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@theimaginarynumber – lol! So many As and Cs – hardly any Bs!
S4K1B count me in if we both fail!
Did I make a mistake by listing the operating lease payments in the P&L as an operating expense?
@johanndamato said:
Any ideas about q1 intragroup trading before acquisition had this to be deducted from revenue and cos before apportionment of 9/12After 9/12, because all amount was in full during this period.
Why not 4500? The latest figure as at Sep 15?
Even the fair value adjustments in the questions relate to acquisition but are found out later on. We still adjust for them! Why not in this case?
The exam overall was hard, because i wasn’t well prepared for F7. It was my first time sitting two exams together. F8 was ok.
I attempted the whole exam. Balance sheet was a disaster. Overall Q3 i was only able to work on it thanks to Mike’s lectures. I only had enough time to listen to lectures and practice few examples.
I would have probably done better if i had practised past exams.
Thanks Open Tuition. Hopefully i pass both exams. Fingers crossed! !Sitting 2 in 1 go isn’t so bad if there’s a few days between the exams but doing F7 & F8 this year was difficult, i focussed too much on F8 and didn’t attempt many of the section B questions of past F7 papers so my only hopes of passing F7 is if i get 100% on section A which is very unlikely as i’m not that lucky!
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Anyone had any pre-acquisition retained earnings? Or was everything within the carrying amount of the net assets.
@accastudent1986 Except they’ve stopped publishing past papers now and pretty soon what remains will be out-of-date!
@pator said:
After 9/12, because all amount was in full during this period.I thought it was – Acquision at 1st march and accounts were to 31st October.
All of MAMJJASO – 8 months ? 8/12 ?
@theimaginarynumber said:
@accastudent1986 Except they’ve stopped publishing past papers now and pretty soon what remains will be out-of-date!Can we all put a request in – updated revision lecture for more recent ‘past papers’ ?
Not forgetting the fact that this is all free, but for some people this is all we really use and it would be fantastic to have some updated.
Im sure most of us using this website would pay for the privilege if it was necessary.
George
What do u mean after 9/12? intragroup before acq was 500 per month so these need to be deducted as they dont accrue evenly throghout d year they relate solely to revenue generated pre acq. then u apportion d rest Is my reasoning wrong?
What did u guys use for opening balance of finance lease arrears table in qn3?
I used the prev lease’s 24000 + (6000-1000 deposit) = 29000 as opening and did 2 years’ table
Got the finance cost and closing liability from that table
Pretty damn sure im wrongRight shares : share capital × 1/5 right? Or 1/6?
And convertible bond was also horrible
Didnt know what to do with suspense A/C either@johanndamato said:
GeorgeWhat do u mean after 9/12? intragroup before acq was 500 per month so these need to be deducted as they dont accrue evenly throghout d year they relate solely to revenue generated pre acq. then u apportion d rest Is my reasoning wrong?
One of the questions, Q1 or Q3, wasn’t there a time apportionment of 8/12 on the consol due to acquiring subsidiary part way through the year ?
@hermain97 said:
What did u guys use for opening balance of finance lease arrears table in qn3?
I used the prev lease’s 24000 + (6000-1000 deposit) = 29000 as opening and did 2 years’ table
Got the finance cost and closing liability from that table
Pretty damn sure im wrongRight shares : share capital × 1/5 right? Or 1/6?
And convertible bond was also horrible
Didnt know what to do with suspense A/C eitherOpening balance was $13,000 (initial CV was 24,000 but then there was $9,000 dep and further down the columns it said obligation of $13,000). I then added $5,000 to it (same reason as you). Gave a FC of $1,800 for leases, and there was $1,600 for loan interest (effective was similar to actual as per question). I could be wrong however.
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Acquisition was in January and year end was September. 9months
I felt that the pre-acquisition sales should be ignored since they were third parties at the time. May be wrong.
@hermain97 said:
That mcq about effect of the goodwill impairment? I chose only NCI
Am i right?Standard workings – Impairment goes into NCIs P&L, retained earnings of parent, NCI in the SFP, etc. It’s listed like that in Kaplans working pro-formas.
@kolkleen said:
Acquisition was in January and year end was September. 9monthsI felt that the pre-acquisition sales should be ignored since they were third parties at the time. May be wrong.
Even I ignored it! Did the urp on post aq sales
ACCA needs to come easy on its students. We are not talking about making the questions easier, no, but the level of English used is unreasonably hard! I have to read some of the MCQs over 5 times before i could understand what is being required. This is sad as 65% of ACCA students do not have English as their first language.
Again, the 30 marks question 3 was a complete disaster! The adjustments were way too difficult with some of the requirements quite confusing. The leasing aspect was straight P2 standard. Why ACCA choose to make the adjustments to these 30 marks questions so difficult beats my understanding. The English is quite difficult to understand, the grammar used is more like law and the little tricks are simply not needed!
Combining SOCI, SOCIE, SOFP and Cashflow in a single question is quite wicked! How did the examiner expect us to complete all these huge question in just 45 minutes??
ACCA must ensure fairness in the way questions are set. Anytime i attend an exam sitting, i see the numbers drop. Today for instance, i saw only a handful of us, not more than 40 sitting both F7 and P2 papers. ACCA is losing popularity in Ghana, especially Kumasi and the earlier they ensure fairness, the better for them. In all, this F7 paper was a complete disaster!!!
@farhantahir786 said:
Opening balance was $13,000 (initial CV was 24,000 but then there was $9,000 dep and further down the columns it said obligation of $13,000). I then added $5,000 to it (same reason as you). Gave a FC of $1,800 for leases, and there was $1,600 for loan interest (effective was similar to actual as per question). I could be wrong however.Hi Farhantahir,
I did exactly the same, therefore we have to hope it is correct 🙂
Cheers
S.
@farhantahir786 said:
Standard workings – Impairment goes into NCIs P&L, retained earnings of parent, NCI in the SFP, etc. It’s listed like that in Kaplans working pro-formas.So the answer was NCI and Retained earnings only ? i chose this answer.
Can anyone confirm?My reasoning…..
W2
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