Dfs 2010 =)
Comments
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so glad you said that, i was starting to think i had made that mistake too - lol0
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i just put all my workings on the statments hope i havent lost marks because of this i deserve to pass i worked so hard explained everything and showed my workings and everything balanced! finers crossed i wont get penalized for my stupidty!!!0
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I had a debate with a fellow student once leaving the exam regarding the cash flow statement.
According to her you had to add the cash at the start of the year, which was a minus figure due to the overdraft, on to the net increase in cash equivalents. I maintained that, as it was a minus figure and had been paid off during the current year the result was an outflow of cash and it should therefore be deducted from net cash.
The answer I got was then something like £587 I think - which was the same figure to be found in the sofp.
I have checked with the past papers too and the practice exam 4 in the revision companion does the same thing I said in the same scenario.
Can anyone back me up here?0 -
I put it in brackets in the cash and cash equiv at the begining of the year0
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I forgot the bracketsI put it in brackets in the cash and cash equiv at the begining of the year
But yes, I agree with the 587.
It balanced, but I forgot the brackets silly enough, so it doesn't really balance, but it did balance in my mind.
Realized afterwards that I forgot the brackets, o well!0 -
I went soooo wrong on my cashflow i think! mind went totally blank! seemed ok with everything else tho
role on august! 0 -
Fantastic. She was taking it personal so I feel better now. Thanks guys.0
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stefanboro wrote: »I had a debate with a fellow student once leaving the exam regarding the cash flow statement.
According to her you had to add the cash at the start of the year, which was a minus figure due to the overdraft, on to the net increase in cash equivalents. I maintained that, as it was a minus figure and had been paid off during the current year the result was an outflow of cash and it should therefore be deducted from net cash.
The answer I got was then something like £587 I think - which was the same figure to be found in the sofp.
I have checked with the past papers too and the practice exam 4 in the revision companion does the same thing I said in the same scenario.
Can anyone back me up here?
Maybe you were having two slightly different conversations? If you were trying to find the net increase in cash for the year you'd add the overdraft from 2009 to the positive cash balance in 2010 - perhaps that's what she was trying to get at....? That figure would balance with the 3 figures calculated in the cash flow statement. If your way added up to the same figure as the closing cash on SoFP then sounds like your method was right.0 -
I wrote that there had been an increase in share capital and share premium but didn't calculate the amounts like everyone else has put.. do u think thats ok?
I really wouldn't worry! At worst you will lose 1 mark or something for not giving the calculation, it certainly wouldn't fail you. Did you explain what the share premium account was for (shares sold at more than their nominal value)? If so even better. But if not, it's just one small part of a huge section.... so don't panic!0 -
But but threads like these always make me doubt my work, so I should stay away, but it's strangely addictive as well!I really wouldn't worry! At worst you will lose 1 mark or something for not giving the calculation, it certainly wouldn't fail you. Did you explain what the share premium account was for (shares sold at more than their nominal value)? If so even better. But if not, it's just one small part of a huge section.... so don't panic!
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But but threads like these always make me doubt my work, so I should stay away, but it's strangely addictive as well!
I know, I'm exactly the same!!! Have managed to completely convince myself I've failed exams reading the forums before when I haven't at all but still do it after every exam! One tiny mistake can feel like a total failure so easily!0 -
cash flow
if the number balance I don't think you should worry because the only way to get to that figure by go thru all the money you spent over the year.that must be right0 -
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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.
O well, we'll see in August! Only 2 months to go till we know for sure....
I said exactly the same - to review it next year using the same ratios and see what had happened in the year blah blah blah0 -
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this is what i got for consolidated
goodwill 1055.70
ppe 64890
inventories 19782
receivables 9356
cash 361
Total assets 95444.70
Share capital 32000
Share premium 8000
Retained earnings 15639.70
Non controling interest 8715
Payables 10290
Tax 2800
Total equite&liab 95444.70
I can't remember all figures but I know I got 95444.7, but I got 188.6 for goodwill whereas you got 1055.70, how did I balance?0 -
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Ok so after reading everything you al have wrote i feel ok about section 1 other than not explain share capital or premium
However section 2 I thought i had done ok
All my ratios were right and i commented on them fine with good reasons
But then i went and said that she shouldnt keep her investment in the company as due to futher loans being taken out this clearly states the company could be strugling.
I states that if the NP was decreasing then there was no benefit in her keeping her investment.
I see now that i should of said keep them (of which i did at first then scribbled out!!)
Does anyone think that i may fail for this? It was a ten minute question, and i did make the answer sensible.... even though it was cleary wrong....
I thought i had done fine- then i came on here! Damn my noseyness!!
Ritty0 -
I think it all depends on your reasoning. If you got sound reasoning, you would still get points for it. If you said they were doing great, but don't invest in it, because they took out a loan, that doesn't make a lot of sense....0
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No i basically said that its visible that costs have increased (admin and dist) point 1 of not lookng to good
even though COS have reduced it hasnt had an effect on sales, however the business seems to be looking as if its struggling. The loan has increased signficantly, and NP has decreased, showing that she may not bnenefit form keeping her investment!
I know that its not the right answer, but is sort of sensible, and ...... ohh gosh im just rambling!
I really hope that since its just a ten minute question, that it wont fail the whole section 2
Did anyone stuggle with IAS2 question?0 -
RittyLeigh wrote: »Ok so after reading everything you al have wrote i feel ok about section 1 other than not explain share capital or premium
However section 2 I thought i had done ok
All my ratios were right and i commented on them fine with good reasons
But then i went and said that she shouldnt keep her investment in the company as due to futher loans being taken out this clearly states the company could be strugling.
I states that if the NP was decreasing then there was no benefit in her keeping her investment.
I see now that i should of said keep them (of which i did at first then scribbled out!!)
Does anyone think that i may fail for this? It was a ten minute question, and i did make the answer sensible.... even though it was cleary wrong....
I thought i had done fine- then i came on here! Damn my noseyness!!
Ritty
I put same as you (not to invest) due to net profit being down and acid test ratio only 1:1.3, and I too felt quietly confident till Ive read this thread, lol.0 -
Oh thank goodness... im sure now though that me may have got it sightly wrong
I think the current ratio showed a better ratio in 2010,
I commented on saying the ratio was up because there was more cash available in the bank and from receivables to pay its day to day liabilites!
Oh COME ON August! Hurry the heck up!0 -
RittyLeigh wrote: »
Did anyone stuggle with IAS2 question?
i dont think i put enough explanation on mine. that is the only bit i am not so confident on, i too am hoping it is a low marked question so as not to fail me for that one task0 -
Taskey, i stated about lower of cost and net reliasable value
any any costs in curred in getting the stock to its current location and condition should be included such as import tax
and that the value that the stock was sold for and VAT should not be included in the cost...
Oh dear meee0 -
RittyLeigh wrote: »Taskey, i stated about lower of cost and net reliasable value
any any costs in curred in getting the stock to its current location and condition should be included such as import tax
and that the value that the stock was sold for and VAT should not be included in the cost...
Oh dear meee
sounds similar to what i put, you never know, they might read between the lines and know we knew what we meant lol0 -
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!
The question did specifically say though you couldonly base your report on the 4 ratios calculated... so people quoting the change in money in the bank and the bank loan, although these points were valid you were told to disregard them and only base ur opinion on the 4 ratios caliculted... hence the decision was to invest, given that they were all ok baring the Net Profit which had declined, but was still reasonable at 10.5% (I put an aside note that costs needed to be controlled to bring Net Profit levels up) Anyone agree?0 -
RittyLeigh wrote: »Taskey, i stated about lower of cost and net reliasable value
any any costs in curred in getting the stock to its current location and condition should be included such as import tax
and that the value that the stock was sold for and VAT should not be included in the cost...
Oh dear meee
Im sure when I did Pev we were told that quick ratio should be at least 1:1.5 and if net profit is down its bad, so Im blaming my tutor for that little mistake, lol.0 -
I agree with that goodyuk
Oh well! Seems i may have buggered up!
As for the PEV comment, ive not done that yet... and since the ratio was up i assumed good things 0
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