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I am studying under the self study mode and i have subsequently discovered or find it difficult to identify the source of the workings and to correctly connect the workings (w) (w1) (w2) (w3) (w4) (w5) to the different items found in different categories of financial statements, notes and comparatives. I am gradually gaining my ground with the different IASs and IFRSs elements using the helpful free Open Tuition ACCA Financial Reporting study resources but still find it quite difficult to identify and connect the different workings of different items.
Kindly help, i need special expert advise/lecture on this topic.
Pascal Mapoma
ZiCA student
ZambiaHi,
Have you watched the videos? Have you practised the question in the study text of your chosen tuition provider? If not, then you need to start doing so. The only way to improve is to do questions and learn from your mistakes.
Thanks
In the year to 31 Dec 20X9 WT pays an interim equity dividend of 3.4c per share and declares a final equity dividend of 11.1c. It has 5 million $1 shares in issue and the ex div share price is $3.50. What is the dividend yield?
Answer: 4.1%
can you please help me with workings ?
On 1 Jan 20X5, PA acquired 80% of SM shares & goodwill was at $20000 as noncontrolling interests at fair value. At 31 Dec 20X5, all goodwill was impaired. SM’s machinery with 5-year remaining life had fair value of $5000 in excess of carrying amount
Answer: If SM didn’t adjust in its book, $16,800 is adjusted in group retained earnings
A 60% owned subsidiary sold goods to its parent for $150,000 at a mark-up of 25% on cost during the year ended 30 Jun 20X5. One fifth of these goods remained unsold as at 30 Jun 20X5. What is adjustment made to group retained earnings in 30 Jun 20X5?
Answer: DEBIT $3,600 adjustment made to reflect unrealized profit in inventory
On 1 Sep 20X8, PC acquired 75% of SN’s shares when SN’s net assets fair value was same as carrying amounts except of a liability had a carrying amount of $20,000 below fair value. SN hadn’t adjusted it in its record. NCIs are measured at fair value
Answer: At the date of acquisition, goodwill Increase by $20,000 after adjustment above
Liverpool sells a package which gives customers a free laptop when they sign a 2-year contract for provision of broadband services. The laptop has a stand-alone price of $200 & the broadband contract is for $30 per month. In accordance with IFRS 15:
Answer: $439 will be recognised as revenue on each package in the first year
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