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

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › *** F7 June 2012 Exam was… Comments and Instant Poll ***

  • This topic has 141 replies, 54 voices, and was last updated 12 years ago by jm84.
Viewing 25 posts - 76 through 100 (of 142 total)
← 1 2 3 4 5 6 →
  • Author
    Posts
  • June 13, 2012 at 7:12 pm #100701
    ahmedmirza
    Participant
    • Topics: 3
    • Replies: 29
    • ☆

    @rajani_kkr said:
    hey can anyone tell me their balance of sofp in question no. 2… dat was the only question which i didnt hav been balanced otherwise consolidated sofp was balanced on 126300 and cash flow was also awsum 🙂

    I think, not so sure, it was something like 117,000…

    June 13, 2012 at 7:21 pm #100702
    libran
    Member
    • Topics: 1
    • Replies: 9
    • ☆

    it was a completely do-able exam

    June 13, 2012 at 7:47 pm #100703
    owais875
    Member
    • Topics: 3
    • Replies: 13
    • ☆

    @ahmedmirza said:
    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.

    I think you were supposed to time apportion it for six months also, since the associate was bought in October, and the accounts were made in March.

    the associate profit was mentioned by saying that associate made that much profit in six months so i dont think v have to time apportion that

    m i ryt???

    June 13, 2012 at 7:56 pm #100704
    owais875
    Member
    • Topics: 3
    • Replies: 13
    • ☆

    what u wrote in impairment review????

    June 13, 2012 at 7:57 pm #100705
    owais875
    Member
    • Topics: 3
    • Replies: 13
    • ☆
    Quote:
    @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)

    k…thnx for explaining in detail ahmed

    June 13, 2012 at 8:01 pm #100706
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 1
    • ☆

    Exam do-able some easy marks to pick up on Q1 Q2 & Q3…although there were some tricky parts!! Q2- EPS i has a negative figure- which I am guessing is right as the company made a loss during the period!! Q4 part b abit of a tricky question I thought, but just guessed at it so fingers crossed I pick up a few marks. Well roll on results day !!

    June 13, 2012 at 8:19 pm #100707
    kevgooner
    Participant
    • Topics: 0
    • Replies: 22
    • ☆

    Also had a loss on Q2. In terms of answering the EPS bit if you got the profit wrong from previous part that won’t matter.

    But you had to use the $1.20 to get the cum rights price/theoretical ex rights price and work out the weighted average of shares as there was an issue in year.

    Happy with Q2 as I gave the lease bit a good go and confident with the tax/deferred tax part and all other non current assets revaluations etc.

    Q1 was fine apart from the cash in transit/unrecorded rec’bles/payables. But thats going to be like 4 marks tops and I gave it a go so should get something.

    Q3 cashflow was reasonable seemed quite short as not much going on in terms of complications. Second part for 14 marks ratios ok calculated about 6, written part not my strongest.

    Q4 – BOOM. Great question for me Impairments I hope to get at least 10 marks on this. Really happy with my answers, might have just missed the cash/receivabbles being at fair value and therefore could not impair. However all the others were fine.

    Q5 – pushed for time but got bullet point answers for both parts. 3 or 4 marks and I’ll be happy.

    Overall, quite tough and challenging but worked through the best I could and would be disappointed to fail even if I don’t think it will be a confident pass.

    June 13, 2012 at 9:02 pm #100708
    jm84
    Member
    • Topics: 5
    • Replies: 87
    • ☆☆

    @rajani_kkr said:
    hey can anyone tell me their balance of sofp in question no. 2… dat was the only question which i didnt hav been balanced otherwise consolidated sofp was balanced on 126300 and cash flow was also awsum 🙂

    Hi for consolidation I also got $126300 and I manage to balance 🙂

    June 13, 2012 at 10:11 pm #100709
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 48
    • ☆

    I got 126300 for total assets for Qt1 as well.
    The associate profit was 600,000. No need for time apportioned as it was mentioned that it was increased by 2 M over 6 months.
    Qt2: Got most workings done but was short of time so finished Comprehensive income statement …loss of around 6,050 I think. Got depreciation worked out and got assets done on FS. Statement of equity required prior year restatement for 1 million.
    Qt3 Missed the dividend in cash flow, off by 55 or 45K cannot remember.
    Qt4 a 1st Item comes to 514,000 or so value in use. No impairment
    Qt 4b Patent 1 M Plant 1960 factory 2240 Receivables 1500 total 6.7 M
    Qt 5: 6 advantages that is really a stretch. I doubt IFRSF could come up with that many

    June 14, 2012 at 12:37 am #100710
    tinicaa
    Member
    • Topics: 1
    • Replies: 16
    • ☆

    i will be fasting n praying from now till august.

    June 14, 2012 at 2:31 am #100711
    jm84
    Member
    • Topics: 5
    • Replies: 87
    • ☆☆

    @saiflalani said:
    I got 126300 for total assets for Qt1 as well.
    The associate profit was 600,000. No need for time apportioned as it was mentioned that it was increased by 2 M over 6 months.
    Qt2: Got most workings done but was short of time so finished Comprehensive income statement …loss of around 6,050 I think. Got depreciation worked out and got assets done on FS. Statement of equity required prior year restatement for 1 million.
    Qt3 Missed the dividend in cash flow, off by 55 or 45K cannot remember.
    Qt4 a 1st Item comes to 514,000 or so value in use. No impairment
    Qt 4b Patent 1 M Plant 1960 factory 2240 Receivables 1500 total 6.7 M
    Qt 5: 6 advantages that is really a stretch. I doubt IFRSF could come up with that many

    Question 4b I think i got a different answer with you.
    My Plant is1800
    Factory is 2400
    the rest are the same

    June 14, 2012 at 5:57 am #100712
    ansuboni
    Member
    • Topics: 1
    • Replies: 5
    • ☆

    was the question no. 1 really about the bargain purchase… i didnt think sooo. i got my g/w positive and my sofp was balanced with 127700… Does anybody has matched the sofp???

    June 14, 2012 at 7:51 am #100713
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 5
    • ☆

    what if I answered part (b) in Q3 without referring to the financial statements given in the question? Can I still earn some marks? The requirement did not specifically ask to interpret financial statement. So I answered in general words how the given 3 cases may affect the financial statements (say if a company obtain a loan to purchase PPE interest expenses would be most probably greater and net profit margin would be lower.

    June 14, 2012 at 9:40 am #100714
    ansi
    Participant
    • Topics: 121
    • Replies: 805
    • ☆☆☆☆

    Well,
    it was a gift for a well prepared candidate, as frew standards were actually examined, and not the hardest ones.
    However it was extremely time pressured.

    All in all, it’s over now and can be forgotten till august or in best case, till P2 😉

    June 14, 2012 at 12:33 pm #100715
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 48
    • ☆

    @jm84 said:
    Question 4b I think i got a different answer with you.
    My Plant is1800
    Factory is 2400
    the rest are the same

    Thanks JM84. good to know.
    I thought that the factory and Plant had pre accident values of 4.0 and 3.5 million. and end values of total 4.2 million, 6.7 – 1.5 minus 1 i.e 4.2.
    So 4.2/7.5 =0.56 * 3500 and 4000 = 1960 and 2240. Maybe i misread the values.

    June 14, 2012 at 3:23 pm #100716
    uko111
    Member
    • Topics: 1
    • Replies: 9
    • ☆

    i want to say about f7 exam is that i have never experienced of passing 3 hrs in a moment the 3 hrs passed as just like 20 minutes time pass very quickly in f7 exam although i have completed all five question . the question number two their is some problem and mistakes i have made because time was short i spend 40 hrs on that and this was attempted by me as a last question again time was very important . consolidation was quiet tricky cost of investment in subsidiary bother little and also their is a bargain price instead of goodwill no financial statement of associates were given only profit and post profit was given and question no 3 was simple but 14 marks are for ratios and interpretation and question 4 IAS 36 impairement loss was not difficult but tricky and question no 5 was a theory question on IFRS over all i do good but not 100% correct i hope i will score good marks.

    June 14, 2012 at 4:22 pm #100717
    mother1
    Member
    • Topics: 1
    • Replies: 10
    • ☆

    On question 1 could someone please advise if they got good will …. I’m getting worried now as I’m seeing bargain purchase mentioned a few times… overall bad paper for me but just that one thing if you could let me know people..

    June 14, 2012 at 5:15 pm #100718
    polldoll
    Member
    • Topics: 10
    • Replies: 52
    • ☆☆

    @mother1 said:
    On question 1 could someone please advise if they got good will …. I’m getting worried now as I’m seeing bargain purchase mentioned a few times… overall bad paper for me but just that one thing if you could let me know people..

    Don’t worry, pretty sure there was goodwill (not a bargain purchase) if you accounted for consideration as the shares shown in the parent’s SoFP and the deferred cash payment. Can’t remember the figures.

    June 14, 2012 at 5:30 pm #100719
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 48
    • ☆

    @polldoll said:
    Don’t worry, pretty sure there was goodwill (not a bargain purchase) if you accounted for consideration as the shares shown in the parent’s SoFP and the deferred cash payment. Can’t remember the figures.

    Yeah. I think total consideration was 30.4 Million and the net assets were valued around 27-28 million. There was definitely goodwill. No bargain purchase.
    If people ignored the 6.4 Million of deferred consideration then yes you would get a bargain purchase but that would be wrong.

    June 14, 2012 at 6:08 pm #100720
    marky123
    Member
    • Topics: 46
    • Replies: 193
    • ☆☆☆

    Hi guys, I just got home from doing F7 & F8.
    I thought F7 was minly OK – Q1, 2 & 3 were as expected apart from I wasnt expecting as much discussion regarding the cashflow which has probably let me down – I would have preferred a larger proportion of marks for the cashflow and less for the interpretation.
    For me, question 4 was acomplete disaster and I have effectively reduced my chances of passing to an 85 mark exam in which I have to score 50! :((
    And my biggest dissapointment – I totally forgot to go back and answer the EPS question which was worth 3 marks. It totally slipped my mind so I never even attempted it. I know I could have scored at least 2 out of the 3 marks on this so I will be devastated if I fail with 48!
    Nothing I can do about it now I suppose it was just a careless mistake! 🙁 Ive learned my lesson.
    Oh – and the subject of Goodwill – I didnt get a bargain purchase I think my calculation came to $7,400…..
    Best of luck folks…

    June 14, 2012 at 6:29 pm #100721
    uko111
    Member
    • Topics: 1
    • Replies: 9
    • ☆

    consolidation question
    80% shares were acquired by parent and subsidiary share capital was 10,000 $1 each so $8000 were acquired on exchange of shares and what amount of shares give up by parent not given in a question and a deferred payment of 88 cents per share was paid so :_ cost of capital 10%
    8000 * 0.88 = 7040* 0.909 =6400
    6400+8000= 14400 i think that was the cost of investment in subsidiary and fair value of net assets was more than this amount which results in bargain purchase MR SAIFLALANI

    June 14, 2012 at 7:19 pm #100722
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 11
    • ☆

    If I remember correct, cost of investments was 24000 and there was a goodwill, not a bargain purchase

    @uko111 said:
    consolidation question
    80% shares were acquired by parent and subsidiary share capital was 10,000 $1 each so $8000 were acquired on exchange of shares and what amount of shares give up by parent not given in a question and a deferred payment of 88 cents per share was paid so :_ cost of capital 10%
    8000 * 0.88 = 7040* 0.909 =6400
    6400+8000= 14400 i think that was the cost of investment in subsidiary and fair value of net assets was more than this amount which results in bargain purchase MR SAIFLALANI

    June 14, 2012 at 7:23 pm #100723
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 11
    • ☆

    Don’t worry. I’ve completely forgot that there was a last question 10 marks, I was so stressed. I wish to score out of remaining 90 marks. Let’s wait untill 8 of August, when the results will be announced, than we shall see..;)

    @marky123 said:
    Hi guys, I just got home from doing F7 & F8.
    I thought F7 was minly OK – Q1, 2 & 3 were as expected apart from I wasnt expecting as much discussion regarding the cashflow which has probably let me down – I would have preferred a larger proportion of marks for the cashflow and less for the interpretation.
    For me, question 4 was acomplete disaster and I have effectively reduced my chances of passing to an 85 mark exam in which I have to score 50! :((
    And my biggest dissapointment – I totally forgot to go back and answer the EPS question which was worth 3 marks. It totally slipped my mind so I never even attempted it. I know I could have scored at least 2 out of the 3 marks on this so I will be devastated if I fail with 48!
    Nothing I can do about it now I suppose it was just a careless mistake! 🙁 Ive learned my lesson.
    Oh – and the subject of Goodwill – I didnt get a bargain purchase I think my calculation came to $7,400…..
    Best of luck folks…

    @saiflalani said:
    Yeah. I think total consideration was 30.4 Million and the net assets were valued around 27-28 million. There was definitely goodwill. No bargain purchase.
    If people ignored the 6.4 Million of deferred consideration then yes you would get a bargain purchase but that would be wrong.

    June 14, 2012 at 7:27 pm #100724
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 48
    • ☆

    @angang2011 said:
    If I remember correct, cost of investments was 24000 and there was a goodwill, not a bargain purchase

    On the balance sheet P recognized investment at cost as $24,000. That is 8000 $1 shares and $2 share premium. the qt said that It had already recognized share cost but not deferred consideration. Any one else feel free to step in.

    June 14, 2012 at 7:29 pm #100725
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 48
    • ☆

    @saiflalani said:
    On the balance sheet P recognized investment at cost as $24,000. That is 8000 $1 shares and $2 share premium. the qt said that It had already recognized share cost but not deferred consideration. Any one else feel free to step in.

    @angang2011 said:
    If I remember correct, cost of investments was 24000 and there was a goodwill, not a bargain purchase

    Also How can 80% of the company be valued at 14.0 Million when the qt says Fair value of NCI for remaining 20% was 7.0 Million. How is that even close to fair value?

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