F7 - How Good Were We in June 2009

[imakrevski]

hi,
can anybody discuss with me solutions for Q1,Q4 and Q5, if being sure that scored good marks on this questions?
in particular, Q1, calculation of goodwill.....

[PhaHaDdE]

I had to refer to the question paper of june 2009 posted in www.accaglobal.com

I just read the question and worked out the goodwill amount.

I am not sure if this is correct, but it's what I have reached:

Goodwill:


Cost of Investment (W1)

268,000

80% Net Assets@Acquisition (W2)

(248,000)

Goodwill-Peacemaker's Share

20,000

Fair Value of NCI

65,000

20% Net Assets@Acquisition

(62,000)

Goodwill-NCI Share

3,000

Total Goodwill

23,000

W1) Purchase Consideration:

Cash Payment

210,000

Others: 116,000/200*$100

58,000

Total Consideration Paid

268,000

W2) Net Assets of Syclop at Acquisition Date:

Share Capital

145,000

Retained Earnings

120,000

Revaluation of Built Property

20,000

Brand-Name (Kyklop)

25,000

Total

310,000

[ABBAS ALI]

Goodwill is right.

[Fred]

I felt more confident in F7, must be honest I did not get a chance to calculate the goodwill but did as much as I could, did attempt all the other questions which seem quite a while back now. I hope to have made it.

Fred

[Bros]

Goodwill result is cosistent with what we have in ACCA solution.

[kelvin8085]

results had released, hope those F7 students had cleared this paper and proceeds into P2.

since Dec 2009 is the sitting where the revised standard will not be examined in the coming sitting, so hope you guys can get through this paper asap.

this is my personal experience in P2.
in fact i am quite interesting in accounting paper like F3, F7 and P2.
F3 - too easy
F7 - still easy but in a moderate level with the calculations.
P2 - damn tough, you have to study P2 IAS standards together with F7 standards, there are about 40 standards will definitely drive you crazy. and of course, calculation part only consists of 35 marks for group and remaining 65 marks for theory part: (a) test on the IASs but they are inter-related. (b) current issue (c) 15 marks with ethics question

my advise to you is once you sign up for P2 class, you have to study it everyday. every single corner must be studied. Graham Holt's favorite areas will be IAS 19, IFRS 2, IAS 12, IAS 32/39, IAS 8, IAS 16, IAS 36, IAS 37, IAS 38, IAS 21 & 29. there will be no questions without those standards.

if you fail this paper in the coming sitting, revised standards will be examined by examiner from simple into deep, and you will definitely hate this paper. luckily, i passed this paper in last sitting.

so, wish you ppl good luck and hope to hear from your progress.

[Daisy okafor]

what is variance? please i'm having issues with the whole of variances please can u help me

[kelvin8085]

what is variance? please i'm having issues with the whole of variances please can u help me

i took international variance for P2