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The June 2014 paper is on the ACCA website with the rest of the past papers….
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q1. goodwill is 223,000
i heard if you answer 3 out of 5 questions, the marks you will score for the 3 questions, ACCA will mark the score over 75(25marks per 3 questions). how true is this?
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@wajkay how did you get that number for goodwill??
I got 73,000
@wajkay
You means the the agent sale treated like
DR sale $20m and CR cost of sale $15m right? Then the balance $5m how to record?- Topics: 0
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2m was revenue for company x.. 10% of the 20m
3m was due to the other company..
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well goodwill i did was:
cost of investment: share exchange + consideration
plus nciless: (retained earnings at acquisition plus pro-rated profit for year)
less: fair value adjustments(all three)- Topics: 0
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@wajkay – what about the 150m equity shares??
223-150 = 73
90.000 shares acquired over 150.000 shares so that gives us 60% for the parent and 40% for the NCI
I have also included the RE brought forward (120.000) and 6/12th of post acq 33.000……. all FV adjustments and the share capital of 150.000!
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@don I got the same for good will
Can’t remember the profit figure to be honest.
What was the value of the loan note in the b/s in q2?? Can anyone remember?
for loan notes, i got the closing liability as 45950 something. the equity option was 4050 which was supposed to be shown separately in statement of changes of equity. EPS was 32
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not sure if i arrived at this, but this is the answer to Q1a
share xch- (1/3x4x90)———-> $120
defrd pym(1.54×1.1^-1×90)—-> $126
NCI(2.5x 60)———————> $150
________________________= $396
less:
equity(150×1)——————–> ($150)
RE(120+40)———————->($160)
FV adj (2+6)———————->($8)
custmr rshp( 5)——————->($5)
__________________________= ($323)
$73All in millions
I used and extra paper to solve the exam.. is long answers acceptable? I mean does the examiner care if I’m shortcutting the answer to the point or just writing as much as I can?
I solved all the exam.
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well, Q3 ratios were expected! ‘coz after 2-3 sems of comtinuous CashFlows they put a FULL ratio Q :/ ..anywa i din prefer it but managed:) and …pls F7 i can never reach d last Q5! time is never enuf for F7!!! pls make F7 paper lesser lengthy for heaven’s sake!!
Hi
For Q.2 the balancing figure is 294000…if u remove the 20000 from sales revenue, remove 15000 from COS, put 5000 as payables and 2000 as receivables and if all other workings are correct it balances as it did for me :)…but for Q4 i did the financial statement extracts in ‘T’ Form meaning i drew a ledger a/c and entered the figures in it…so is it wrong or will i get any marks…any ideas about it anyone?? cus for me its like just a few marks between a pass or a fail and i can’t stop thinking!! other questions are all pretty messed up for me 🙁@james
Hi,
For question 2, I guess there was no changes for receivable, the answer should be
Dr sales $20m
Cr cost of sale $15m
Commission $2m
Payables $3m
As the question stated that we were received 10% commission on sales.For question 4,
I guess the way you did should be okay.
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