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This time – the hardest paper ever !
Messed up the G’will calculation by the sounds of what everyone got!
Consideration: 12,000
Loan Notes: 1500
NCI : 6000
_____
19500
Less:
Share Cap (20,000)
Pre Acq ear’ (2000)
FV Adj 3000
_____G’will 500
Hopefully should receive some marks from that!
@kriselda
bro it is 20000×75%x2/5*2( the share price of the parent) it comes to 12000 and the loan notes were 20000*75%*100/1000 comes to 1500, and this is correct 🙂 and NCI yea it was 6000<cite> @batman1993026 said:</cite>
Messed up the G’will calculation by the sounds of what everyone got!Consideration: 12,000
Loan Notes: 1500
NCI : 6000
_____
19500
Less:
Share Cap (20,000)
Pre Acq ear’ (2000)
FV Adj 3000
_____G’will 500
Hopefully should receive some marks from that!
Bro the pre acquisiton Retained Earning will include this year’s 6/12 profit as well so unfortunately you are wrong 🙁
<cite> @batman1993026 said:</cite>
Messed up the G’will calculation by the sounds of what everyone got!Consideration: 12,000
Loan Notes: 1500
NCI : 6000
_____
19500
Less:
Share Cap (20,000)
Pre Acq ear’ (2000)
FV Adj 3000
_____G’will 500
Hopefully should receive some marks from that!
FV adj is (3000) not 3000
and Pre acquisition is (4000+2000) = (6000)
total of FV of NA is 11000<cite> @donizback said:</cite>
Bro the pre acquisiton Retained Earning will include this year’s 6/12 profit as well so unfortunately you are wrong 🙁Unfortunately so, but hopefully should pick up a few marks from the consideration and NCI workings! (touch wood)
<cite> @kriselda said:</cite>
Its true there were many tricky points that very rare have been shown in exams i manage to do q1 fully and it balanced, q2 fully and again it balanced cash flow and again did balance q4 just wrote some rubbish q5 tried to attempt b i hope that the the first 3 give me the marks as i know examiner hates when students dont do Q4 and 5How did you balance Q1 when your loan notes calculation is incorrect?
<cite> @batman1993026 said:</cite>
Unfortunately so, but hopefully should pick up a few marks from the consideration and NCI workings! (touch wood)Hopefully bro, same for me I had this point corrent but some other might be wrong my SOFP didnt balance 😀 anyways best of luck hope you pass 🙂
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had a previous year retained earning 4000 loss and the sub was acquired on 1 October consolidation statement 31 march
6 month pre 6 post in question R.E 8000 when 8000 *6/12 4000 pre retained earning 4000 profit 4000 loss effect nill ?????????
<cite> @kynhonglongbong said:</cite>
FV adj is (3000) not 3000
and Pre acquisition is (4000+2000) = (6000)
total of FV of NA is 11000I think the wording of note 1 threw me off and I don’t have a clue why I added the 3000! Still, only 2/3 marks lost on that calculation at max, should get some carry over marks and marks for calculating consideration
<cite> @donizback said:</cite>
Hopefully bro, same for me I had this point corrent but some other might be wrong my SOFP didnt balance 😀 anyways best of luck hope you pass 🙂Best of luck to you mate!
<cite> @batman1993026 said:</cite>
I think the wording of note 1 threw me off and I don’t have a clue why I added the 3000! Still, only 2/3 marks lost on that calculation at max, should get some carry over marks and marks for calculating considerationhehe, i think you shouldn’t worry about it :D, i will have mark of the correct number, such as 20000 share capital, blah blah
ACCA is very hard and wrong when you did the exam is normal- Topics: 0
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The f7was quite fair!! The timing and adjustment was something else!! I pray to have a pass mark, so dt I wouldn’t come back for this in December!! Best of luck to all there!! Did question 2 ,3, 1′ a bit of 5. For Q4 I didn’t attempt dt. The time too short !!
<cite> @kynhonglongbong said:</cite>
FV adj is (3000) not 3000
and Pre acquisition is (4000+2000) = (6000)
total of FV of NA is 11000I don’t get u, there was a loss on pre Acq. Retained earnings and then there was a profit figure for 8000 so 6 months pre makes it 0 lol 😛 what do you think?
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Ret Earnings was 2000 loss on acquisition as it was given in the question- can’t remember what it said for the consolidated figure
<cite> @kynhonglongbong said:</cite>
hehe, i think you shouldn’t worry about it :D, i will have mark of the correct number, such as 20000 share capital, blah blah
ACCA is very hard and wrong when you did the exam is normalI don’t get u, there was a loss on pre Acq. Retained earnings and then there was a profit figure for 8000 so 6 months pre makes it 0 lol what do you think?
I prepared really well for subsequent events, revenue recognition, frame work etc but was that asked ? ummm NO ! two of the rarest IAS come up as Q4 and Q5, on top of that the weird adjustments in Q1 and Q2 threw me off the tracks. Not even the slighest bit happy about my attempt hope I’ve done enough to get just a pass mark.
<cite> @shery92 said:</cite>
I prepared really well for subsequent events, revenue recognition, frame work etc but was that asked ? ummm NO ! two of the rarest IAS come up as Q4 and Q5, on top of that the weird adjustments in Q1 and Q2 threw me off the tracks. Not even the slighest bit happy about my attempt hope I’ve done enough to get just a pass mark.never mind bro we still had a lot of easy marks just hope we pass 🙂 and yea q4 q5 were not that bad i just had a brief knowledge of them and i did well on it just wrote as much as i could
<cite> @shery92 said:</cite>
I prepared really well for subsequent events, revenue recognition, frame work etc but was that asked ? ummm NO ! two of the rarest IAS come up as Q4 and Q5, on top of that the weird adjustments in Q1 and Q2 threw me off the tracks. Not even the slighest bit happy about my attempt hope I’ve done enough to get just a pass mark.Yeah I agree, some of the adjustments in Q1 & Q2 were rather odd, which ones in particular did you find difficult?
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<cite> @donizback said:</cite>
I don’t get u, there was a loss on pre Acq. Retained earnings and then there was a profit figure for 8000 so 6 months pre makes it 0 lol what do you think?in QUESTION IT was written it is included in the this years R.E
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The only hard one was adjustment nr 1 for the consignment inventory
DR Revenue 10000
CR NC liabitilies 10000
DR Finance Costs 10% of 10000 = 1000
CR NC Liabilities 1000Consignment inventory is tricky as I oroginally took it out of inventory but as the inventory stays in the warehouse there is no need
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I’ve got this on Q1:
Consideration transferred ($’000): 6000 + 1500 = 7500
(75%*20000/5)*$2 = 6000 and (75%*20000/1000)*$100 = 1500NCI: 25%*20000*$1.2 = 6000
BUT the GW I got was negative: (1500) I do not remember how I arrived at this amount (probably I’ve calculated wrongly the Net Assets).
Anyone got the same results as me?
<cite> @donizback said:</cite>
I don’t get u, there was a loss on pre Acq. Retained earnings and then there was a profit figure for 8000 so 6 months pre makes it 0 lol 😛 what do you think?hehe, the question say that the Opening balance of RE in strata is (4000) and loss in the year at the acquire date is (2000), so at the date of acquisiton, total in RE is (4000+2000)=(6000), and of course, the profit from date of acquisition to end of the year is 2000 +8000 =10000, it should be share for group and NCI ( and further 500 for decreas in depreciation, 700 for in crease in value of investment in subsidairy) total will be 11200
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