*** F7 June 2012 Exam was… Comments and Instant Poll ***

It was quite time-pressure for me. Hope for a pass.

@owais875 said:
KINDLY ANSWER THESE QUERIES
Q1

*what was the treatment of last note of question regarding fv of other equity??

If I am not mistaken – to increase the value of investments in BS and increase consolidated RE by 800

Does Acca makes you feel like a nerd. I see other people who are studying other subject very happy but since I started Acca my life if full of sorrows. I can’t even get a part time trainee job. I was once offered a job but the owner didn’t wanted to pay me anything.being a international student in uk is a big problem. I should have studied back home in a peace of mind. Anyone wishing to come to uk? Change your mind now coz nothing here seems right, from cost to attitude of colleges. They think international students are piece of s@@t. Anyway good luck everybody.

was there a loss coming in q2 profit after tax???? what about q1 issue of loan to parent and it interest?? q5 was full shit question didnot get enough time to complete it

@owais875 said:
KINDLY ANSWER THESE QUERIES
Q1
*what was the treatment of SALES TO SQUARE AND PURCHASES FROM PYRAMID??
*what was the treatment of last note of question regarding fv of other equity??

Q5
*DIFFERENCE BETWEEN RULES AND PRINCILE APPROACH & WHICH APROACH IS MORE DESCRIPTIVE FOR IFRS??
*ADVANTAGES FOR BAXEN OF IMLEMENTING IFRS??

i although calculated deferred consideration and included it in current liability,i forgot to include it in coi which resulted in nil goodwill and forgot to calculate unwind of discount
in my opinion,paper was lengthy

Hi Owais

The purchase and sales gave us an Idea that there was an Inventory that would had been found in Square’s inventory, had he received it by 31st March and not 2nd apr.

When we account for this in the books of Square.. It would be DR Inventory and CR Payables..
Then we eliminate the above balance in Payables ($1,500) and the given balance ($1,700) against receivables balance ($4,400).. The balance of ($1,200) should have been the settlement made by Square not received by Pyramid until year end, therefore we increase the bank balance by same..

(Please let me know if any one of you has a different idea)

Only got Q1, Q4 and Q5 attempted completely, plus Q3 part 1. Never even got near Q2, Q1 SOFP didn’t balance, Q5 was ok but a lot of waffle, Q4 part (a) didnt refer specifically to CGU’s in discussing impairment.but again a lot of waffle there. Q3 (a) Cash Flow didn’t work out I was pretty sure on the cash flow of Q1 SOFP it was only something minor I was overlooking that I should spot and before I knew it time was running short. Overall difficult enough, although nothing really shocking. Time was the major problem for me. First time doing an ACCA paper and that’s the major lesson for me. I need to speed up. Expect to fail but hopefully not disgracefully.

@hanrahand said:
Only got Q1, Q4 and Q5 attempted completely, plus Q3 part 1. Never even got near Q2, Q1 SOFP didn’t balance, Q5 was ok but a lot of waffle, Q4 part (a) didnt refer specifically to CGU’s in discussing impairment.but again a lot of waffle there. Q3 (a) Cash Flow didn’t work out I was pretty sure on the cash flow of Q1 SOFP it was only something minor I was overlooking that I should spot and before I knew it time was running short. Overall difficult enough, although nothing really shocking. Time was the major problem for me. First time doing an ACCA paper and that’s the major lesson for me. I need to speed up. Expect to fail but hopefully not disgracefully.

It is a paper that requires best planning techniques.. I also did not do so well, but what worked out to some extent was that in the 15 mins planning time I did not read the numerical questions, such as prep of SOFP, SOCI etc., instead I read the theoretical qs and outlined answers on the Question paper itself..

Hope that best should happen for you

@amandagray24 said:
Did anyone else account for an associate as the holding was 30% of shares in the final note of question one?

Hello there..

I think the investment in Cube was given in the SoFP at value of $6m. What I did was accounted the share of profits of $600,000 ($2m (Post-acqusition R/E) X 30%)

Please let me know if any of you have a different idea.

It wasn’t hard but stupidly I got panicked and made simple mistakes. If i fail, it will be because of this.

Fair paper.

Overall I didn’t think the questions that were asked were overly difficult, but there were the odd few notes that really threw me and caused a lot of time pressure. This in turn caused me to make silly mistakes.

I think it is borderline if I will pass or fail.

was tricky but halndled it… 2hrs for just frst 2 qs.. but comapartively did well ….

it is fair question paper.
i took 2 hrs for qno. 1 and 2 , that is bad time management. they cried out only 1 hr left, i was reading q.no.3. very bad. but i finished in time. thank god.

qno.1
both cash in transit and good in transit. so there was PURP (hidden).
deffered consideration and so unwinding of discount.
cost of investment recorded in SOFP , usually they say it in first paragraph, that was variant from normal.i was looking for cost of subsidiary investment , some minute gone here, finally found.
all others were easy , but yet net assets and equity and liability not balancing. so jumped to q.no.2
lot of my time wasted in finance lease. initial payment of 2 million was the head ache.
deffered tax unrecorded
i got loss for the year.

RE became negative, confused on that , i deducted negative RE to RR.
dont know whether it is correct.

first time encountering to find EPS for loss. no RE only , so what is EPS???
q.no.3
cash flow was easy than normal yet mine is not balanced , no time to find where i went wrong jumped to next qn.
interpretation of FS , main point is “they took working capital for investment so company has no interest cover plus heavy gear, so overtrading.”

q.no.4
what is impairment review.? (no need to write how impairment is found, given in qn)

impairment of CGU, not sure whether i am correct.
goodwill cancelled.
patent impaired, plant impairment
CGU impairment value is then distributed among plant, patent and factory asset.

q.no.5
distinguish rules based approach and concept based approach.
my concepts they should make it as rules!!!!

advantages of adopting IFRS in their system.
wrote something, ACCA has chance to learn something from me 🙂