DFS-December '08- what fails??

acky2106

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?

Moseley_21

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

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

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

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

Yes I got that too.

warrants

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

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

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

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

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

last post confusing wasnt the diff £2000.00 Which was £451 at start n (£1549) at end?? not diff 1098??

welshboy

sorry I got it the wrong way around sorry yes that was correct :thumbup:

Sparkz1988

:thumbup: just checking!! lol!!

acky2106

can i just ask, what did everyone get for the figure re purchase of non current asset?

Sparkz1988

I think i had something like £16399 sound about right to anyone??

sleepysophie

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

Not sure if it right but i got 2100

candy

candy wrote: »

Not sure if it right but i got 2100

for goodwill

Sparkz1988

I had a total goodwill of 10500 less 20% impairment of 2100 = goodwill figure of 8400.

candy

yes thats it 1200 for impairment loss..:thumbup1:

welshboy

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

i had same as sparkz. My purchase of non current assets was only about 7479 or something completely wrong like that? Anyone???

candy

candy wrote: »

yes thats it 1200 for impairment loss..:thumbup1:

sorry 2100 i am totally studied out..

sleepysophie

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

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

i got 66.67% rounded up to 67% ( consolidation)

welshboy

That's great thats what I got guys thanks! :thumbup:

sleepysophie

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

ok chaps, any offers on helping me out with the purchase of non current assets figure????

sleepysophie

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.