*** F7 December 2011 Exam was: Post your comments and vote in Instant Poll ***

For the first question it gave time value of the money of 8 per cent, did you guys adjust the deferred payment? None of my statements balanced but you dont get much marks for balancing, you get them for workings, also my tutor at kaplan last summer told me, dont add anything down as you dont get marks for them, but i still do 🙂

Adjusted closing deferred payment to include 8% (finance charge)

BPP tutor said the same about totals and adding up but I still do them. Had to give up and move on though as would never have finished the paper if I tried to find my inbalance!

@okey24 said:
agree, did the same
I ncome tax charge is influenced by deffered tax movement, that’s why I am worried, maybe these marks would make a difference to me!

Well you got half the workings correct. Good luck!

wht was the amortisation in question 2 on leased property…i hope it was 3,000 😀

This paper was not a bad one but time pressured. I do hope all of THE OT family pass yhis exam.

Idk how it was time pressured. I finished the first two questions in just 1 hour and 10 mins (both did not balance), but i knew straight away i would gain no less than 20 marks on each question and didnt want to waste time correcting anything. I was surprised i couldnt balance the first question cuz Q1 was a GEM. Straight consolidation.

Also question 2 specifically said teh 15,000 excluded the revaluation gain. So the 8,000 gain had its own tax deduction in comprehensive income.

The examiner provided the ppe additions in the cashflow question which totally threw me off cuz its usually teh only tricky part in it. I couldnt tie this up either but am pretty sure i am nailin atleast 12 if not more, from 19 marks available.

Q4 was a blunder. Thedefinition part was a straight forward answer but the calculation parts i wasnt so sure about

Was very surprised with IFRS 9 coming up in the exam again, as it came as a part of Q2 in June 2011. Question spotting can indeed be a dangerous thing, but luckily i had avoided revising EPS and Construction contracts instead of IFRS 9. The 10 marks were again, a gift. No complicated calculations. No out of the box IASs’ except the 4th question adjustments. I studied myself and this is my first attempt. I had barely 3 months to study and I am confident i’ll pass (:

Q2. New Plant contructed by Keystone :
$000
Labour 4,000
Materials 3,000
Factory Overhead 3,000
(4000 x 75%) ______
Total Cost 10,000
Mark-Up 4,000
(@ 40 %) ______
Selling Price 14,000
Depreciation
(@25 % red, bal) (1,400)
(14,000×25%x6/12) ______
CV to date 12,600

Note: “Selling Price” represents a Fair Value. This is another way of saying Market Value.

does anyone think that most q3 answers did not need workings especially on asset

Very good paper, the cash flow threw me off, but the questions were fair, I made some small errors here and there but all in all expect 50%.

Glad to see my dividend in question 2 was correct. My consolidation and SOFP in 2 didn’t balance, I love question 5 and question 4 was OK.

@sanjarbek said:
Q2. New Plant contructed by Keystone :
$000
Labour 4,000
Materials 3,000
Factory Overhead 3,000
(4000 x 75%) ______
Total Cost 10,000
Mark-Up 4,000
(@ 40 %) ______
Selling Price 14,000
Depreciation
(@25 % red, bal) (1,400)
(14,000×25%x6/12) ______
CV to date 12,600

Note: “Selling Price” represents a Fair Value. This is another way of saying Market Value.

It wasn’t a MARGIN of 40%, It was mark up of 40%, so it’s 10,000,000 *40/140, tahts what ur tryin to say.
You dont add the profit element for self constructed assets. I even studied that for audit and passed it in the last session. There is no way that u add a profit element to self constructed asset

paper was overall pretty fine than last attempt… somehow i am bit worried as i did little mistakes in rounding off the circles on question numbers on the top of each answer booklet papper… but den i used the tepex (blanko) to erase it and circled the correct one and even wrote da question number to which dat page relates to… will it be fine to use the blanko dere … as it is marked on screen :S 🙁
i m confused whether my those 2 3 pages will b marked or not 🙁

can anyone tell me please

paper was gud…but my time mgt sucked. could only do 3 questions. Q1 was a gem…my CSFP actually balanced at 137,100 i think(cant remember tho, everything is a blur today)…Q2 was ok, the only thing that was confusing was what to do with the 40% on the self construct asset :(….Q3 was gud except that i cud’nt work out the cash issue but balanced it out at 2,600( anybody got that?) and was the dividend nil? not sure.