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I learn’t and did consolidation question’s workings with double entry, I have heard nothing about it from examiner or acca, but someone told me that examiner stated you should not do consolidation with double entry but only with your workings in statement form.
I’ve never heard that. In “the good old days” we all used to teach consolidations with T accounts. Then there was a move to schedule format. And now you’re telling me that you are leading the rally back towards T accounts!
I can’t keep up 🙁
Seriously, I have heard nothing about the examiner’s attitude to the use of T accounts but, if you get the right answer, it should be ok and I’m sure the markers are smart enough to work out what’s happening
Thank you for your answer mike.
My teacher taught me in this way Only once or twice did I get the exact goodwill, and never CR and NCI without matching with the answers and pin pointing my mistakes. Also in the exam it took a lot of time to make the entries and then make a T account, I guess statement form may be easier, will try that in P2 then. Hopeful about passing F7.
Hope you have passed – we’re not allowed to talk about it until after 17.00 UK time so better not to say any more about it for another hour or so. Then we’ll be able to gauge the reaction from around the World as to whether it was generally found to be tough or easy – or even somewhere in between the two.
You sound like your teacher did this teaching some time ago – in which country was this way still being taught?
Pakistan. Got two teachers for F7, one is teaching with double entry (he is kinda old school) and the other with statement form. with double entry its also difficult to tally with past paper answers, so even practicing was difficult. But I hope the markers can award marks for the workings, as the consolidation didn’t balance as expected.
“Consolidations are not meant to balance” is a famous quote from one of my former students to her friend as the friend reported how she felt she had done in her F7 exam.
Both are now qualified a number of years ago
“Consolidations are not meant to balance”
I agree 🙂“Both are now qualified a number of years ago”
Its good to know that my consolidations need not to balance for me to qualify
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