*** P2 June 2013 Exam was.. Post your comments ***

<cite> @nevyana said:</cite>
For the restructuring I provided plan 1 only and with 14,000 because I excluded the training costs which are not directly related to the restructuring.

Me too

<cite>@1686844 said:</cite>
Me too

I assumed the same, with a 14,000 provision but now I can’t remember if I added the figure to the SOFP, I guess I will never know now! Do you get marks for the correct workings even if you forget to transfer to the SOFP?

I discounted the loan and interest receivable using the 6% interest rate, then calculated interest at 6% less 3% paid but I’m still unsure what should have been done (as I ended up reducing the loan receivable).

Hello! friends, pls, help me!
1) Q1
-redundacy costs – I included in provision for plan 1 all expenses except for retraining; for year 2 I disounted the provision for 2 years (5% ategiven) and recorded as lontermprovision – is it OK? Will I begiven full marks for this part?

2) Q3
Leasing of land
I classified land as operating lease
-indefinite life of land
-the owner has the right to adjust the amount of the rentals (5% to current value)
– no control is pased ;risks and rewards and so on
i listed 5 complete ideas and now I think that it was finance lease – will I be given marks if I classified land as operating lease in this question?
Could you please help me/
Thank you!!!

Bin the clutter was a gift. Not a technically demanding paper but very long acca becoming a racing game, the one who writes fastest wins

too long …. i have left a point worth 10 marks … i wish pass

<cite>@d38ono said:</cite>
I assumed the same, with a 14,000 provision but now I can’t remember if I added the figure to the SOFP, I guess I will never know now! Do you get marks for the correct workings even if you forget to transfer to the SOFP?

I think that you have to get points!

I discounted the loan and interest receivable using the 6% interest rate, then calculated interest at 6% less 3% paid but I’m still unsure what should have been done (as I ended up reducing the loan receivable).

I did the same but I accounted for the loss.
50 m minus PV with 6% = difference which I accounted as a loss in the current year.
Then I calculated the new interest income (it was 1.8 I think) and I accounted for the difference between the interest already accrued (1.5) and 1.8.
I am not sure whether this is correct??

Did someone succeed to balance the SPF in Q1?

<cite>@azenaghiyev said:</cite>
Q1:

From the question: The FV of NA of Caller was 990 at 1 June 2011 (When 14% and 70% acquired). But share capital was 800, Retained earnings was 190 and OCE was 52. Total is 800+190+52=1,042. And FV of NA was less than per Calculation (990-1,042). So I decreased the share capital from 800 to 708 as balancing fugure:
Share capital: 708
RE: 190
OCE: 52
FV of land: 40
TOTAL: 990

What did you do?</blockquote
I saw that also, but the diff was exactly 52, the amount of other components in equity. I just used 990 as per question. It is not likely that acca have mistaken this but i put down my assumption that i will use 990.

And what about q1 redundacy costs – I included in provision for plan 1 all expenses except for retraining; for year 2 I discounted the provision for 2 years (5% rate was given) and recorded as long term provision – is it OK? Will I begiven full marks for this part?

And q3 once again Leasing of land
I classified land as operating lease but now I think that it was finance lease….
Even if I classifiedthe lease in a wrong way but wrote 10 sentences (about 5-7 ideas) will I be given 4-5 marks, even if my decision to classify lease as an operating lease was wrong?

What do you think? Will the markers mark my answer which states that it is operating lease ?

Hello to everyone and wishes for good luck!!

Can someone tell me the goodwill for Caller and how many marks i possibly lost for not adjusting the non dep lands in SFP although I have calculated (correctly I think) in m workings?

Thanks a lot

<cite> @nevyana said:</cite>
What about the impairment? I first impaired the goodwill and the residual distributed to PPE?

Yes that was what the Q asked us to do. 80m against GW and balance to PPE. Think my total Impairment was 277

Cr GW 80
Cr PPE 197
Dr Cons Ret Ear 166.2 (60%*277)
Dr NCI 110.8 (40%*277)

<cite>@onlysarwar said:</cite>
Yes FV of NCI in Clark ( 14%) shd be taken the value at the time of obtaining control which was in 2012

Same figures 🙂 and yes the final effect to CSOFP would be the same as you told but depends on the methods of working to arrive at those figures

<cite>@linh2689 said:</cite>
How foolish I was!!
I use 1 Jun 2011 for calculate G/w for Caller….
Loss NCI and G/w? how much marks for these?
so sad
I would have been more hard working…….regret much

Dont worry dear, this happened with me too because the the order in which information was presented persuaded to do this error..BUT STILL you can pass its going to cost max 4 marks i belive..if rest of your calculation were properly done and remaining portion of exam ws ok…hope for the best…. examiner basically tested the idea of “control” at least you NOW you wont forget tht… 🙂