Forums › ACCA Forums › ACCA FR Financial Reporting Forums › *** F7 September 2015 Exam was.. Instant Poll and comments ***
- This topic has 45 replies, 23 voices, and was last updated 9 years ago by simomo.
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- September 8, 2015 at 8:13 am #270330September 8, 2015 at 1:23 pm #270404
Was the note 1 for revenue on agriculture?
September 8, 2015 at 1:46 pm #270408I am in bad feeling… So long and so difficult…
Have much hard note (biological in Q1, Q2 10marks for comment… and I spent almost time to deal with Q3… but can not balance…)
Only lucky angle can help me…September 8, 2015 at 2:01 pm #270418Disaster
September 8, 2015 at 2:38 pm #270429AnonymousInactive- Topics: 0
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Time consuming!!! i dintnt total my Q3 just moved on as i overrun so no idea if it balanced.
i assumed the note 1 for revenue was to do with the fact that it was a sale n repurchase to be bought back in 3 years so should have been treated as debt.
September 8, 2015 at 4:49 pm #270464Guys what figure did you get for TOTAL ASSETS in consolidation question? 177000/176000 anyone?
September 8, 2015 at 6:03 pm #270490162,800 and my equity & liabilities 142800
didn’t waste my time, i just moved on to the next question@gmpo12 said:
Guys what figure did you get for TOTAL ASSETS in consolidation question? 177000/176000 anyone?September 8, 2015 at 6:05 pm #270491i think i did what you did
i derecognize it from my sales
and calculated the interest rate because it included in my finance cost@laurlou said:
Time consuming!!! i dintnt total my Q3 just moved on as i overrun so no idea if it balanced.i assumed the note 1 for revenue was to do with the fact that it was a sale n repurchase to be bought back in 3 years so should have been treated as debt.
September 8, 2015 at 6:08 pm #270492i had a loss after tax of (210)
total comprehensive income 590 positivethe only difficult aspect for me in the exam was interpretation of financial statement.
the same that was awful for me in the last diet
i hope i scale through this time, although i still calculated it and answered my best.still thanks to F7 opentuition lecturer who gave me hope when i was lost it earlier.
September 8, 2015 at 6:23 pm #270497did anybody get the dividend of 20,000 X 0.2 = 4000
did anybody get the loan interest =1000my issue was that other component which was 9300 recorded in the trial balance
since there was a share premium of 7000, i assumed the 2300 was the balance b/f and added itdid anybody do this
September 8, 2015 at 6:49 pm #270504I had 500 for other comprehensive income from gain on revaluation. Must have missed some note for the other 90.
The ratios ques threw me.
Fingers crossed!!
September 8, 2015 at 6:55 pm #270506Q3 part b – what was the treatment? Remain as associate of financial asset? Remained 35% equity stake but lost seats at board of directors?
Didn’t recall studying this so prob lost 5 marks automatically depending on the answer. I said keep as associate.
September 8, 2015 at 6:57 pm #270508Q1 – Revenue Adjustment – I treated it as deferred revenue – What did others do?
September 8, 2015 at 8:52 pm #270533AnonymousInactive- Topics: 0
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I removed the sale. N calc the finance cost to 150
September 8, 2015 at 9:02 pm #270536AnonymousInactive- Topics: 0
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@hsn007 said:
Q3 part b – what was the treatment? Remain as associate of financial asset? Remained 35% equity stake but lost seats at boardI guessed a bit at this but noted the dates. 9 months before agresso bought 65% so I said only recored 9 months of their share of myno profits. Then after that to not include in accounts as they lost significant influence by losing board seats and the subsidiary no longer holds any of its own shares…but I made that last bit up just had to put something in there and still can’t find anything in study notes that covers this!!
September 8, 2015 at 9:07 pm #270537AnonymousInactive- Topics: 0
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@allwell36 said:
did anybody get the dividend of 20,000 X 0.2 = 4000
did anybody get the loan interest =1000my issue was that other component which was 9300 recorded in the trial balance
since there was a share premium of 7000, i assumed the 2300 was the balance b/f and added itdid anybody do this
I can’t remember a lot with this one but my dividend came to 6k . I think I calculated it on 30000 shares as they issued 10000 in the q so added them into the calc …think I made my own rules up tbh tho!
September 8, 2015 at 9:31 pm #270540@laurlou said:
I can’t remember a lot with this one but my dividend came to 6k . I think I calculated it on 30000 shares as they issued 10000 in the q so added them into the calc …think I made my own rules up tbh tho!i realised in the question they said the dividend paid is 20c and it was issued a day after as a cash issue of 10,000 unit at full market value of $1.7 and the share premium was recorded in the other component equity.( not exactly the wordings)
in the trial balance 2015
equity……………………………………………………………….30000
other equity issue……………………………………………… 9300
loans and interest……………………………………………….5000so i realised that
dividend of 20,000 X 0.2….4000
get the finance interest…..1000
TOTAL ………………………….5000SHARE CAPITAL@$1 IS 10,000 X 1 =10,000
SHARECAPITAL@0.7 IS 10,000 X 0.7 =7000I guess what you did was 30,000 x 0.2 = 6000
@laurlou said:
I removed the sale. N calc the finance cost to 1503000 x 0.5 x 0.1(since it is for the six months) = 150
September 8, 2015 at 9:36 pm #270541AnonymousInactive- Topics: 0
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Yeah damn ACCA they got me…well least I didn’t leave it blank. Probably why I can’t remember what I did with the rest!
September 8, 2015 at 9:39 pm #270542@laurlou said:
I can’t remember a lot with this one but my dividend came to 6k . I think I calculated it on 30000 shares as they issued 10000 in the q so added them into the calc …think I made my own rules up tbh tho!i realised in the question they said the dividend paid is 20c and the shares was issued a day after as a cash issue of 10,000 unit at full market value of $1.7 and the share premium was recorded in the other component equity.( not exactly the wordings)
in the trial balance 2015
equity……………………………………………………………….30000
other equity issue……………………………………………… 9300
loans and interest include……………………………………5000so i realised that
dividend of 20,000 X 0.2……………..4000
get the finance lease payment……1000
TOTAL …………………………………….5000SHARE CAPITAL @$1 IS 10,000 X 1 =10,000
SHARE PREMIUM @0.7 IS 10,000 X 0.7 =7000I guess what you did was 30,000 x 0.2 = 6000
FINANCE COST FOR SALE AND REPURCHASE
3000 x 0.5 x 0.1(since it is for the six months) = 150the finance payment was the 10000 which was on the loan note of 20,000 x 0.1 x 6/12=1000
i hope i am not wrong?
did anyone do this tooSeptember 8, 2015 at 9:53 pm #270543any one got MCQ answers???
September 8, 2015 at 10:00 pm #270544I thought it was
Cash in: loan notes 20000
issues cost 500
total 20500@effective 8%= 1640 (add the additionl 640)September 8, 2015 at 10:23 pm #270546yh i did same
September 8, 2015 at 10:36 pm #270548i don’t know if i am correct, this is what i did
lets keep our fingers crossed
cash in loan note = 20,000
admin expenses = (500)
total =19500effective interest rate for 1year is
opening balance = 19500
1 yr x0.08 x 19500 = 1560
loan note interest =(1000)
year end liabilities= 20060
(0.05 x 20,000) because it is a 5% 20,000 loan note which gives the interest of 1000then i deducted the 500 from admin cost.
so the 1000 +4000 = 5000 is included in the loan note interest and dividend like a proof to check calculations.
September 8, 2015 at 10:52 pm #270552i think loan cost cant go under admin expenses
so you should have taken 500 out of admin and add back into initial loan amount (20500)
September 8, 2015 at 11:03 pm #270553yes i thought of it also during the exam but lets wait and see what others got to say
@karanpreetrobin said:
i think loan cost cant go under admin expensesso you should have taken 500 out of admin and add back into initial loan amount (20500)
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