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Please share your comments about F3 exam!
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[polldaddy poll=4204741]AMAZING!!!! i was actually shocked. Before the exam, I could feel my heart beat in my throat remembering my F3 experience in June 2010. After attempting every question i was thanking God for it. im telling u guys June 2010 Paper F3 stands no where in front of this exam. December 2010 F3 ROCKED!!!!!
everybody have the same tests?
if yes what was your solution for partnership question where goodwill was valued at 36000?About this question, I used the method without goodwill account. which capital + goodwill with old PSR – goodwill with new PSR. I am not sure if it is right. Yes, the new partner input additional goodwill. Do we need to do something with the additional goodwill?
Congratulation Plen, seems F3 is very easy to you. I felt it is ok for me or maybe a little bit hard to me.
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i had attempted it for the first time, i felt it was hard!!!
littestart I used the same method and ignored new partners additional goodwill, because I think that goodwill can’t increase in that way. but I am not sure about that and want the true answer 😀
I have already found two mistakes 🙁
one about register ( almost nothing was said about it in kaplan) and one about cash flow. I forgot to deduct 50 for deduction in loan .I attempted for the first time too. it wasn’t easy but it wasn’t to hard too.. but it had difficult confusing items…
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it was manageable but the Goodwill in partnership was abit challenging
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F3 was just what l expected at least l know l made it
and what about the question where they asked us to calculate opening retained earnings?
I deducted dividends paid from profit( and ignored proposed dividends)
and then deducted the sum from closing retained earnings.
closing retained earnings -(profit – paid dividends)= opening retained earnings
am I right?What about the other question on partnership? One of the partners was guaranteed a minimum share of profit. I knew the interests on drawings should be added back to the profit before appropriation. But the question asked about the partner’s “total profits”, which is different from “residual profits”???
The one on suspense account (credit 1944) also confused me.
in that question answer was c. you add interest on drawings to appropriation profit then it deducted from the share of profit and also you had to deduct the difference between another partners guaranteed minimum and the actual profit.
what I mean if partner b-s guaranteed minimum share of profit is 18000 but his actual profit share was 15000, then another partner(or partners) have to give him the difference in this case 3000.and in another question I think that neither a or b would result on suspense account so the answer was credit 1944.
and what you thing about my question?the exam was really tough! everyone i wrote with found it pretty tough! had to make a few logical guesses if thats what you call them :S
To Joseph89: I cannot recall the details of the question on retained earnings, sorry. As for the one on partnership, I think it’s the same that 18000 shall be deducted from the total appropriatable profits. Neither did I make any adjustment to the opening credit 1944, though I was dubious about the 360 to be debited to the receivables ledger. I’d also say that there were a few tricky things in this F3 paper.
oh boy ..
this paper knocked me off a bit ..I can’t that it was tooo hard , but some questions , like first one , the one about imprest and the one to calculate profit from operating activities made me feel quite bad and looost lots lots of time..
They seem so easy and strigtforward , but no matter which way to settle i applied , i could never get any answer from options …that felt bad , so bad.
But well paper is general was okay, however can’t say definately that i passed it ..we’ll see .
Plen, congratulations! , i’m so so happy for you :))
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i think that goodwill shoudnt be deducted from 36000.coz that godwill will offset the goodwill presented to the partner in new ratio in debit side.since no goodwill account is taken into account the debit side and the credit shoud offset
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may be the solution of goodwill is around b
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what was the answer about accrual and the expenses of the year?in that question was the accrual 9000.
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hey guys what was the answer of ” what amount should be reimbursed to petty cash?” i answered c) 67.08, is it correct?
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about accrual and expenses i also thought the accrual is 9,000. so selected 106,000 9,000. though i couldn’t figure out how they calculated 106,000. they’d paid during the year 27,000,24,000 & 54,000 (105,000).
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