FRPaper F7 Dec 2010 exam was

Q1 and Q2 is easy however my SOFP for both do not balanced. Total Assets exceeds Total Equity & Liabilities by 150k and 200k respectively. IMHO, the theories were really time constraints. the remaining 50 marks required alot of critical thinking and reasonable elaboration to get the marks. I'm in rush for last 2 questions and I think for Q4 II) I 4got to quantify the amount as I'm in rush to finish it on time

did anyone get 150200 for qn2?:D

@ uid0191..me!!..I think so :P

what questions came up???

fair paper, time mgt was the main thing but couldnt ask for a nicer paper really, thank SS

@raheel_xtreme said:
what questions came up???

qn1 consol soci and sfp
qn2 soci,soce,sfp
qn3 ratios and interpretations
qn4 IAS8, IAS2
qn5 IFRS5, IAS10

@kmchugh said:
fair paper, time mgt was the main thing but couldnt ask for a nicer paper really, thank SS

very similar to dec 08 paper i think,
those who have practiced that paper should do well

time pressured

uid0191,what's the result did you got for the Q1.Is it 63500.? i can not remeber clearly now

@biruoshen said:
uid0191,what's the result did you got for the Q1.Is it 63500.? i can not remeber clearly now

i only balanced my q2 lolz...
should be some careless mistakes in q1 i think,
but yes i remembered my numbers are very close...
near 60000+:D

HHmm for me
Qs1 : Profit for the yr: 15000 something
SOFP 64000
Qs 2: SOFP 150 000+

I am just glad its over..phew!!

first 2 qs were fair but Ratios i dint comment much plus i think interest cover ratio n debt ratio for 2010 could not b calculated as PBIT was negative loss Right?? n last qs could not complete :( i hope for 50 +

i made a huge mistake ... i apportioned the month for the consolidation wrongly

Pre inquisition is said 4 month and post acquisition i said 8 month

how bad have i fuck up mates .. someone tell me :(

I write FIFO as accounting policy and Life of asset Accounting estimate

in Q 5 i write about dis continued operation

Question 3 was ok, but lenghty

Question 1 and 2 was good attempt, but not balanced :( there was difference of few numbers

... I tot 4 months post..pre 8 months?

time management! missed the last question worth ten marks! but overall it was a fair paper. it was a gamble for me tho.
cheers

Q4 I agree with dep as it increase profit ..disagree with inventory as decrease profit

Q5 is about adjusting event and non adjusting event

@derrickagyiri said:
i made a huge mistake ... i apportioned the month for the consolidation wrongly

Pre inquisition is said 4 month and post acquisition i said 8 month

how bad have i fuck up mates .. someone tell me :(

Doesn't matter. Thats just 1 mistake. May b 1-2 marks down. The examiner would check ur paper as per ur month apportionment. I just hope u didn't mingle up these months in different papers of the question differently. If that was a constant treatment it wouldn't cost u more than 2. So cheer up :)

i did the same 4 months

@tzxsean said:
Q4 I agree with dep as it increase profit ..disagree with inventory as decrease profit

Q5 is about adjusting event and non adjusting event

I did the same for Q4. I just hope its right. InshaAllah

InshaAllah if i pass my F7, the credit goes would go to Open Tution. Just did it in 2 weeks. And only i know how i did it all day all night :)
Hope I pass InshaAllah :)

I write about discontinued operation, and made a statement :(

am i wrong?

i did the same for Q4 :D in last 7 min lolz

@tzxsean said:
Q4 I agree with dep as it increase profit ..disagree with inventory as decrease profit

Q5 is about adjusting event and non adjusting event

my lecturer told me if the 1st step in calculating the months apportionment is wrong..then whole questions will be wrong... i duno whether marks will be given or not at all

@tzxsean said:
my lecturer told me if the 1st step in calculating the months apportionment is wrong..then whole questions will be wrong... i duno whether marks will be given or not at all

Told your lecturer that he.she is wrong. Months has its own importance, but it does not mean you lost the all numbers!!

Every step has its own numbers (take a look of marking patten)

Q3 was a cockup to be honest. why give loss to compare the ratios with? makes it much more difficult.
couldn't balance Q1 and Q2 hope to clear it.
Only did 1/2 Q4 as time management was poor.

@uid0191 said:
qn1 consol soci and sfp
qn2 soci,soce,sfp
qn3 ratios and interpretations
qn4 IAS8, IAS2
qn5 IFRS5, IAS10

Q 5.......Wasnt it is IAS 37?? Valid Expectation in mind of those affected??

Q..2..TAX Calculation...was it Tax Asset?? CV was lower thn Tax Base?? can some one share?

@onlysarwar said:
Q..2..TAX Calculation...was it Tax Asset?? CV was lower thn Tax Base?? can some one share?

here is the calculation
Defer tax from TB
Less: 25% on Deffer amount
Balance (positive)

---

this year tex (given)
Less balance figure from above
Add provision from TB
balance of tax for I/S

this year tex (given) (for tax payable in balance sheet)
25% on Deffer amount (defered tax in balance sheet)

@ uid0191 my balance figure was around that figure.