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@wingwing, questions for F7 are already downloaded on ACCA website. If you want to decide whether to sit F7 on June 2013 you can check earlier answers (June-11,Dec-11, June-12 etc).
And you can fill your registration on papers you would like to sit in June session till April, 8th. And even till May 8th (but with high fees).@suni6419, @petrieann,
retained earnings were given on 1 October 2011, but acquisition was at 1 January 2012! So retained earnings accounted in goodwill calculation should be 35,000 + 6,200*9/12.Consolidated Revenue and COS should be decreased by 800*9.
And URP should be not 800*9, but 1,500*25%/125% (bigger part of intra-group sales already has “realised” its profit except 1,500*25%/125%).@sangria9 : my URP is right. but the retained earnings given was at 1st oct 2011 and since they didnt ask anything in the question, i mean they just asked to find goodwill at acquisition, so its supposed to be 35000 only right? why 6200*9/12?
@suni6419
You need to calculate fair value of subsidiary net assets at the date of acquisition. They consists of share capital and retained earnings as at 1 January 2012.
And till 1 January 2012 company already have earned 35,000 AND some part of profit for the year. And it should be plus 3 months of 12, i.e. 6200*3/12 (error in my previous two posts).
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Hello from Greece, Could anyone help me. Where i can find the answers of the exams of F7 December 2012?
Thank you
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I think it has been a fair paper!
@sangria9 : thank u for telling me… well but how much marks will i lose for making a mistake in retained earnings and contingent liabilities? i mean this question was for 7 marks. any guesses.. ??
@pppppav, you should wait and ACCA will post it on their web-site as previous papers…
Also there may appear answers from opentuition tutors on this web-site. Maybe here: https://opentuition.com/acca/f7/acca-f7-revision-kit/ But still some time should be passed..
@suni6419, no quesses at all:) I have never worked as a marker for ACCA…
Just enjoy your “studying holidays” before February 8th 🙂- Topics: 0
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As for me the paper was fair,question 1 2 and 3 was a walk over,though those silly mistakes can neva end,hopefully to pass,couldn’t attempt 5 because of time,everything was taken from bpp revision kit
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@sangria9/…THANK YOU,,THATS EXACTLY WHAT I DID…35000+6200*3/12. WHAT DID YOU DO WITH THE CONTINGENT LIABILITY? DID U SUBTRACT IT OR ADD?
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GOODWILL SHOULD BE 5.55 MILLION … MANY PEOPLE GOT 6 MILLION ONLY IT BECAUSE THEY INCLUDED DEPRECIATION IN THE CALCULATION WHICH IS 0.45. BUT IT SHOULD NOT BE INCLUDED SINCE IT’S ARISES POST ACQUISITION ..NOT AT THE DATE OF ACQUISITION. GOOD WILL CONSIDER ITEMS ONLY AT THE DATE OF ACQUISITION
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