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Paper was seems ok but i could not attend 2 questions due to time factor…. Published account took my all time…
Q1, I time apportioned everything with the 6months, hopefully I at least got that correct.
For the factoring part, I added the $10m back onto the trade receivables, and then debited cash with the $8.7m and created a factor loan in long terms liabilities for the same value – anyone know if even part of this is correct? I thought this would be showing the commercial reality as a loan rather than a sale.
So many rushed mistakes.
Paper was easy but lengthy , i wasn;t able to complete 16 marks cashflow interpretation due to time shortage !
hoping for pass- Topics: 0
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I think 2010 was 12cents (warrants) and 2011 (convertible)was 10.5 cents
@05008967 said:
Am I being stupid here, it stated that goodwill was not required.I completed a consideration calc to determine the share exchange, which I got 80000 shares.
@05008967 said:
Am I being stupid here, it stated that goodwill was not required.I completed a consideration calc to determine the share exchange, which I got 80000 shares.
@05008967 said:
Am I being stupid here, it stated that goodwill was not required.I completed a consideration calc to determine the share exchange, which I got 80000 shares.
Nah its prob me being stupid and hasty, looks like i calc’d goodwill when it wasnt needed, oh well cant get marked down for it
Yeah 80000 shares was right from the parent co
Continuing Profit 2011 was 2450
Continuing Profit 2010 was 1750
Diluting shares as per open tuition notes was 1200 shares.
Interest Savings was 280 and no increase in earnings due to options thus,
DEPS 2011= 2450+280/3000+1200+2000 = 0.44
DEPS 2010= 1750+280/3000+2000 = 0.406U should refer to open tuition notes as Convertable notes were diluting so included 🙂
Hope it helps@ka123 said:
Continuing Profit 2011 was 2450
Continuing Profit 2010 was 1750
Diluting shares as per open tuition notes was 1200 shares.
Interest Savings was 280 and no increase in earnings due to options thus,
DEPS 2011= 2450+280/3000+1200+2000 = 0.44
DEPS 2010= 1750+280/3000+2000 = 0.406U should refer to open tuition notes as Convertable notes were diluting so included 🙂
Hope it helpspretty much wht i did.. but the 3000 uve taken for equity shares.. i guess it was $3000 0.25 cent shares.. n u shud take 12000
@ahai 🙁 i think it was 3000 equity shares of 0.25 or something like that,
hope it doesnt push my score below 90, everything else went ok on my part
wat examples did u gave for the framework question- Topics: 0
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i agree 100% with a comment b4, why r they testing us for speed? we r studyin so we could pass, not so that we could fly wit time!! its ok q`s but TIME wasnt there
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Silly question but what variant are you discussing here?
My workmate has just sat this paper and I don’t think it went too well. He was convinced that he had an International exam paper even though the cover stated UK as it was asking for Statement of Income instead of Profit and Loss, currency in $ not £ but the questions seem to be the same as you’re discussing.
I’m due to sit this in December so please let me know any tricky areas that need more attention
wow 90 :D.. seems ur one went pretty well.. 🙂
i was jst blank about the framework part.. u remember ur calc about the Construction contract? Im just not sure about the Construction Contract and the Consolidated I/S :(.
not easy but lengthy starting from last:
Q5 easiest of all questions did complete
Q4 forgot to include notional saving ( i dont know how much the will deduct for it)
Q3 cash flow did not balance but calculated some ratios so atleast i get some marks from this question cant analyse since cash flow dint balance
Q2 forgot to take effect of conversion ,left recievable factoring otherwise its fine
Q1 did complete still some confusion around my answers but hopefully this would somehow give satisfactory marks
overall paper was better than last attempt except factoring ,conversion and no answer balanced and atlast wish for all u guys there to pass on atleast breakeven…:);)chill@ahai i think it was 1110 sumthing
2011
Revenue was 8125-3500=4625 something
cant actually remember accurately the revenue part but i think it was as above
costs were (5500+4000)x65% – 2660 = 3515
2010 costs were (5500+4000)x 28% = 2660
2010 costs were given but i calculated it otherwise to see if my working was correct for 2011:PAs for consolidation i think i transferred 7700 to NCI,
Good will was 100000 (i think 🙂 )
goodwill was not required but then again i had extra time and so calculated it to check my consolidation answer using a shorter method to get to consolidation answer.My total reserves ended up with a value of 933,300 or 923,300, which i then double checked and found right 😀
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paper was strange, when i first looked i was happy but then……. few adjustments were very difficult, over all a tricky paper
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3hrs is no way much time for five question, although the questions were fair, they were very time consuming too.
The paper was very hard for me. I struggled trying to finish all the questions but in the end coud not justify finishing questions worth almost 30 marks in total!!! Extremely dissappointed after putting in so much effort…. i dont understand how the examiner can come up with questions that needs time to read,understand and think before answering…after struggling with Q1 and Q2 , i had only 30 minutes to do Q3 (thankfully Cashflow balanced but not enough time to analyse with ratios) and the last 30 minutes to do Q4 and Q5. Though Q5 was ok , i was lost on Q4 on the write up of the IFRS thing and didnt have time to do EPS!!!!
What a shame ….i’m just gonna pray hard….to get a pass mark 50% 🙁
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i think
q.1 was quiet complicated.. kind of hard
q.2 had lots of adjustments but not that hard
q.3 was very simple
q.4 couldn’t understand the due to lack of time
q.5 was straight forward- Topics: 0
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More straight forward than previous years but the main problem was the time, very hard to complete in 3 hours unless you know the subject extremely well. question 4 and 5 could have easily score more points with more time, shame… Between 40 and 60 and hopping for 50. Anyway open tuition was extremely helpful every single question was covered with the notes and lectures. Thanks
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hope to pass
Just answered the ACCA exam survey at the website. I wrote in how difficult it was to do all the questions within 3 hours!
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The paper combined with some tricky areas resulting in a longer time to interpret the Qs, especially Q1 and Q4. 3hrs is just not cutting it at all. I think the scope for the fundamental level is getting much too high.
Q1 was tricky, but attempted all of it. I did not show a separate working for the Net Assets. No Goodwill calculations required.
Q2 No time to attempt or even get to read it properly.
Q3 was fairly Ok and attempt all of it. Hope my comments will award me a good chunk of the 16marks.
Q4 Did not have sufficient time. Only attempted the 6marks which I struggled on.
Q5 Was OK. Attempted all of it, but may slip up with total cost of the contract. I totaled the est cost – $5500 + Variation cost worked out to be $4000 but not sure if was to include also the cost to date figure …… can’t remember the figure. My answers came out for $1110.I hope I am on border line 50marks
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