DFS-December '08- what fails??

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acky2106
acky2106 Registered Posts: 52 Regular contributor ⭐
Hi, i've just sat the DFS exam but am worried that i've buggered it up! I done the journals fine, my income statement was fine. Both my balance sheet & consolidated balance sheets balanced however, i completely lost ground on my cashflow and could not get it to balance, as a result of this, my interpretation of the cashflow would of been incorrect. section two i done all fine too i think?

Will i have done enough to pass?
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  • Moseley_21
    Moseley_21 Registered Posts: 59 Regular contributor ⭐
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    I should think so??? It was only one section!!

    Don't worry about it now im sure it was fine!!

    When do we get our results never took a December exam??
  • Sparkz1988
    Sparkz1988 Registered Posts: 16 New contributor 🐸
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    Not sure on the pass rate sorry think it depends on how everyone else did in the exam and makes an average pass rate, but then im not sure if thats right just what i have heard.

    Cash flow balance- did you enter the Tax paid £994.00 because if i entered that then my cash flow didnt balance so i left it out. does anyone know if thats right?? I think im in a bit of a muddle.

    Cheers
  • Moseley_21
    Moseley_21 Registered Posts: 59 Regular contributor ⭐
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    You did'nt need to do anything with the tax as the rec from operating profit had already been done for you??

    I did 5 things in mine - sale of fixed asset, purchase of new assets

    financing activites - loan, share premium and share capital and mine all balanced at (2000)

    anyone get the same??
  • acky2106
    acky2106 Registered Posts: 52 Regular contributor ⭐
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    um, to be honest i thought that we were only to complete the investment activities & finance activities sections as thed operating activities was given to us in the question? The tax had already been calculated. i may be completely wrong. I could of just been sat there with an Argos catalogue for all i care!
  • lorraine1066
    lorraine1066 Registered Posts: 3 New contributor 🐸
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    Yes I got that too.
  • warrants
    warrants Registered Posts: 18 New contributor 🐸
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    Moseley_21 wrote: »
    You did'nt need to do anything with the tax as the rec from operating profit had already been done for you??

    I did 5 things in mine - sale of fixed asset, purchase of new assets

    financing activites - loan, share premium and share capital and mine all balanced at (2000)

    anyone get the same??

    I got £2000:thumbup1:

    I messed up 2 of my formulas though I think :( everything else in section 2 I seem fine about I just got the Trade Receivable Days and purchase average days wrong.
  • Chris023
    Chris023 Registered Posts: 93 Regular contributor ⭐
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    When we had to explain the cash flows. Did we have to just explain the cash flow from operations (the bit done for us) or the whole cash flow statement? as I was in a rush and thought it just mean the reconcilliation part
  • acky2106
    acky2106 Registered Posts: 52 Regular contributor ⭐
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    Chris, i am completely with you on this one. Regardless of what anyone says. The exam question specifically asked for us to comment on the differences between the net cash flows from operating activities which was the rec in the question
  • Yuping
    Yuping Registered Posts: 22 New contributor 🐸
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    Chris023 wrote: »
    When we had to explain the cash flows. Did we have to just explain the cash flow from operations (the bit done for us) or the whole cash flow statement? as I was in a rush and thought it just mean the reconcilliation part


    I do exactly same with you! explaining the reconcilliation part comparing it with last year! I am asking the same question now! Not sure about it.
  • welshboy
    welshboy Registered Posts: 82 Regular contributor ⭐
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    Hi Guys

    I also got 2000!

    Difference was 1098 as 451 at beginning of year and 1549 at end of year.

    The question was asking you to comment from the reconciliation not the cashflow and then on the equity of the company secondly.

    Im strating to cheer up a bit now i know my chas flow was good!!!!:thumbup:
  • Sparkz1988
    Sparkz1988 Registered Posts: 16 New contributor 🐸
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    last post confusing wasnt the diff £2000.00 Which was £451 at start n (£1549) at end?? not diff 1098??
  • welshboy
    welshboy Registered Posts: 82 Regular contributor ⭐
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    sorry I got it the wrong way around sorry yes that was correct :thumbup:
  • Sparkz1988
    Sparkz1988 Registered Posts: 16 New contributor 🐸
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    :thumbup: just checking!! lol!!
  • acky2106
    acky2106 Registered Posts: 52 Regular contributor ⭐
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    can i just ask, what did everyone get for the figure re purchase of non current asset?
  • Sparkz1988
    Sparkz1988 Registered Posts: 16 New contributor 🐸
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    I think i had something like £16399 sound about right to anyone??
  • sleepysophie
    sleepysophie Registered Posts: 17 New contributor 🐸
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    Goodwill

    I really don't remember, but no one seems to have mentioned Goodwill yet and it was the only part I couldn't get to reconcile ?!
    Does anyone remember what they got after the 20% impairment ?
  • candy
    candy Registered Posts: 17 New contributor 🐸
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    Not sure if it right but i got 2100
  • candy
    candy Registered Posts: 17 New contributor 🐸
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    candy wrote: »
    Not sure if it right but i got 2100
    for goodwill
  • Sparkz1988
    Sparkz1988 Registered Posts: 16 New contributor 🐸
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    I had a total goodwill of 10500 less 20% impairment of 2100 = goodwill figure of 8400.
  • candy
    candy Registered Posts: 17 New contributor 🐸
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    yes thats it 1200 for impairment loss..:thumbup1:
  • welshboy
    welshboy Registered Posts: 82 Regular contributor ⭐
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    I think that's similar to what I arrived at.

    What percentage did you calculate at to work everything out?

    I had 60 something percent cant remember the actual figure.
  • acky2106
    acky2106 Registered Posts: 52 Regular contributor ⭐
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    i had same as sparkz. My purchase of non current assets was only about 7479 or something completely wrong like that? Anyone???
  • candy
    candy Registered Posts: 17 New contributor 🐸
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    candy wrote: »
    yes thats it 1200 for impairment loss..:thumbup1:
    sorry 2100 i am totally studied out..
  • sleepysophie
    sleepysophie Registered Posts: 17 New contributor 🐸
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    Oh Dear, Did something wrong there then.
    But at least I tried ! - there must be a few marks for that.....
    I got an odd number - something ending in a "2".
    I can't remember, but it wasn't "00" figures.
  • Sparkz1988
    Sparkz1988 Registered Posts: 16 New contributor 🐸
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    it was 8,000,000 shares purchased out of 12,000,000 possible so was 66.67% but i did everything as 2/3rds. hope that helps??
  • candy
    candy Registered Posts: 17 New contributor 🐸
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    i got 66.67% rounded up to 67% ( consolidation)
  • welshboy
    welshboy Registered Posts: 82 Regular contributor ⭐
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    That's great thats what I got guys thanks! :thumbup:
  • sleepysophie
    sleepysophie Registered Posts: 17 New contributor 🐸
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    I got the 2/3rd - 1/3rd.
    I think it was the pre-aquistion / post aquisition I messed up which then resulted in an incorrect figure for goodwill.
    I know the retained earnings figure didn't work out in the end so I had to just put in a random figure that balanced .... I'm sure companies would love me to do their consolidated accounts for them. Or maybe not.
  • acky2106
    acky2106 Registered Posts: 52 Regular contributor ⭐
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    ok chaps, any offers on helping me out with the purchase of non current assets figure????
  • sleepysophie
    sleepysophie Registered Posts: 17 New contributor 🐸
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    Again, (non current assets)
    It wasn't a round figure, so I don't remember it. Sorry.
    I'm really bad at remembering things after the exam.
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