent too much time. But i think it was a fair test of knowledge.
Did anyone got question on Demerger? (Working on the consolidated balance sheet to standalone)
I thought the exam went better than expected, there were some areas I didn’t revise much because I simply ran out of time, but none of them were really examined so I consider myself very lucky for this.
I got consolidated SFP in section C which I was hoping for (although my final answer didnt quite balance I’m still hoping to get good marks for workings)
Was pleased to see EPS and contract revenue in section B as I’d practised these quite a lot.
Overall pleased with my attempt but we’ll see what happens on 19th Oct!
I believe A,B sections had some tough questions but C was ok.
In C1 I had Ratios and analysis and in C2 Consolidated Financial Position but I noticed some persons were speaking about Consolidated Profit and Loss in C section?? I did not have that – do we have different questions or I am doomed because I did not read carefully the questions?Does anyone remember the question in Section B regarding the share rights issue and the ratio that would increased? ROCE, net asset turnover, current ratio, gross profit margin?
Also, the question regarding the plant and impairment gain or loss? Was the answer no gain no loss?
We can all get different questions so need to worry. I had the same question as you, a 20 mark consolidated SFP.
Hopefully, we’ve passed. Good luck
That’s good to hear! I made a few errors on the consolidated SFP question I had, which I wasn’t making in the practice papers, just exam nerves/pressure affecting me I suppose!
It’s difficult to determine how many marks you’ll achieve on the ratio commentary questions, what I might think is a good point might not be good enough for them ?????
Fingers crossed we’ve done enough.
Good luck!
Thank you!! I was worried! Good luck to you too! Do you remember the question in Section B regarding the share rights issue and the ratio that would increased? ROCE, net asset turnover, current ratio, gross profit margin?
Also, the question regarding the plant and impairment gain or loss? Was the answer no gain no loss?
I manage to correct this at the last moment, I believe.
I think it distorts the Current Ratio, since the rights issue is raising additional cash (Dr Cash), which has an impact on CA.
I initially said ROCE, but the additional Share Premium is increasing the denominator and it actually lowers it down.The exam was decent to hard. I got myself really annoyed how I got confused in A section, where there was a question for impairment allocation and if there is an order right after the goodwill write-off. Usually they are stated as intangibles and then tangibles, but there’s no damn order. Everything is pro-rated. This question was amazingly deceiving I would say. The funniest part is that the next question was the actual calculation and I’ve done it right there, haha.
There was no deferred tax, leases, cash flow or financial instruments. A lot of revenue, consolidation, EPS, assets, provisions.
The section C was really challenging as well, with a lot of things to consider. My statement didn’t balanced at all (around 195k on assets and 179 equity&liabilities), but I hope for good points nevertheless. The ratio question was really nice, giving you a lot of freedom to analyze it accordingly.The rights issue was 1 for 4. Started with 12m shares taking it up to 15m.
12×4/12×6.4/7
15×8/12There was a question about which ratios would decrease, I put all of them, I think it was a revaluation gain (ROCE, Asset turnover, OPM and gearing).
Then another about which would increase after a rights issue, current ratio was the answer.
Hello…Did any one get question on profit adjustment in Section C? The question was on Profit adjustment and SOFP preparation.. In which it was told that some plant / equipment being ordered, already included in PPE and treated in payable. But has not been received even after year end..
Can u please suggest if anyone did how it has been treated?? And what shall be the profit for the year received after adjustment..
Hey! I had the same doubt. I just subtracted the plant from plant and equipment and also subtracted it from payables. But then my balance sheet didn’t match in the end so I guess I was wrong.
I think we were supposed to remove it from plant and eqp and include it within payables?
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