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Didnt answer Q4 and Q5. I didnt get the sofp balanced! And read all of your comments makes me feel worst. Hahahaha.
Lets just hope for the best!! If i get 50, ill be the happiest woman on earth. I dont need to get married to be the happiest. Just passing ACCAs papers… (Just look what have acca done to me! )This paper was very hard, the consolidation I revised, I thought I would handle No. 1. but the way it was set, the deferred consideration given in a tricky way.
Then as for Qn. 5, I didn’t know where to start, yet I had wanted to start with 4 & 5!
May God help me out!!- Topics: 0
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the exam was not hard, the only problem was the time
i panicked at one point when i could not find the negative goodwill and it messed up my entire paper could not concentrate after that honestly if i clear this paper it will be an act of God, the only question i answered well was on the cashflow, the rest was a mess! my time management was beyond bad i am so disappointed in myself because i could have easily cleared the paper if i had a minute to clam down
I agree it was not the easiest paper ever. Just a general question – has anyone ever forgot to complete the part on the front of the answer book where you indicate the number of questions attempted, i.e. 1, 2, 3 etc? If so, should I worry that the paper might not be marked? Thanks.
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F7 exams was hard Q1 was too tricky so is Q2 which had a lot adjust alot of adjustments. I expected Q1 with a subsidiary but not with a negative goodwill and loss in P & L. and timw was too short.
you know, it is upsetting when you have revised and practised as hard as you could but yet it was not good enough to pass the exam.
Q1- i got a positive goodwill at first. and I noted that it was supposed to be a bargain purchase with negative goodwill. so I re-looked into my S’s pre-acq and I realised! though i got a negative goodwill in the end but i think too much time was wasted.
Q2- the insurance, 25% of revaluation surplus to be charged to deferred tax really killed me. my Q2 was in a mess
Q3- i didnt have time to really look into Q3 because i’ve spent too much time in Q1 and Q2.
Q4 – completed Q4.
Q5 – only completed part 1.overall imo i think the paper is alot harder compared to previous sittings. too many SFP and SPL to prepare + SOCF!
I answer only cash flow well. And reach the ending balance of cash. In Q1 I didnt add the negative goodwill to group retained earning,
Revaluation of land and building could both of them as deferred tax ?This time paper
was not fair for f7 student compare to last exam in June. Very tricky 4 and 5 questions don’t know how to start and. I will fail only attempted 80 marks 🙁The goodwill was negative and hence should be treated as bargain purchase and added in full to Consolidated retained earnings, Right? 😀
Did any one get PUP of 600? I managed to get cash flow right, the cash flow movement in year was 500 negative.
i forgot so many things like nci value in consol sofp the construction contract in sofp in q2 i failed
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it was to time pressured…
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You did right…..there was a negative good will and should directly charged to Income statement. so I think if you calculated goodwill rightly then you should not loose your mark there…..good luck!
Q5 was a disaster. overall the exam was difficult this time. Can’t do all questions in 3 hours with so many details.
Yes, PUP was 600. Weird really, looking back over previous papers PUP is 600 in a few
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total negative goodwill was 1700. 300 for subsidary and 1400 was for NCI
@accawasim
not 100% sure but i think you don’t divide negative goodwill between parent and subsidiary (all goes to RE of parent)Hold on,
Q5) it was classified as Operating lease for 12 years prior so must have been treated as an operating lease for every prior period.
It was clear that the solution was to Capitalise both the 7000 and the 5000, calculate the dep’n to date… hit the SPL with the depreciation for the period and put the CV on the SPL.
The 5000 also created a provision for restoration which needed to be unwound on an annual basis.
IF the question wanted you to re-cassify it as a Finance Lease, it would have provided the information to enable you to do so…. Surely? As in the FV of the building, the finance costs, the lease payments???
People over thought this in my opinion.
Okay, i think it was unfair to ask for the P&L & SOFP in both qn 1 & 2..where d hell is d time to do all these statements with all d adjustments? Then you have Q4 & 5 that were fairly easy but needed time to read and understand wts required and lay out the answers in a more logical way..it took me about 10Minutes looking for what is required in each of these last 2 qtns…overall i think it was a fair paper for 4 HRS..not 3hrs…
@olgawade i agree, i added whole negative goodwill into the retained earnings of P
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