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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
Perfect, I did the same, the loan remained unchanged in the SOFP under NCL. Yes the reval was like 522m or something ridiculous. I’m glad I got the SC and the SP correct, that was pretty straightforward to be honest. Hope you took the dividends away in the SOE, not the draft profits.
Yeah thankfully I remembered the dividend.I put it through SOCE(reduced from RE) than input all those balances to SOFP.
As for the loan note I think you misunderstood me.
In the SOFP the value that I put in was TB amt+Finance charge (13.8k)
Since the interest payment was not made in the current financial year(would be made in 1st day of the next year).
Usually in all the practice kit question the interest payments were made at the last day of the year, if that would be the case in this question than the amount of loan note would remain unchanged due to the rates being same(loan note at start of year + finance charge – interest payment = loan note at end of year).
And for the SC and SP it was SC 20m and SP 40m(or the other way around don’t remember), it was supposed to be equal to the suspense balance right?Yes sorry I got you above but only after I sent my response lol. I defo skimmed the date of the interest payment, probs the main reason my SOFP did not balance! Yes something like that to cancel out the suspence account!
Plate Group and skimmed co in section C. To get a adjusted P&L, SOCIE and SOFP is a bit overkill and unfair. Plate Group was fine but Skimmed Co was quite tough. Section B had 10 marks each Inventory, IAS 16 PPE and bizarrely Revenue which was odd in terms and of structure. Section A ok but hardly anything on consolidation at all which was ridiculous. Tough paper overall I think. The multiple choice had lots of select more than 1 option which again seemed unfair and ACCA know this. I feel they just make the exams physically harder to pass.
Defo agree with you mate, the paper was uncomparable to past papers and hated the structuring/wording of all three questions in section B. On we go though, looks like all of the papers were tough in March. Hoping they lower the boundary to pass ?
Hmm, looks like all the papers were good, except FR. In professional papers all the papers were pretty challenging except SBL. Agree or Not Agree?
I mistakenly went into the FM forum thread thinking it was FR…almost had a heart attack when I looked at the poll where most people were saying it was easy xD. thankfully I realised it was the FM poll before my condition became critical
inv income does not include in operating profit bec it cont only income from business main activity not that income from other business it invest in
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