DFS Paper 1st December 2010
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lewpylew
Registered Posts: 216 Dedicated contributor 🦉
Thought I'd start this for when 3pm comes. Can't wait to hear how you all found it : )
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me neither ahhhhhhhhhhhhhh!!!!!!!!!!!!!110
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I put smiley faces everywhere believe me that is not how I feel! : (0
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Take it this exam was crap then?0
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I'm not sure how I feel about it. I found it hard but I know I wasn't 100% with my studying so I was blaming that!0
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chances of consolidated Income flows were like zero why of why didnt I look at it more closely.
It threw me and I started messing up question 1 with debits to the bank oh my goodness
Got cash flow right though
and Intangible
Did they ask about IAS 2 or IAS 7
Got 245% for my gearing ration think that was wrong I recommended Arnica
OVerall not too bad but wont have passed section 1 as screwd myself on the Consolidated income statement and got baffled with Q1 for some reason
Ah well0 -
Ditto, with consolidated income statments. I have no recollection of those so had to bluff my way through that one. Also got gearing of 245%! Seemed reasonable looking at the bank overdraft and loans though.
Overall, I thought it was quite a good paper.0 -
Section 2 was sooo nice and I flew through it - For my ratios, I had 52.5% gross profit for Papaca or whatever they were called as opposed to 45% for Anica and 11.5% operating profit as opposed to 9% for Anica. But then the other ratios were Anica was 30% for it's gearing ratio and 245% for Papaca which meant it was heavily funded by debt. I told Lewis to invest in Anica because on the whole it was better as they had a better financial statement.
IAS 7 - left that blank, did not have a clue!
Question 1.5 and 1.7 I could not do so at least I know what to swat up on.
Did not know what to do with the share purchase and have never done a consolidated income statement : (
I had a go and am thinking of it as a stepping stone as I am nearly there! Had a few tears but then came straight home phoned AAT and BPP and will be transferring over to QCF to complete a CBA in Jan/Feb. I aim to be qualified by the time I go on holiday to the US in April x0 -
i got the same for the net profit and operating percents. didnt have a clue of gearing or the other ratio, but said shud invest in the Amica (or whatever) as said by looking at the gross and net they are making a good profit, and althought i didnt give formulaes for the other two ratios, i said by looking at the loans and overdarafts etc, the other company was in more debt...will i get points for that, although didnt do the last 2 ratios? i couldnt see we had to work out goodwill either, is that correct?
i put the IAS 7 as something to do with cash flows, but not 100 per cent sure.0 -
IAS7 is "Statement of Cash Flows" which seems obvious now as it was after the cash flow from operating activities bit.
Consolidated Income Statement is add both together minus the intercompany for revenue and cost of sales. Don't include the dividends received and then just give 20% of the subsidiary profit to non-controlling interest and the rest to the parent company.
I didn't do well on the increase in share capital and share premium. IAS7, and the IAS38 development as an asset questions.
I did most of the numbers in pencil first so if I did go wrong I could find out how to get the statement of financial position to balance.0 -
Consolidated Income Statement is add both together minus the intercompany for revenue and cost of sales. Don't include the dividends received and then just give 20% of the subsidiary profit to non-controlling interest and the rest to the parent company.
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OMG I did that and thought I was going completely off-tangent but had a go!!!! Well bar the dividends bit but the idea was there!0 -
what was question 1.5 and 1.7 cant recall
for some reason I have no idea why my mind went blank on question 1
did the share thing ok
but then was wondering what to do with the credit side of the prepayment so added it to bank so load of unneccesary journal entries
I read IAS2 and waffled about inventories oh my god no points for that lol
i got profit of something like 5914 on the first question but think its totally wrong and didnt get to balance the SofFP as I left this to the last thinking I would breeze though it and didnt manage to complete it
ah well
K0 -
Ditto, with consolidated income statments. I have no recollection of those so had to bluff my way through that one. Also got gearing of 245%! Seemed reasonable looking at the bank overdraft and loans though.
Overall, I thought it was quite a good paper.
Hi How did everyone work out the gearing ratio? I got 13.26% and 71.05%! (so wrong)
I used- long term loans /capital employed x 1000 -
did everyone put a intangible is something which you cannot touch, i put for example goodwill. did anyone see if we had to work out the goodwill anywhere, i couldnt see we had to?0
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I got the same as you. I don't think it's possible to gover 100% if you use the correct ratio:Hi How did everyone work out the gearing ratio? I got 13.26% and 71.05%! (so wrong)
I used- long term loans /capital employed x 100
non-current liabilities / total equity + non-current liabilities * 1000 -
Hi How did everyone work out the gearing ratio? I got 13.26% and 71.05%! (so wrong)
I used- long term loans /capital employed x 100
Even I got same answers. I think the alternative way of doing it is Debt/Equity X 100.
What was the answer for operating cash flows? My cash flow statement was not balanced with cash and Bank overdraft.0 -
did everyone put a intangible is something which you cannot touch, i put for example goodwill. did anyone see if we had to work out the goodwill anywhere, i couldnt see we had to?
"An intangible asset is a non-monetary asset without any physical substance"
So yes, you are correct
And no, we didn't. 0 -
I dont think we had to work out goodwill because it was a consolidated income I/S rather than the B/S. A shame really because I took ages learning the method for that!0
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did everyone put a intangible is something which you cannot touch, i put for example goodwill. did anyone see if we had to work out the goodwill anywhere, i couldnt see we had to?
No goodwill thats normally on the Sof CFP
mores the pity
I put that Intangilbe asset was an asset with no physical presence that you can get economic benefits from lol like a ghost0 -
For gearing ratio I always do debt over equity. I got 1:1.22 and 1:0.65(but that could have been for the acid test). For interest cover i got 10 times ish for Anica and 2 something times for Papnaca.
I waffled on about an intangible asset being not something that can be moved but you are paying for things like a reputation.
1.5 and 1.7 is the cash flow statement and the other thing I cannot remember : ( I've never got it and need to practice, practice, practice and am not failing 3 times!0 -
oh thats good then, i kept trying to learn it, and was a bit shocked when i couldnt see where we ahd to do it. feeling better looking on here though, hopwfully have just scrapped through, just worried bout missing the gearing and the finance ratios, but i explained without using them, that the a company will be better to invest in, so hopefully be ok0
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did everyone put a intangible is something which you cannot touch, i put for example goodwill. did anyone see if we had to work out the goodwill anywhere, i couldnt see we had to?Hi How did everyone work out the gearing ratio? I got 13.26% and 71.05%! (so wrong)
I used- long term loans /capital employed x 100
I did debt/equity as this is what they used on one of the papers when they asked for it
you can also use Debt/Capital employed whene Capital employed is share capital+ reserves plus long term loans
the debt was 15000 and the share was 6100 or something
either way it high
K0 -
Did any one get 362. for the minority interest on the consolidated income statement? and 5129 for parent (if im reading my writing correctly!)0
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Even I got same answers. I think the alternative way of doing it is Debt/Equity X 100.
What was the answer for operating cash flows? My cash flow statement was not balanced with cash and Bank overdraft.
think I got something like (967) then added the opening bank balance of £4xx to get the closing overdratt of £4xx something like that0 -
Hi How did everyone work out the gearing ratio? I got 13.26% and 71.05%! (so wrong)
I used- long term loans /capital employed x 100
I got 13.6 and 71.05% i used non currect liabilities / equity + non current liabilities
I think i did ok. Got all my statements to balance and remebered the IAS numbers thank goodness. Fingers crossed.0 -
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think I got something like (967) then added the opening bank balance of £4xx to get the closing overdratt of £4xx something like that
Thanks Pirate
I got Operating cash flows (1xxx)
Cash flows from Investing activities (11,xxx)
Cash flows from Financing activites 9,xxx
Total cash flows (1,xxx)
I might be wrong somewhere.0 -
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Even I got same answers. I think the alternative way of doing it is Debt/Equity X 100.
What was the answer for operating cash flows? My cash flow statement was not balanced with cash and Bank overdraft.Thanks Pirate
I got Operating cash flows (1xxx)
Cash flows from Investing activities (11,xxx)
Cash flows from Financing activites 9,xxx
Total cash flows (1,xxx)
I might be wrong somewhere.
mmm or maybe I have lol
I got the net cash from operating activities as (122)
the Investments were positive for the Disposal
and negative for the investments in new PPE but not a clue what they were
Financial investments was something like
£2500 for newly issued shares althoug that might be wrong some from premium some from increased loan but dont recall what the loan was to begin with.
So the negative cash flow got reduced to a much smaller negative ie (937) due to increased loans and shares stuff
I seem to recall on the Operating activies part
I add depreciation as one does
deducted the gain
there was an increase in all of the working captal I think
and then the tax cost
Then I went and talked about inventories damn. I acutally knew the definitions etc for IAS 7 as well, only knew IAS2 IAS7 and IAS360 -
deborahcarpenter wrote: »I got a profit from operations of (122) and a change in cash flow of (976)
Yep Deborah
me too started with (122)
got something like (957) and then took of the bank balance to get the current cash status
957 might be wrong as I cant really recall the number but it was 9 something
K0
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