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@atahenrii: how did you get hat 64% POC? (billing was 75, totals sales 250) or used something else?
@atahenri…. ya, even i got the same..percentage complete 64% and gross amount 10
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@ban I can’t really remember my figures but am sure of 64percent completion @sun that 10 was the difference btw 160 and 170 right?
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My goodwill was 7550. Sad face. I took out that liability and impairment. Dint know I wasn’t supposed to
can someone please tell me if they are sure that the loan note was a liability and an amortization table was drawn to figure out the Finance Charge for the comprehensive income and the then we had a balance for the non-current liability in the statement of financial position? please someone?
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i balanced the final account with 170650 , did any one else have a different balancing figure
@ban123 – that was given: value of works certified
@atahenrii hmm i think the difference of 10 is from 160-150… dont rem exactly… gross amount i calculated as costs incurred to date 145 + profit 32 – progress billing 160 … i hope i am correct.. did anyone do the same?
in question 2 the note where it mentioned the loan note? was it issued or invested? in other words was it a liability? finance charge in p/l and non-current liability in balance sheet? anyone please?
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I just hope for the best. Can’t remember some of dis figures. But I know my amount due was either 160, 170 or 10. I remember using dis 3 figurs
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I found 64 percentage of completion and i found 60 for revenue and 64 for cost of sales which results to loss of 4. Did anyone do the same or am totally wrong?
@christophides said:
in question 2 the note where it mentioned the loan note? was it issued or invested? in other words was it a liability? finance charge in p/l and non-current liability in balance sheet? anyone pleaseHi there,
The loan note is non -current liability since the copmany needs to pay an intrest on it. Calculation to be done are:
25000
(1000) administration fee
24000
Interest 8%*24000 1920 finance cost IS
Interest paid to note holders (1500) (6%*25000)
24420 SOFPTherefore
SOFP
6% lona notes 24420IS
Finance cost (1920)Hope it helped.
Beata
sorry the numbers are all over the place but hope you manage toi work it ou if no I will rewrite it again
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hi all
this is my first post ever ,
i can see that all over the world people have the same issues with dec 2012 f7 exam.
it was fair but little tricky in q1 and q2 the and looooong but the examiner threw some gifts in q3 q4 and q5 .
waiting for the answers from opentution asap
whish you all good luck- Topics: 0
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Can someone please tell me what was actually asked in Q1?
What I remember is:
i) Goodwill at date of acquisition (how many marks were available for this?)
ii) Cons. IC (how many marks??)
iii) treatment of FV increase (4 marks, as I can remember)..
Was that all? Or something alse was required in Q1??ques 1 Goodwill was for 7 marks, SOCI 14 marks and discussion 4 marks.. the question paper can be downloaded from the site…
The voting result of “Easy” and “OK” are higher than other papers so far.
Look forward to seeing the pass rate of this Dec intake will be the highest amongst all F7 papers.
Best wishes to all of us.
Does anyone know if we used the wrong stage of completion for the construction contract, even though the workings and treatment is correct, do we still loose all 7 marks? Please someone that might know answer to me please. 🙂
but all the results turn wrong though, for the extracts made for the comprehensive income and the financial position…?
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