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Q1 was 6/15 for calculating 4 ratios and 9/15 for comments. y are you saying that it was hard? atleast 6 marks were guarantee
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@riskyguy said:
MCQ about not consolidating subsidiary, was the answer ‘military coup’ as the parent lost control?i answered A, Company wants to sell subsidiary
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sometimes they ask us to re-enter. did with me once but they corrected it again without prompting from me. Did u pass f4?
In Question 1 we had to increase Cost of sales/ Inventory for purchased subsidiary, then increase the operating costs by 2.5 million ( remuneration) and increase finance cost by 10% of newly acquired loan. After that I think we needed to recalculate the Ratios – ROE, GPM, net asset turnover and net profit margin and then comment on differences/changes?
@mark79 said:
In question 2 – , the amendements required were loan at effective rate ( giving a N/C liability on balance sheet and finance charge on P&L). Tax charge needed to be calculated for P&L ( deferred tax increased to 12800 from 12000). Also depreciation and imapirment charge was required. , after that you had to asseble a balance sheet from that data/ or am I wrong?Exactly! I remember the 800 increase in tax charge. Deprecation had to be charged for the year before comparing it with revalued amount, the revaluation was 12000 tax charge @ 20%.
In short, from the draft retained earnings, the following had to be deducted
Tax increase 800
Depreciation on the revalued amounts
finance chargeatleast thats what I did
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@mark79 said:
In question 2 – , the amendements required were loan at effective rate ( giving a N/C liability on balance sheet and finance charge on P&L). Tax charge needed to be calculated for P&L ( deferred tax increased to 12800 from 12000). Also depreciation and imapirment charge was required. , after that you had to asseble a balance sheet from that data/ or am I wrong?Deferred tax was 2400 or 2500 dont remember, tax base differnces 10 m, and 9 m revaluation, so i got deferred tax liability 2800 and charge to PL 10m *20%-2400(or 2500)
@mark79 said:
Construction contracts in MCQ- did anyone get Nil as answer?I think to obtain the figure of profit to date, you did not subtract the estimated cost to complete along with the cost incurred to date from total profit, and then multiplied the answer by the percentage of completion.
I forgot to add Non-Controlling interest in Q3.
How did you account for increase in fair value of Subsidiary’s assets- did you include them in goodwill calculation and Calculation of PPE on balance sheet?@aichi said:
Deferred tax was 2400 or 2500 dont remember, tax base differnces 10 m, and 9 m revaluation, so i got deferred tax liability 2800 and charge to PL 10m *20%-2400(or 2500)From what I remember
Dr Tax expense 2000
Dr Revaluation reserve 2400
Cr DTL 4400- Topics: 0
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@mark79 said:
I forgot to add Non-Controlling interest in Q3.
How did you account for increase in fair value of Subsidiary’s assets- did you include them in goodwill calculation and Calculation of PPE on balance sheet?yes, deducted form consideration 4 m, and 3,9 m to PPE
Made some wrong adjustments in the draft P&L to calculate adjusted ratios, hope can get some marks on analysis.
@husaynli said:
DOES ANYONE KNOW: When does ACCA publish questions on website??atleast after a month. Source: (ACCA’s past practice)
I think the value of construction contract was 5M, costs to date + to finish was 4 M, so Estimated profi 1M. Because the company was using contract billing amount to determine to completion %. I’m probably wrong but I calculated the work completed as 1.8/5 = 36%?
anyone else unfortunate enough to sit the exam at Excel London and have the invigilator with the very strong and not nice smelling aftershave on..
Gave me a headache and I couldn’t concentrate. Think he bathed in it!- Topics: 0
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@mark79 said:
I think the value of construction contract was 5M, costs to date + to finish was 4 M, so Estimated profi 1M. Because the company was using contract billing amount to determine to completion %. I’m probably wrong but I calculated the work completed as 1.8/5 = 36%?i think you did it right….i made a mistake in this((
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@riskyguy said:
From what I rememberDr Tax expense 2000
Dr Revaluation reserve 2400
Cr DTL 4400i remeber this number 4400 😀 i got tax reduction in PL for deferred tax
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@riskyguy said:
Q3 part (c)Do you capitalize customer list and research costs?
research cost no, customer list yes, but it can’t be sold
@husaynli said:
DOES ANYONE KNOW: When does ACCA publish questions on website??Questions: hopefully will be on line tomorrow afternoon..
Answers: Mid-end January
One or two days after examination. F5 dec 14 questions are already on Acca web. I think f7 will also be published soon
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Did anyone get Total comprehensive income 12 000 and NCI 300 in Q3?
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