Forums › ACCA Forums › ACCA FR Financial Reporting Forums › *** F7 December 2015 Exam was.. Instant Poll and comments ***
- This topic has 206 replies, 79 voices, and was last updated 8 years ago by rena.
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- December 9, 2015 at 1:18 am #289390
Its 3k credit
December 9, 2015 at 2:54 am #289394@odean20 said:
Its 3k creditgot that as well, debit 3k to provision and credit 3k to p/l was it?
December 9, 2015 at 3:00 am #289397i guess its 1326
its lower of cost or nrv
standaed with cost
super with sp less commisionDecember 9, 2015 at 4:32 am #289406Paper was easy except question 3 but not sure whether I will pass or not
December 9, 2015 at 4:59 am #289407In single company i was facing problem with right share issue and convertible loan notes issue. This was related with Suspense accounts. I couldn’t solve this problem. pls anyone share how did you solve this adjustment in the exam.
December 9, 2015 at 5:01 am #289408Now only examiner can tell what is the correct treatment.
December 9, 2015 at 5:23 am #289411i think it was okay for Question 1 i took $4000 as goodwill id calculated at aquisition and not at year end.
And for sales from subsidiary to parent i use $1000 as we have to eliminates intra group balance.. Depreciation is 2400/2 years by 9/12.
I had never see such question before and it was very confusingDecember 9, 2015 at 5:46 am #289413$1000 is for one month, we have to multiply by 9 months, consideriting 9000$ post acquisition sale.
December 9, 2015 at 5:55 am #289415AnonymousInactive- Topics: 0
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@maniji said:
$1000 is for one month, we have to multiply by 9 months, consideriting 9000$ post acquisition sale.Do you think the pre-acquisition sale was a distractor? I felt it was since the companies were not related at the time. I stated that I ignored this cos there was no relationship.
December 9, 2015 at 6:20 am #289418I did the same thing I ignored pre acquisition sales
December 9, 2015 at 6:21 am #289419it was too hard i didnt get much time to concetrate on the mcq,i expected consolidation in 30 mark question but any way i will make it through.
December 9, 2015 at 6:42 am #289425concerning the valuation of closing inventory, i would like to know the official answer, because for me on both cases, the nrv was lower than the cost and upon applying to the number of units, the answer was not there
December 9, 2015 at 6:45 am #289426only suplex line of inventory require commission not the other one so the answer is some how 1365 like that which is D
December 9, 2015 at 6:46 am #289427the previous sales between the parent and subsidiary before acquisition are not intragroup transactions , the intragroup transactions were just the transactions for the 9 months post acquisition (9 * 1000)
December 9, 2015 at 6:56 am #289428What about Excess Depriciation for the Fairvalue of the Asset i think its 2400/2*9/12 = 900 but i add only Group share in the cost of Sale of NCI percent of share in NCI calculation. I think full depricaition should have been added in cost of sale.
December 9, 2015 at 7:00 am #289429Hi all.
Any ideas about blue pen? I wrote the whole exam with blue pen. Is this a serious problem? Had anyone experienced this problem before?
I am very frustrated…((((December 9, 2015 at 7:01 am #289430That was the last worst thing you will do in ACCA exam, by writing it with Blue pen
December 9, 2015 at 7:52 am #289437i actually got the same bcoz i thought putting share capital again was a double counting but any way the paper………………..
December 9, 2015 at 7:58 am #289438Am pretty sure i need one too for March. That paper was one of a kind.Spent most of my time trying to figure out the lease and convetable loan.Will have to do my revenge in March.
December 9, 2015 at 8:01 am #289443What about a provision question(MCQ)? Was it 87000 debit??
December 9, 2015 at 8:34 am #289461How many marks would be allocated for lease adjusment and loan notes
December 9, 2015 at 8:35 am #289462May be 3 and 3 each
December 9, 2015 at 8:42 am #289468marks available like this
recievble 0.5marks
payable 0.5 marks
revenue 0.5 marks
cost of sale 2 marks
non current asst 1mark for each
current asset 0.5 mark for eachDecember 9, 2015 at 9:44 am #289512Really? 😀
December 9, 2015 at 10:22 am #289527For the warranty provsion I had 3k debit as the warranty provision of 90k from prior year had expired (as warranty peiod was only 6 months) therefore provision for the year should have been 87k hence a 3k reduction
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