*** F7 June 2016 Exam was.. Instant Poll and comments ***

@christa316 said:
lol you arent helping me with my anxiousness about the PurP. What was your figure?

was the cost indicated on the paper cost to the parent or subsidiary

I remember it to be attributable to paren. The figure was 2.43*35/135

How was the exams April??? I finished about 80% of the paper and I fancy my chance of passing if the marker could read my work lol

Can anyone tell me what was your answer for the Unrealised Profits?

@christa316 said:
Can anyone tell me what was your answer for the Unrealised Profits?

Purp was the following in my opinion.

There was sales to sub of $2.43 million at a mark up or cost plus of 35%. So Purp = 2.43 million x 35/135 = 0.63 million or $630000 which if I recall correctly was sold by parent so came off parents retained earnings.

If I’m correct there are no marks for totals such as GP, PBIT, PROFIT and if you end up with the wrong end figure for profit and carry if into the SOCIE you aren’t penalised twice i.e you get the mark.

There are also no marks for totalling in the SOFP or balancing it!

I agree, a well prepared candidate would score well. I made the big mistake of leaving the 30 marker until the end, why oh why did I do that…..

I didn’t get (-)ve goodwill, oh well Computer Based it is then ?

@emo777 said:
Guys, lets discuss mcqs:

1) comparability – disclosure of policies and comparative information
2) ratios – only second option
3) defered tax should not be discounted
4) regarding inventory, cost was less than nrv, 51600 or smth so choose it
5) associate revenue disregarded
6) 45% of ordinary shares but all others less than 1% is also correct control
7) going concern as adjusting
8) regarding grant, the answer was 3750000 or smth
9) lease. Overstated by 2000

Literally got same answer except for 7 and 4,

For 7) I thought adjusting events were things that affect only the financial year we are looking at, going concern would affect future periods? So I put down the customer which went bust and another one as adjusting event, didn’t include going concern or the fire as adjusting events..

@frenk777 said:
Hi guys, can you please hep me. I was sure until now that in Q3 it was only P&L and Changes in Equity statement had to be prepared as per the question. Was it also necessary to prepare the Balance sheet as well? Thanks a lot

Yes u were supposed to make a balance sheet too..it was of 10 marks..I couldn’t get time to comment on the diluted EPs figures..just wrote the formula ..paper was just OK..I’m just praying that I pass

I think the Multiple choice questions was manageable. The long questions especially number 3 was quite difficult. I think i wasn’t prepared enough.

Can anybody help me to solve this one please.

ABC has wrongly added $19000 per year for four year of finance lease as operation lease in profit and loss and the asset has fair value of $60000 and residual value is nil. Interest is 10 %.Profit is

a) understated by $2000
b) overstated by $2000
c) understated by $13000
d) overstated by $13000

@jimbob1212 said:
Literally got same answer except for 7 and 4,

For 7) I thought adjusting events were things that affect only the financial year we are looking at, going concern would affect future periods? So I put down the customer which went bust and another one as adjusting event, didn’t include going concern or the fire as adjusting events..

Adjusting event: An event after the reporting period that provides further evidence of conditions that existed at the end of the reporting period, including an event that indicates that the going concern assumption in relation to the whole or part of the enterprise is not appropriate. [IAS 10.3]

@rupagautam said:
Can anybody help me to solve this one please.

ABC has wrongly added $19000 per year for four year of finance lease as operation lease in profit and loss and the asset has fair value of $60000 and residual value is nil. Interest is 10 %.Profit is

a) understated by $2000
b) overstated by $2000
c) understated by $13000
d) overstated by $13000

B. Overstated. In exam it was A option