*** F7 December 2015 Exam was.. Instant Poll and comments ***

@johanndamato said:
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?

I ignored pre-acq sales. Could be wrong 🙂

@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.

Did yours or anyone elses balance sheet balance? If so, what was the balancing figure? I had a difference of $9000. Did u take the 24-9 for the PPE calculation? The FCs agree with mine though. So thats a plus 🙂

@abdulazeez44 said:
Did yours or anyone elses balance sheet balance? If so, what was the balancing figure? I had a difference of $9000. Did u take the 24-9 for the PPE calculation? The FCs agree with mine though. So thats a plus 🙂

Haha you don’t get marks for balancing a balance sheet, so I don’t actually bother trying asit’s a waste of time. But I doubt it balanced to be honest as I didn’t do to good on the convertible loan part. Good to hear about the FC’s! 🙂

Impairment gets effected in Nci,goodwill and retained earnings.I am I right???(MCQ)

@s4k1b said:
So the answer was NCI and Retained earnings only ? i chose this answer.
Can anyone confirm?

My reasoning…..

W2
inv val
nci val
x

FV os SNA @ DOA
sh
ret ears
x = g/w

GW in then impaired (parents share) in W3
&
nci’s share is impared in W4

I can’t remember the options, but i’m pretty sure I said it impacts all four (Impairment also hits the P&L

@farhantahir786 said:
Haha you don’t get marks for balancing a balance sheet, so I don’t actually bother trying asit’s a waste of time. But I doubt it balanced to be honest as I didn’t do to good on the convertible loan part. Good to hear about the FC’s! 🙂

True. But after doing so much, making it balance kinda gives an “I did it” feeling.. Nevertheless, paper was pretty hard, comments here are making me feel positive, so lets hope for the best 🙂

Yea all three because the question said “NCI at fair value”. If not i dont think NCI would be affected. But ure correct and that’s all that matters

@genty said:
I the option that said all of the above

I picked that option also.

@kolkleen said:
Yea all three because the question said “NCI at fair value”. If not i dont think NCI would be affected. But ure correct and that’s all that matters

So is it all three are correct

How did you folks solve Q 3 convertible loan notes?

I did something of this sort

25÷5= 5 shares
7500- share premium (5 k ×1)
5000- share capital(5 k ×2.5)

total cash from rights issue= 12500
12500× 40% – loan
12500 ×60% equity

In Mcq something about parent….
Which should not be included in the csofp.

Is it parent co shares not trading in the public market and there was one more.Dont remember.Can anyone remember??We hAve to choose two..Not sure about the one I chose..

@pinkyjovin123 said:
In Mcq something about parent….
Which should not be included in the csofp.

Is it parent co shares not trading in the public market and there was one more.Dont remember.Can anyone remember??We hAve to choose two..Not sure about the one I chose..

yeah that one and parent is also a subsidiary of another co.

For ratio qn what did u guys write for part b 4 marks