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Section B was a myth. Why did they structure it like that?! Nothing like the past papers.
Why was the multiple choice feel a lot harder, seemed lots of questions asked to select 2 answers
I got the SOFP and the Plate group/Skimmed question. Just hope i have done enough to pass!
That exam was a disaster for me! Definitely going to be a resit. I got Plate Group/Skimmed Co on section c!
For section C I got 3 statements in Q31; statement of statement of adjustments, changes in equity and SOFP and then also Plate Group for Q32. I ran out of time but agree that section B was much harder than the mocks! I’m worried I may need to resit so might try to keep my memory fresh! Best of luck everyone!
Ah yes I got the same. They really tried it with the questions this year. Section b was tough, section a was a breeze, section C was mixed bags. Anyone remember what they got for the group profit? And also did you guys add the investment income to make up operating profit?
Seemed like the multiple choice had limited areas like depreciation/PUP/Subsidiary. Do people remember what they got for section A multiple choice questions?
Yeah honestly section B was nothing like what I’ve seen before. Such a shame it was a strong point of mine during the mocks.
Regarding the SOFP not balancing, not the end of the world. You’ll still get marks for the workings and the correct answers produced in the draft profit section and the changes of equity and the SOFP itself! Have a look at the way they mark the exam. I’m still hoping for 15marks mine didn’t balance too
For section A I agree it was depreciation, subsidiary etc. I remember a couple of ratio questions too. For section B it was pretty hard, think I ended up guessing a few. I got contract revenue, inventory and I think revaluation / retained earnings questions.
Then the capitalisation in section B did people put the loan and extension on property?
The impairment I defo got right. Can’t remember the answer but you deduct the present value of future cash flows from the carrying amount.
Yes for section B I got the same, I couldn’t work that question out had to guess ran out of time.
Honestly can’t remember. I can remember the figure 2.53 figure I multipled the present value of future cash flows. But not the answer!
Cherno Co manufactures clothing and has opening inventory of $8.6m at 1 January 20X5 An error has been discovered whereby $0.8m of inventory which was sold in December 20X4, was incorrectly included in opening inventory at 1 January 20X5. The sale was correctly recorded in the year ended 31 December 20X4. The inventory of Cherno Co was counted at 31 December 20X5 and amounted to $6.9m. This closing inventory at 31 December has not yet been accounted for in Cherno Co’s trial balance. The following two issues were identified during the inventory count at 31 December 20X5 and have not yet been accounted for:
(1) 20,000 shirts were found to be damaged. These are included in inventory at a cost of $12 per shirt. After repair costs of $4 each, Cherno Co will sell the shirts at the normal selling price of $15 per shirt.
(2) 50,000 jackets were incorrectly deemed to have been sold in December 20X5 and therefore excluded from the inventory count at 31 December 20X5. However, these were actually not delivered to the customer until January 20X6. The jackets had cost Cherno Co $19.20 each to produce and were sold for $24 each. What is the closing inventory as at dec 2005
I put 7.840 Million but could be wrong. My reasoning was (15-16)*20000 + (19.2*50000) which gets the 7.840 million
zainahmed91 I think my profit was 12m something went into a lot of points(my cals were in millions), the provision was creating a lot of problem as I think after including it in profit the provision was supposed to be 5% and another thing that was creating problems for me was the loan note(problem in balance sheet not profit) because its payment was being paid next year, therefore even after the effective and interest being same the loan note’s value was going, hopefully didn’t blunder it, although my balance sheet did match, and I hope you are talking about the question which asked to calculated adjusted profit, statement changes in equity and financial position
Mr Personable. Good job in getting it to match. I think my profit was like 4.5m in the adjustment profit – probs why my SOFP was out by like 8k. The revaluation was really high for property. Regarding the loan note, did you expense the interest? Which should have been around 13.8k right?
Omarhuseynli what telegram group?
I did expense the finance charge (which was same as interest due to both rates being same), and this think it was 13.8k.The interest would be paid next therefore it would not reduce the loan note liability(usually if both the rates are same loan note remains unchanged in SOFP), but the finance charge would still increase it, the loan liability in SOFP was TB amount + the finance charge (13.8K) and for the revaluation was upwards of 500(with a lot of zeros probably million) yeah it was quite high, although it wouldn’t have effected the profit, it would have only effected the SOCE and SOFP.Thankfully i had practiced making the SOCE
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