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I did
20,000
Plus 1600 Interest for year
Less 5,000Leaves an O/S loan balance of 16,600.
800 out of suspense into Finance costs.
Hopefully get 1 out of 1.5 for that as assume it’ll be worth 1.5@jamesuk19 said:
Questions now on ACCA website, however no MCQ’s.Link?
I took the 300 movement in deferred tax off the income tax as it said was less than the carrying value of the net assets ???? anyone else do this?
I got the income tax as 3500 less the 400 provision and then less the 300 movement.
I put the 3500 into the current liability hopefully get at least 1 mark.
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very unfair,
I thought you added it back on as the CF on the DTax was 3000, less B/F provision of 2700 leaving a 300 debit.
@jamesuk19 said:
I thought you added it back on as the CF on the DTax was 3000, less B/F provision of 2700 leaving a 300 debit.Yeah I think you are right I had did this initially then for some reason decided it had to be deducted damn. I felt ok after the exam but the more I think about it the more I think I have failed
@lauracam said:
Yeah I think you are right I had did this initially then for some reason decided it had to be deducted damn. I felt ok after the exam but the more I think about it the more I think I have failedTax is generally worth 1.5 marks, so I’d presume you’d get a mark in fairness.
Omg I did this as well I had a tax income as I’m sure they said it was less the carrying amount?
So glad I am not the only one I thought I was going mad, but does that mean we accounted for it correctly?
I have no idea why but for like 9 mcq I had picked A. It seems silly now but in the exam they were the only option making sense????
The figure for current liabilities was there I think.all you had to do was to to deduct it from total assets to get capital employed.even though capital employed can also be obtained by adding non current liabilities to equity.it would work either way and I verified that the figures were consistent either way
I agree with you on the clearance of suspense account by debiting 800 to finance costs which is the only rational thing to do.
I think you got it Laura.the thing is the there was 400 hundred income tax credit in the trial balance .however the temporary difference * tax percentage – deferred tax brought forward would give the 300 which you would add to the income tax expense.since there was no revaluation that was it .under non current liabilities the same deferred tax in the trial balance would stand
Question one was tricky because there was deferred consideration which would be calculated using the discount factor of 1/1.10.so to reach the finance costs quite well,the unwound interest from the present value of deferred interest needed to be added.Question 2 was alright since it was a matter of recalculation after adjusting the figures for 2014.what I did was to deduct the figures of the sold division from the 2014 profit or loss and recalculate the ratios on part (a)-1.on part (a)2- only the profit from sale of division would make a difference thus deducted 1000 from profit before tax for 2015.interpretation was a bit tricky since ROCE,Gross profit margin,operating margin all deteriorated except for asset turnover.It was very confusing and the deterioration of ROCE could be anything ranging from the sale of division(reduction in capacity) payment of long term notes as indicated by reduction from $8m to $4m in 2015.
Question 3 was so difficult but I’m hoping I got enough marks on there from workings and method to get me through, PPE was abit ambiguous but it told you that item 1 and item 2 were purchased in the current year so the accumulated dpn would only apy to the remaining balance on the ppe, then dpn for the year was /5, apart from item 2 that had a residual balance., so it was cost-RV/5
That’s what I did but the thing is ,the finance lease had to be treated as such.there was a $4200 credit in the trial balance which did not agree with my working .i did deduct the 2,300 deposit ,apply interest and then deduct the installment of 1,500.remember to get the non current figure we have to go an extra year ahead with the same calculation.the difference between them of which gives us the current obligation to the finance lease.that was a touch one.and surely this calculation was lasso important to fiancé costs calculation.
I thought it was very ambiguous too, I think after a couple of attempts at the Ppe through I got it right, item 1 and item 2 were purchased in the year so the acc dpn applied to the remainder of the cost value, then the dpn is total cost / 5 apart from item 2 that had a residual value, so that is cost-rv/5
Did anyone run out of time on this exam? I think I missed out on 8 to 10 marks overall :-S
Really hoping I did well enough to scrape a pass…
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Provisions (3500+(12000*0.25) equals 6500-(400+2700) equals $3400 to the profit and loss.
On the face of the SFP current liabilities 3500, deffered 3000.
I didn’t choose the hurricane either, I think I chose irredeemable preference shares
Does anyone know the correct answer to this question ?
A lot of the MCQs threw me and I spent way too much time on themBack in September for this one again definitely 🙁
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Provisions (3500+(12000*0.25) equals 6500-(400+2700) equals $3400 to the profit and loss.
On the face of the SFP current liabilities 3500, deffered 3000
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Lucky you guys can sit for the exam again in september,here we dont have any centre.I had to travel to Amsterdam to sit for the exam and the centre has not been included in the centres for september exams.
can anyone who sat this in Birmingham tell me where it was? I sat it in Coventry but the Sept session, Birmingham is the closest centre to me.
thanks
I don’t know about anyone else sitting the F7 exam but I find one of the hardest parts of sitting this is the time pressure. I sat this same exam last June and to be fair, was my own fault..I wasn’t paying attention to the time really, spent a whopping 1 hour on the first question (this is before the new format came in) and then of course went into major panic mode for the next 2 hours.
This time round I struggled again with my nerves. I studied my a** off 5 days beforehand, practiced the timing of answering the MCQ’s and both the 15 & the 30 mark questions and though I tried and tried to get a hold of my nerves the day of….once I struggled with some of the MCQ’s and panicked over time left…that was it..I was kind of done for. By the time I eventually got the Q3..I had about 30 mins left to finish this and at that point I had a horrible tension headache and just felt like my brain was going to explode.
I really feel this type of exam with this type of time pressure requires the student to know almost every aspect of the course inside out. You really don’t have time to wonder about how to work things out in the exam and if you start to second guess yourself..well that just uses up very valuable time.
The 2nd time sitting this I actually didn’t go to classes and studied myself at home (I did attend revision in Dublin Business School which was great) but I think if I have to repeat again I’ll definately attend classes rather than studying myself at home, that was quite tough. I just hope I don’t have to repeat this one again…it’s slowly becoming a hurdle for me.- Topics: 0
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Hi Erin I feel your pain, a really tough exam and time pressure as u say is a joke you don’t have time to think so must been thrown at you. I did the revision in the dbs too having sat it in dec and got 47%. Mcqs were tougher this time and I would have preferred a 30 mark consolidation so nothing went according to plan. If I had an idea where I stood with the Mcqs if feel better no chance of them be published on the Acca website.
If anyone has any answers to Mcqs please post.
This is what I remember
Non adjusting event- choose restructure
IFRS held for sale – choose the
NBV figure
Agriculture one – picked A cattle
Faithful representation -think I picked equity irredeemable shares not sure?
Increase in gearing – picked lease
Provision – sale or return of goods
Intangible true statement- can’t remember answer?
Price of car? Think it was Npv?
Parent control of sub- think I picked last one with investing power or something?
There was another framework question can’t remember??
These were all coming back to me in my sleep any feedback or answers on these please share thanks
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