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

<cite> @kynhonglongbong said:</cite>
GW is 8500, i’m totally sure about this number 😀

Are you vietnamese 😀

OMG! I got 3100.
Congrats your correct answer!
Yep, i’m from Ha Noi :lol

<cite>@gospelqueen said:</cite>
Consideration 12000
Loan note 1500
NCI 6000
TOTAL 19500

FV of N/A @ DOA
SC 20000
RE (2000)
FV adj: ( 3000)
Total (15000)
Goodwill 4500

This was what i get. Did any one get this

I think the only thing incorrect here is the cash sum

20000 x 75% x MV of shares at date of acq which I can’t remember

so, guys, as far as i remember:
Q1,
(w2) at aqc and at sfp
osc 20000 20000
r.e. 2000 8000
fva (3000) (3000)
dep 500
loss (2000)
i cant remember 700
17000 26200

post acq profit was 9200

(w3) goodwill
cost of inv
2000×75%x2/5×2 12000
loan 15000/1000×100 1500
fv of nci 2500×2.4 6000
less (w2) (17000)
goodwill 2500

(w4) nci

from w3 6000
25% x 9200 2300
9300

w5 g.r.e
px100% xxxxx
75%x 9200 6900
pup (600)
loss on invest (400)

also
invetment adj P(400) and S300
receivables inter-Co (3700)
bank C-I-T 900
payables inter-Co (2800)

Q2
workings
(w1) Dr Revenue 10000
Cr Loan NCL 10000
Dr Cl Inventory 7000 CL
Cr inventory 7000 COS
W2)
Dr Held-for-sale 4200 SFP
Cr plant 4000 SFP
Cr Other income 200 IS

Dep`n building 2500
plant 7000 (63000×20%x6/12)
plant 5900 (59000×20%x6/12)

W3) Dr Admin exp 100 (revenue x 1%)
cr provision 100

w4) cy tax AAA def tax bf XXX SFP: NCL def tax DDD
overprov (xxx) CL tax liability AAA
def tran BBB —————— BBB IS: tax expense CCC
TAX exp CCC def tax cf DDD

w5) OSC 25000 x 0.50 12,500
SP 25000 x 0.70 17,500

w6) Fin Cost: bank interest 500
loan interest xxxx

w7) NCA: land&building NBV 44,500
plant 53,100
Fin lease xxxxxxx
NCL: def tax xxxx
fin lease xxxx

CL: BANK xxxx
tax xxxx
int accrued xxxx
mainly these

Q3) overall IS and SFP was good compare last year due to revaluation as ROCE need to be calculated twice and all other releted ratios was good despite net decrease in cash and cash equivalent of $1250, and in conclusion u can mentioned that this is why cash flow has a advantage over IS so cash flow is King cos cash flow and IS in Monty represent different picture of business performance

so guys i wish evryone good luck as well to myself

<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.

<cite> @3plex33 said:</cite>
What comes out? I heard my friends sitting the exam said it was strange.

The information on the questions was just plenty: I think, cause the time was really not on my side. well am hopeful didnt complete though

<cite>@danf1981 said:</cite>
I think the only thing incorrect here is the cash sum

20000 x 75% x MV of shares at date of acq which I can’t remember

<cite>@gospelqueen said:</cite>
Consideration 12000
Loan note 1500
NCI 6000

TOTAL 19500

FV of N/A @ DOA
SC 20000
RE (2000)
FV adj: ( 3000)
Total (15000)

Goodwill 4500

This was what i get. Did any one get this

I got this ….

Time was too short as usual. Was unable to answer Q4 and Q5 properly.

paper was easy although a bit lengthy

this was a very easy but technical, different from the usual exam, examiner has become sofisticated, the paper was fair overal but a technical one.

I’ve got goodwill in question 1 of 8.500 as ret. earnings at 1 April 2012 should be included as well. My balnce matched.

<cite>@dregazul said:</cite>
int variant

my question 1 balanced on first attempt didnt have to tweak anything to get it balanced
bal figure is 138100 hope its correct its the only thing i got balanced

My Assets section was 138100 but Equity section turned out to be 10000 short 😛

Q1,2 and 3 were fair. The only difficulty of course was time. Hope it all works out.

it was nice.
Thank You Jesus.
Thank You Opentuition.

hi guys can some body give me fair suggestion,,that i did Q1 AND Q2 full with some minor errors,but i did the adjstments quit nice for both,,i did cashflow but very good,,i did calculate only ratios for the third question part two, i didnt interpret the ratios,,in q.4 i did wrote the theory of discontinued operations and the scenaioe,,but i left the question in part b…i also left q5,,part b,only theory in part a of investment properties,,,could i pass the paper?