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*** F7 June 2013 Exam was… Post your comments ***

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › *** F7 June 2013 Exam was… Post your comments ***

  • This topic has 267 replies, 121 voices, and was last updated 11 years ago by aziz12.
Viewing 25 posts - 126 through 150 (of 268 total)
← 1 2 3 … 5 6 7 … 9 10 11 →
  • Author
    Posts
  • June 5, 2013 at 6:08 pm #129516
    Toyosi
    Member
    • Topics: 0
    • Replies: 25
    • ☆

    I’m wondering if anyone did what I did in today’s paper for pre and post acq reserves in Q1…. We were told (4000) was the opening balance as at 1st April, but when the sub was acquired it had made a loss of (2000) which means a running total of (6000), then the profit for the year was 8000 meaning the remaining half of the year must have been 10000, but for the post acq reserves I put 4000 as this was the running total on the original SFP in the question (that is (4000) + 8000)….I bet I was wrong going by what people have written here so far.

    Also, did anyone do the splitting between OSC and Share premium for the new issue of shares to acquire the sub?

    Unfortunately, I treated the director’s bonus as if it was paid out of retained earnings so I took it to SOCIE cos I had never come across a provision for director’s bonus in past papers… I’m just hoping for the best in the exam, hopefully all will go well.

    June 5, 2013 at 6:16 pm #129518
    shery92
    Member
    • Topics: 1
    • Replies: 23
    • ☆

    <cite> @batman1993026 said:</cite>
    Yeah I agree, some of the adjustments in Q1 & Q2 were rather odd, which ones in particular did you find difficult?

    The fair value going down in Q1 not that tricky now come to think of it but in the exam you just can’t hold it together man. Q2 was all sorts of nutters with the sale on repurchase option,depreciation for plant and bonus provision and rights issue I think I got treatment for sales note right rest everything not at all sure about.

    June 5, 2013 at 6:23 pm #129519
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 42
    • ☆

    <cite> @topsyann said:</cite>
    I’m wondering if anyone did what I did in today’s paper for pre and post acq reserves in Q1…. We were told (4000) was the opening balance as at 1st April, but when the sub was acquired it had made a loss of (2000) which means a running total of (6000), then the profit for the year was 8000 meaning the remaining half of the year must have been 10000, but for the post acq reserves I put 4000 as this was the running total on the original SFP in the question (that is (4000) + 8000)….I bet I was wrong going by what people have written here so far.

    Also, did anyone do the splitting between OSC and Share premium for the new issue of shares to acquire the sub?

    Unfortunately, I treated the director’s bonus as if it was paid out of retained earnings so I took it to SOCIE cos I had never come across a provision for director’s bonus in past papers… I’m just hoping for the best in the exam, hopefully all will go well.

    Ooooh thats not good – I know that if the markers see major errors they may not let you progress to P2, if you’re on the margin line – hopefully you will get through ok

    June 5, 2013 at 6:24 pm #129520
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 42
    • ☆

    You can’t take bonuses from the reserves!! Thats theft and fraudulent! I doubt the shareholders of the company would be too happy!

    June 5, 2013 at 6:36 pm #129526
    GT0707
    Member
    • Topics: 8
    • Replies: 48
    • ☆☆

    if i’m not mistaken the loss for the year 31 march 2013 was $8000 n it strata was acquired for 6 months, therefore the profits post acq was 8000*6/12=4000

    I got goodwill (5000)

    June 5, 2013 at 6:40 pm #129530
    Toyosi
    Member
    • Topics: 0
    • Replies: 25
    • ☆

    <cite>@danf1981 said:</cite>
    You can’t take bonuses from the reserves!! Thats theft and fraudulent! I doubt the shareholders of the company would be too happy!

    You are very right! Wasn’t thinking properly cos of the time pressure, it only occurred to me a few seconds to the end of the exam…by God’s grace I won’t be on the margin line as I did almost all other adjustments correctly but for the pre and post acq I mentioned before (don’t know if i was right or wrong). Hoping for the best.

    June 5, 2013 at 6:53 pm #129534
    Tord
    Member
    • Topics: 0
    • Replies: 6
    • ☆

    Question # 2 Marking
    9 + 4 (Changes in Equity) + 9 + 3 (EPS)
    Sorry for confusion …

    June 5, 2013 at 6:54 pm #129535
    heartbreakkid
    Member
    • Topics: 4
    • Replies: 7
    • ☆

    Question ? didnt the FV adv had to be (3000) it said in the qestion the losss at acq was 2000 so i used the ye as 6000? any one go this 🙁

    June 5, 2013 at 6:55 pm #129536
    Tord
    Member
    • Topics: 0
    • Replies: 6
    • ☆

    Goodwill : 8500 i read previous posts and it seems that i got lucky 😀 haha
    What was NCI & CRE figure ? tried but couldnt balance :/ and what about other questions ?

    June 5, 2013 at 6:58 pm #129537
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 5
    • ☆

    <cite>@danf1981 said:</cite>
    Goodwill was 11000
    15000 shares divided by 3 x 2 x market fair value ( i can’t remember what) plus the Loan notes which were taken away from the 8000 (1500) as they were intercompany were the total investment at cost less the writing down of plant 3000 and post acq depreciation of 1500

    Q1, Cost of investment, was it 2 new for every 5? hence 15,000/5×2 = 6000
    and loan note 1,500?

    June 5, 2013 at 6:59 pm #129538
    GT0707
    Member
    • Topics: 8
    • Replies: 48
    • ☆☆

    <cite> @adman50 said:</cite>
    PLEASE DON’T THINK I AM CORRECT!!! 🙂

    Haha that’s just what I put down could be totally wrong as it was very strange….

    Was disappointed no leases, no convertible debt, no associates but it’s done now.

    fair value was 3000 with life 3 yrs, i think additional depreciation would be 3000/3=1000*6/12=500
    in the exam kit there was question like that n this is the way the depn was calculated

    June 5, 2013 at 7:00 pm #129540
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 5
    • ☆

    <cite> @kynhonglongbong said:</cite>
    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

    I got the same calc., negative goodwill or barg., purchase and just made a note that further investigation needed 🙂

    June 5, 2013 at 7:02 pm #129541
    Tord
    Member
    • Topics: 0
    • Replies: 6
    • ☆

    @GT0707 There was no depreciation on acquisition but yes ! 500 in post-acquisition.

    June 5, 2013 at 7:04 pm #129543
    Tord
    Member
    • Topics: 0
    • Replies: 6
    • ☆

    @Merdian
    You didnt include share price. 15,000 ×2/5 x 2= 12000 + 1,500 [loan note] = 13500

    June 5, 2013 at 7:08 pm #129544
    Tord
    Member
    • Topics: 0
    • Replies: 6
    • ☆

    So What was NCI & CRE figure ? any one ?

    June 5, 2013 at 7:11 pm #129545
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 2
    • ☆

    should the plant be classified as held for sale at q2, anyone help me??

    June 5, 2013 at 7:12 pm #129546
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 5
    • ☆

    <cite> @qtord said:</cite>
    @Merdian
    You didnt include share price. 15,000 ×2/5 x 2= 12000 + 1,500 [loan note] = 13500

    I just realized, such a rookie mistake ????

    NCI i think was 5,000 x 1.2 = 6000

    June 5, 2013 at 7:15 pm #129547
    Tord
    Member
    • Topics: 0
    • Replies: 6
    • ☆

    @Merdian i am talking about NCI at B/S date ? the one that goes in financial position

    June 5, 2013 at 7:20 pm #129549
    fiifiewool
    Member
    • Topics: 1
    • Replies: 2
    • ☆

    the questions looked ok…. but some adjustments were sooooo “…i don’t even know how to descrie it.. hoping for the best.

    June 5, 2013 at 7:21 pm #129550
    fiifiewool
    Member
    • Topics: 1
    • Replies: 2
    • ☆

    the questions looked ok…. but some adjustments were sooooo “…i don’t even know how to descrie it.. hoping for the best.

    June 5, 2013 at 7:23 pm #129551
    hasanali95
    Member
    • Topics: 239
    • Replies: 248
    • ☆☆☆

    Hey everybody! In qs 1 wasnt the net loss as at 1 oct 2012?so i divided it for 6 months and got pre acq profits at (4000+1000) and 9000 being post acq.
    Due to fair value adj a positive dep of 500 occured which i added back to net assets of subsidiary.
    Got the balance of balance sheet as $140200

    Q2 sale and leaseback,minused 10000 from sales,added 7000 to cos and recorded n.c.l as (10000+500) with 500 as finance cost in Soci.
    Ignored the provision for directors bonuses as no commitment yet to pay.
    Didnt balance with 197600 as total assets and other being 193600

    Q3 statement of cash flows,wasnt clear of transfer to deferred tax from revaluation of property,qs said it was ‘created to deferred tax’ balance cf of (1250)

    Q4 part b hotels in contry A were sold so discontinued operation ,country Bs hotels refurbished and change in target market so not discontinued op.

    Q5 propertyA revaluation initially to SOCI then subsequent revaluation to P nL with no further depreciation
    Property B take as a nca of the group as it is in the subsidiary’s use.

    June 5, 2013 at 7:24 pm #129552
    majidfzr
    Member
    • Topics: 0
    • Replies: 2
    • ☆

    treatment for retained earnings should have been, -4000 in the start of the year, then on acquisition -2000 further, so the retained losses becomes -6000 for CSFP add 8000, which is post acq’n profit , that makes 2000 positive figure

    June 5, 2013 at 7:29 pm #129554
    majidfzr
    Member
    • Topics: 0
    • Replies: 2
    • ☆

    How was the earnings per share needed to be calculated. before right issue or with right issue. It wasn’t clear at all.

    June 5, 2013 at 7:30 pm #129555
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 42
    • ☆

    No the amount was given in the question as they agreed on the date they purchased the sub that the loss was 2000. Thats the acquistion figure then the figure on the balance sheet showed the retained earnings for the year end. They like to trick you
    in these exams esp in question 1 as its the first

    June 5, 2013 at 7:47 pm #129556
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 2
    • ☆

    Were the balances apportioned into 6/12 in balance sheet ? Like assets 6/12 or current liabillity 6/12 of strata !!!
    Likewise consolidated income statement ?

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  • The topic ‘*** F7 June 2013 Exam was… Post your comments ***’ is closed to new replies.

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