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@ Rav: I did the same thing with you.
I capitalize 7000 + 5000, depreciation 12000/8 charge to P/L
Make provision 5000*1.08
Charge finance cost 5000*0.08
Charge rental expense
I hope it’s correct to compensate the mistake on Q1Hi
I don’t understand why you capitalized the lease if there is clearly stated that the lease is an operating lease, so the accounting treatment should be as following (taken from ACCA website)Accounting treatment for operating leases
The accounting treatment for an operating lease is straightforward for both the lessor and the lessee. The lessee has incurred an operating expense, so the lease rental payable is written off in the profit and loss account. The lessee has to disclose in the notes to the accounts the amount charged in the year and the amount of the payments to which the entity is committed at the year end.The lessor has earned revenue from renting out the asset and accordingly recognises the lease rental receivable as income in the profit and loss account.
Hi
According to Kaplan book the negative goodwill is never capitalized.
It goes straight through P&L as income.I calculate negative goodwill on 11450 or something like this but my NCI was nill and pup was 600 . I dont know that nci is corect or no. I didn’t presure for timing becouse I just did Q1 in reading time . But I couldn’t say I can pass the exam or no
Hi Mona ,how are you ? I hope that we pass the exam , because both of us studying a lot
hi everyone,
I share the same concern with Meeha. In all my exams, i have a bad habit (well someone else might consider it sensible) of ticking off, even before paper starts, questions which i know for sure that there is no way in the world i would not attempt e.g. Q1, Q2 in F7 or Q1,Q2 in F6 or Q1 in F8. Clearly these are questions with a much bulkier mark allocation, hence i figured there’s no way i would chance it by not attempting them at all before time elapses, hence the reason i tick them even before i start the exam.Duing F7, i did the same, ticked off Q1 &2 before starting the exam, but because of the time pressure, I completely forgot to return to tick off the 3 other questions answered….not because I finished them, but because we are at least required to do so if we attempted the questions. Quite often in most exams, i do feel time pressured but somehow i manage to complete the questions. whether i have written the correct thing or not is a completely different issue. sometimes, even, I would have a few minutes to spare and crosscheck my chances of passing through an immediate assessment of my answers to each of the questions. but not this time, for the first time, an examiner actually had to come snatch off my answer sheet from me (well, not literally but you know what i mean).
Anyway, so my question, like Meeha asked, is that would ticking off Q1&2 as expected, but leaving out ticking off 3,4,5 at the front of the booklet mean that the marker may not mark my paper or penalise me? I know there is a general perception that ACCA folks are a bit of a hard bunch (at least in my view) but surely they must have a human heart enough to let candidates off in seemingly trivial areas like forgetting to tick off the answered questions.
I really beat myself hard for that oversight and i hope, in fact pray, that the markers are a bit lenient in this.- Topics: 0
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ACCA past paper P2 June 2012 Q2a on lease was repeated in F7.
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In the P2 question, it specifically says that it was thought to be a majority of the assets life, therefore in that case it would be treated as a finance lease. But no such statement or implication was made in the F7 question, therefore it would be treated as an operating lease.
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No enough time to attempt all questions.Time pressured.Difficult than expected.
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Yah, I thought the exam was so time pressured. And same thing happened to me in question 4 and 5. I knew question 4 was on Substance over form but I just couldn’t apply the knowledge. I got confused on the accounting for operating lease in the financial statements. The exam was horrible for me and I had initially felt that F7 was the paper I was best prepared for. I know it sounds pessimistic but I don’t expect pleasant results.
Would just like to say that I had a major stupid moment in the exam because I got negative goodwill and then treated it as an impairment!!!!!!!!!! Seriously! I know better than that! So that is another few marks lost 🙁
Question 2 was a nightmare……..so many adjustments. I stuck to the time scales and moved on to question 3 after the allotted 45 mins.
I attempted all questions, but I made so many stupid mistakes I will be VERY lucky to get 50%.
I had to stay at a hotel as my exam hall is so far away from home, so I had no one to talk to (and no laptop) so I just sat and cried.
🙁
And then I had F8 to take alsoAs far as I am aware, If you do not tick the box then that question is not marked.
Like to say I didn’t tick them all either! 🙁
I assure you, I took F8 the next day, and ticked them even before I rad the questions! There was no way I was going to miss that again!the paper sucked. never even thought of getting something on negative goodwill. i expected to do well in consolidation but when i saw the question i was like wtf is . q2 was easy does anyone remember the total figure of balance sheet? q3 could have been so much better if they had given us ratios. They had given us a loss on revaluation of which i had no idea what to do, but i adjusted it on the credit side while making the ppe a/c, did anyone else do the same? also q4 was horrible . q5 was it to be treated as a finance lease because of all the alterations and all? i dont think ill pass, hoping for a miracle.
also can someone give me some tips regarding f4?im appearing for 2 papers F4 and F7, on my local entry form i just wrote f7 and forgot to write f4, should i be concerned? my f4 exam is on monday, should i should another local entry form?
i have no idea for goodwill bargain but i did it in non current asset side and have equal balnce sheet . . but though not complete 3 question even . . it was harder time pressured also
When I sat the F5 exam in June I forgot to tick the questions that I did but they were still all marked and I passed it. For this one I ticked all 5 questions before I started & although I ran out of time I had written something in every question. I ran out of time with 5 marks unattempted so crossing my fingers that in the 95 that I did attempt there will be at least 50 correct ones.
Yeah PUP was 600 and it should have been added to cost of sales and other treatments were in CSFP inventory…
Negative Goodwill was 3400 and should have treated in CSFP under non current assets.
Both sales figures were to deducted from Revenue and cost of sales…. 9000 and 4000
NCI Portion of loss was 757
and subsidiaries retained earning at acquisition was 14300 (Loss of 4600 divided by 6/12 and added to the retained earning at reporting 12000)
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