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September / december 2015 exam

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › September / december 2015 exam

  • This topic has 6 replies, 2 voices, and was last updated 9 years ago by raahulshah.
Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • May 24, 2016 at 3:30 am #316718
    Anuja Nair
    Member
    • Topics: 365
    • Replies: 353
    • ☆☆☆☆

    Question on Moston. For transaction (i) on revenue

    It is not stated when moston will buy back the goods. Then how come in the answer key they calculated the interest 10% based on 1 year ?

    May 24, 2016 at 4:05 am #316720
    Anuja Nair
    Member
    • Topics: 365
    • Replies: 353
    • ☆☆☆☆

    For transaction (iii) on NCA , its states that Moston’s property is carried at fair value which at 30 june 2015 was $29m.

    So does it mean the property was revalued at 30 june 2015 to $29m. Because there is a rev.gain in the answer key?

    May 24, 2016 at 6:40 am #316735
    Anuja Nair
    Member
    • Topics: 365
    • Replies: 353
    • ☆☆☆☆

    As for qn3 transaction (iv)

    For the interco balances, the adj i made on the SOFP are

    + 800 to inventory
    – 800 from payables
    – 2400 from trade receivables
    – 2400 from trade payables

    but the answer i got for the other current liabilities is 40 700 . I took 25800 + ( 18100 – 2400 intragroup -800GIT) = 40700

    In the answer key, the answer is 42300. They took 25800 + 18100 – ( 2400 intragroup -800 GIT) = 42300.

    Where did i go wrong ?

    May 27, 2016 at 3:45 am #317384
    raahulshah
    Member
    • Topics: 6
    • Replies: 24
    • ☆

    the calculated interest is on 6 months..since the sale is made on jan and year end is june ..so 3000*10%*6/12..

    May 27, 2016 at 3:49 am #317385
    raahulshah
    Member
    • Topics: 6
    • Replies: 24
    • ☆

    yes the property is carried at fair value ..so 2400 is revaluation ..

    May 27, 2016 at 3:56 am #317386
    raahulshah
    Member
    • Topics: 6
    • Replies: 24
    • ☆

    you will understand better this way

    25800+18100+800-2400

    we add 800 because the goods are in transit so the parent has accounted for in his receivable so we increase the payable by 800 too so that we can remove the intra group transaction of 2400..

    May 27, 2016 at 3:57 am #317387
    raahulshah
    Member
    • Topics: 6
    • Replies: 24
    • ☆

    hope your all doubts are solved..

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