After reading few examiner reports and examiner guidance video, i came to conclusion that right question to ask in p2 preparation is NOT WHAT. but WHY !
if you will go for what there will THOUSANDS of accounting situations , which is why p2 paper has mostly unrepeated section b questions.But principles applies same.
I was obsessed with knowing how to deal with this and that (say cumulative preference shares) but right question is WHY to treat ordinary shares as ordinary shares and why to treat cumulative preference shares as liability.
in exams contracts could be out of world could be anything agreed between two parties, what will help you is Principles : Why.