DFS Dec 2006 Howardsend Ltd

jilt

Has anyone done this past paper.

In the additoinal data it states ' land costing £9,600,000 has been revalued at £11,600,000' and in the workings in the answers the revaluation is showing as £4,000,000.

Am I missing something really abvious, what has anyone else calulated it as?

Steve Collings

Jill,

For some reason I can download the answers but not the question.

However, the answer is showing a £2k debit to non current assets and a revaluation reserve balance of £2k. Are you looking at the right answers?

Best regards
Steve

jilt

Steve Collings wrote: »

Jill,

For some reason I can download the answers but not the question.

However, the answer is showing a £2k debit to non current assets and a revaluation reserve balance of £2k. Are you looking at the right answers?

Best regards
Steve

Yeah I got most of the paper right, just that I had NCI figure wrong as I'd used " and they'd used 4. Most bizaare thing about tis is I'd used 4 in my goodwill calulation! Think I just couldn't read my own scribbled notes. A-Vic's on the case too and she agrees with me it should be 2

jilt

Steve, have emailed you the paper, tasks 1.1 - 1.2

Steve Collings

Sorry I don't follow you, but it doesn't help that I can't download the question paper.

The answer is showing Howardsend as a single entity set of financial statements - are you looking at the consolidated one?

Regards
Steve

jilt

I feel I'm having one of those donkey moments hang on

Steve Collings

Are you not looking at the share premium account in part B - Klarke and Cameroon? The fair value exercise in this Q is £4,000 and the share premium in the answer is £2k but the uplift in non current assets in the fair value exercise is definitely £4,000.

Steve

jilt

Yeah it's me :blushing: Revaluation in 1.3 is £4k and I used wrong figure in NCI. It's my own falut I did the paper in about an an hour and a half and couldn't be bothered to check it cos I'm tired. I always check through even when doing past papers here at home. Don't worry won't do it again, well can't run out of papers to practice on, and certainly won't rush it not check it on Wednesday.

Apologies for wasting you time Steve, but thanks for looking

Regards
Jill

Steve Collings

No problem!

Regards
Steve

A-Vic

Note to self check answers lol

Steve Collings

I think you can be forgiven considering you've probably been hammering DFS since the early hours of today!

Get an early tomorrow night!

Regards
Steve

A-Vic

You know what tho steve am going through the OMG i know nothing momment, am fine with calculations but its the written stuff totally panicked about, plus battling a migrian but then i get the try your best then o well what i dont know now i never will, then look at another paper grrr.

Sorry losing it lol

Steve Collings

You need to take a break - you're doing too much and it's making you lose sight of everything. The fact is you do know it!

Stop revising for tonight as you're not going to make any progress and you'll just beat yourself up when things go wrong - which they will when you can't see the wood for the trees!

It will soon be over!

Best wishes
Steve