Dfs 2010 =)
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You have to do the statment of changes in equity to get the revised retained profits figure for the year; retained earnings from TB plus profit less dividends. If your SoFP balanced, then you should be fine
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tomburns1987 wrote: »How did people answer the report in section 2? I have a bad feeling ive interpreted the ratios wrong!
I put that she should keep her investment as all the ratios improved except Net Profit Ratio. Is that what you mean?0 -
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How on earth did you remember all that?!exam panic wrote: »you must have supper memory better than a computer
I did write all on exam attendance details papers
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JoeyDavis2010 wrote: »You have to do the statment of changes in equity to get the revised retained profits figure for the year; retained earnings from TB plus profit less dividends. If your SoFP balanced, then you should be fine
They don't ask to do double entry for that so what is the point to do the statement of changes in equity0 -
no, it asked only you to comment on the equity changes didnt it?Oke, call me stupid, but I didn't see them asking for a statement of changes in equity.
Did they specifically ask for this or was just workings enough?
I did find it odd they add it in the study list and not ask for one, but I thought that maybe the exam was made before it was added.
Anyways, if that was specifically asked, I will most certainly have a resit.
O well, I'm just so happy I don't have to study for a bit, that I do like to have passed, but if not, at least I got a few months off!
Huray! I can't wipe that big smile of my face today!
defo didnt ask for a statement of equity, you worked out retainded earning within your workings0 -
Yeah thats what I mean - I also said to keep the investment but Ive always seemed to get them wrong in the practise exams!0
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I said that they sold 2000000 shares for £2.50, £1 nominal value and £1.50 premium and also commented on the RE diff being the profit.0
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I didnt see them as for a statement of changes in Equity, only to 'comment' on them, unless that was a prompt for doing the statement?0
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looks like i got the same answers, it all sounds familiar. i also said to keep the investment. not sure if i waffled enough for the the report and the ias question but i cant change it now.
hoping for a pass, would be nice.
Tracy0 -
ahh ok, i suppose that we could have done one, but there was no pro-forma and i think from memory it changed this year (well it was on the changes to DFS printout) therefore should really have had a pro-forma surely??it was in question 1.7 after cash flow, we had to write what and why has changed in equity...
hopefully that's not what was exactly required! : /
fingers crossed! but well done for being able to put one in there haha0 -
exam panic wrote: »They don't ask to do double entry for that so what is the point to do the statement of changes in equity
That's just how we were taught to do it - calculate the retained earnings via a statement of changes in equity. Don't really think it matters either way; as long as you work it out somehow, it doesn't matter too much
On a different note, I'm now starting to worry about the price of the shares - I had it as £1.50; £1 going to the share capital and 50p to the share premuim, to get £3,000,000 total...bum!0 -
I said to keep the investment but to review the next year as the net profit percentage had dropped, but all the rest improved. Same as you Taskey, hope I waffled enough, but not sure.ahh ok, i suppose that we could have done one, but there was no pro-forma and i think from memory it changed this year (well it was on the changes to DFS printout) therefore should really have had a pro-forma surely??
hopefully that's not what was exactly required! : /
fingers crossed! but well done for being able to put one in there haha
O well, we'll see in August! Only 2 months to go till we know for sure....0 -
Joey, don't worry, I did the same, doh!!0
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I said to keep the money invested as the gross profit had increased from 45% to 52.5% although the net profit had reduced from 12% to 10.5%. The company had now paid off it's overdraft and had £582,000 in the bank. The sales had increased, but also a new long term loan had been taken out so overall I said keep it as the company is expanding and the loan could be to extend the business.
Be nice if I passed part 2, as I did not complete part 1!0 -
which is right because there was 1000 for the share capital and the 2000 for the share premium.JoeyDavis2010 wrote: »That's just how we were taught to do it - calculate the retained earnings via a statement of changes in equity. Don't really think it matters either way; as long as you work it out somehow, it doesn't matter too much
On a different note, I'm now starting to worry about the price of the shares - I had it as £1.50; £1 going to the share capital and 50p to the share premuim, to get £3,000,000 total...bum!0 -
I said continue with investment too because the question said to base it only on the ratios calculated.
Also I got 50p for the share premium. 2,000,000 shares x 50p = the increase in the share premium of £1,000,0000 -
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Yeah same here, the only ratio that was down was the Net Profit, managed to shoehorn in an expenses ratio saying that expenses had increased reducing NP0
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JoeyDavis2010 wrote: »That's just how we were taught to do it - calculate the retained earnings via a statement of changes in equity. Don't really think it matters either way; as long as you work it out somehow, it doesn't matter too much
On a different note, I'm now starting to worry about the price of the shares - I had it as £1.50; £1 going to the share capital and 50p to the share premuim, to get £3,000,000 total...bum!
I did the same0 -
I said to keep the money invested as the gross profit had increased from 45% to 52.5% although the net profit had reduced from 12% to 10.5%. The company had now paid off it's overdraft and had £582,000 in the bank. The sales had increased, but also a new long term loan had been taken out so overall I said keep it as the company is expanding and the loan could be to extend the business.
Be nice if I passed part 2, as I did not complete part 1!
I only commented on the ratios calculated. I never mentioned anything about the bank loan or the overdraft.0 -
Have to say, I really enjoyed that exam! Looks like I did/wrote what everyone else has too so bonus! Fingers crossed for a pass on that! Pending MAC and DFS results and finishing my unit 10 report, that's me all done!!! Woo hoo!!0
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Share movement I had was 2mil new shares at £1-50 with £2mil going to capital (£1 nominal value) and £1mil going to premium (the extra 50p) or thats what I had down!
I just about remembered to add my equity+liabilities to equal my assets total with the consolidation but with it being the first time I had seen the layout on the consolidation, having been a home studier, I have got to say what is the point of the new equation??!?!
Looks far better and and reads better in my opinion with the old Equity=Assets less Liabilities. Just dont see the point in equity being bang in the middle of it all as it just ruins the flow of everything but what do I know?!!?!? ha ha0 -
Please help everything balanced however i totally forgot to label the financial statments, you know with assets ie inventories ppe etc, i put all my working and the total figure but i totally forgot to label the income stmt, sofp and consolidated crap!
i agree with all the figures on here! Could i fail because of this stupid mistake? It was a nice exam compared to pcr which i have definately failed in! 0 -
Hate exams wrote: »Please help everything balanced however i totally forgot to label the financial statments, you know with assets ie inventories ppe etc, i put all my working and the total figure but i totally forgot to label the income stmt, sofp and consolidated crap! i agree with all the figures on here! Could i fail because of this stupid mistake? It was a nice exam compared to pcr which i have definately failed in!
I'd imagine you'd still get marks for all your workings and having reached the right conclusions. If you labelled each of your workings (eg W1 - Inventories) that'll help too as well as having put the figures in the right places on each of the statements. You didn't need to label the income statement, that was already done.0 -
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