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Q2 there was a difference of 6000 on the balance sheet, 292 and 298, don’t even know what could be this difference. overall this question was ok, i’ve done this first
Then i’ve gone through the Q1, which was a bit different as usual consolidation with pro rata, and just a small notes on associates grrrrrrr just seeing new format question make me lose my calm in the exam
Q3 was ok with the part a(i) (ii) 10 easy marks i could say but did not prepare for interpretation but surely for cashflow
finally Q4 & Q5, i’ve gone through it in my 30 minutes left, rush and can’t even say if i’ve written sense
Hey. I worked so hard but messed on Q2. I hope I don’t resit cause I
there is nothing more to learn for me on F7.
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I am waiting for the Q paper to come out on ACCAGLOBAL. I will have my try on it and will give you guys a feedback on Difficulty and Time Pressure.
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easiest paper. a lil bit tricky though!
in Q5. ii. we had to provide a lil bit info on ias 37. and provision is created when more than 50%(probable)….Q5 i. i applied ias 8. Q5 iii. ias 20. 8000/10=800 income charged PNL/SOCI….CL: 800, NCL: 6400.Q4.i. theory elation to treatment of revaluation and on cost model and revaluation model.
ii. treatment of depreciation, carrying amount and maybe also of excess depreciation(not confirmed)Q1.all was there. Opening retained earning+ profit before acquisition
included 5000 also in fv of net assets acquired.Q2. Share before. 160000. total dividend 10880.
I attempted all the five but I am not sure of the rest except q1 & q3.Hope to get atleast a pass. Good luck to all.
Hi
For Q4 i did the financial statement extracts in ‘T’ Form…so is it wrong or will i get any marks…any ideas about it people??- Topics: 0
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Shares value before rights issue 40,000
Shares value from rights issue 16,000
Total value as per question 56,000
First dividend payment based on 160,000 shares (40,000/0.25)
Second dividend payment based on 224,000 shares (56,000/0,25)
Can’t remember the div pmt amounts but think I got smt like 10880 in total which was ok with the info given loan notes interest and dividend paidi got all the above figs correct but made an stupid mistake by not putting the trail bal shares fig in statement of changes in equity. instead i put 56000 + 16000 rather than 40000 + 16000.
@masroorulhaq shading the circles doesnt affect your marking.
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Goodwill I got I think something like 133,000
Cost of investment share exchange +deferred payment ( discounted to present value) + nci 25% at mv I think 2.50 less NA @ doa ( RE + FV adjustments on acquisition land and PPE including intangible good relation) don’t remember exact figuresExactly yes the assets were 292 bt my Equity and Liability was 188 exactly.. wonder where i messed…
URP Elemination in IAS 28 :
1. If parent has sold the goods ,
then urp is eliminated from ‘Consolidated R/Earnings & Investment in associate’2.If Associate has sold the goods,
then urp is eliminated from ‘Consolidated R/Earnings & Balance sheet inventory’- Topics: 0
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Q2, EPS what did people get?? I think I got 30 something..
Ran out of time when I got to q5, thought the first part was about intangibles.
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Hi could someone advise on treatment for div from assoc in q1
I pro rated it as 30% of 6000 = 1800 and cancel this from the investment income of P
Is this correct?
Then share of profit in assoc
30%×10000× 6/12 less pup 900
i think we had to deduct the dividends from profits and then pro rated that. 10,000 was profit less 6000 dividends since they were paid. this would give us 4000 and then pro rated to 2000. i.e 2000 * 0.3 = 600 share of profits. this is the way i did and i also then deducted the pup from this 600 which gave me a loss for associates. dont know which one is right
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Thx anas..this is something that crossed my mind as well but went for the first option.
Can we have confirmation from some1 else?
no problem. this similar treatment that i adopted is shown on bpp study text page 186. i am not entirely sure whether the scenario is exactly the same though.
Well..looking at the trend, dey set cashflows thruout 2013 so i xpected dem to set ratio analysis jst dt i tot dey wld mix d two
I had my net assets as $292,000 but then my equity and liabilities $23,000 lower so I figured it was something to do with the agency sales so I changed it to $274,000 (I subtracted the $20,000 overall agency sales from receivables and added the $2,000 agency fee). Then on the other side I added the $5,000, which hadn’t been recorded to payables and then it balanced. I should have left it as $292,000 and not let it balance 🙁
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Hey… I sort of did the opposite thing there… part (i ) i took out pre acquisition sales etc from the profit statement… 🙁
Plus I did not mention that which part I was calculating I mentioned part a: calculations. . . And then part b : comparison… I was confused so I did that thing… how many marks can I get there ???Hi, can anyone suggest that how to record for question 2 note (i) about the agent sale?
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Q2 cash sales sales entry was
Sales debit. COGS credit. By cost which was mentioned
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