DFS Paper 1st December 2010

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  • Woooof
    Woooof Registered Posts: 174 Dedicated contributor 🦉
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    emsy wrote: »
    Did any one get 362. for the minority interest on the consolidated income statement? and 5129 for parent (if im reading my writing correctly!)
    Sounds exactly the same as mine from what I remember :P
  • vvpbl
    vvpbl Registered Posts: 24 New contributor 🐸
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    pirate wrote: »
    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 IAS36

    Not sure where I went wrong, messed it up finally, hoping to get some marks for workings & lay out
    Intangible assets did well, but not statement of changes in equity & cash flows
  • Marga
    Marga Registered Posts: 981 Epic contributor 🐘
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    well

    Part 1 journal entries okish as the new shares of capital wasnt sure how to record that on a journal or if i even had to record it

    I did so DR capital and CR retained earnings
    Moving to Income statment

    Net profit for me was 861

    Statement of financial position was ok as the assets came to 34,036

    Total Liabilities were 17401

    Equity was 4000+3000 + retained earnings from TB + profit less diividends was something like 16xxx which added to the 17401 gave you the total assets

    Changes in equity i made it up as i couldnt recall the template but more or less i think i put the correct answers under the correct columns

    Part B

    Operating cash flow and cash flow statement

    During the last 15 minutes i was able to reconcile it thank god!

    Profit was (122)

    Investing activities
    Gains on disposal 1498
    Purchases (12533)

    Finance activities
    Bank 5200
    Shares 5000 so total 10200

    Net decrease was (957) or something like that

    Cash at begining 4xx

    Cash at end (4xx)


    IAS7 i asumed it had to do with cash flow but couldnt remember what to write there so left it blank but as we have calculated the cash activities that shows we know what we are doing? hope so

    Part C

    Consolidated income bloody hell so many nights to understand the bloody goodwill and how to calculate it and then they throw in this ...oh well i know for sure this one is incorrect :(

    I kind of add line by line at the beginning and then i was revising the last half an hour and as it said that it owned 80% i re did all the figures of the income statement of the child and
    as 80% and added to the income statment of the parent...well anything but to leave the task blank lol
    I want my consolidated SoFP back!!!! it is nicer!!!



    CAnt remember were the intangible asset as per IAS38 was asked but i did say it was a resource controlled by the entity that due to its course of use will give us economic cash but it is not a physical asset like goodwill

    The development cost as an intangible asset when can we measure it or something like that i just said when actually the asset is giving us better value in the entity so as these are development costs the asset is recognised as intangible when the staff has better skills or the software used in the company helps to improve the performance or profitability something like that


    Section 2

    What a nice question! finally something i liked quite straight forward
    GPM 9% and 11.5%
    NPM 45% and 52.5%
    Gearing i used debt over equity but didnt multiply by 100% but the Papaca one was very high as 2.55 or something like that compared to Anica which was 0.15
    Interest cover cant remember but it was better for Anica as 3 times compared to Papaca of only 1 time
    Acid test = 1.22 and 0.65 i believe so overall Anica was better company


    Thank God it is over and i can now enjoy the preparation to Christmas!!!!
  • Primble
    Primble Registered Posts: 734 Epic contributor 🐘
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    I'm not sure what to think. I answered everything, just don't know how well. lol. SOFP didnt balance but i didnt want to spend too long working out why as it was at the start of the paper. cash flow was a bit iffy. the way it was split across questions threw me at first but then a light buld went off. think i forgot a couple of things but hopefully didnt miss out on too much.

    allthough out of interest, would it not make more sense to print column lines? my figures look a bit drunk swaying around the pages.
  • Primble
    Primble Registered Posts: 734 Epic contributor 🐘
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    i quite liked the consolidated income statement
  • Marga
    Marga Registered Posts: 981 Epic contributor 🐘
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    Primble wrote: »
    i quite liked the consolidated income statement

    thats it i am cutting you off my facebook friends *LOL*
  • Primble
    Primble Registered Posts: 734 Epic contributor 🐘
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    Marga wrote: »
    thats it i am cutting you off my facebook friends *LOL*

    :( i got stuck on cah flow and sofp didnt balance.
  • emsy
    emsy Registered Posts: 11 New contributor 🐸
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    Does anyone know when to expect the results??? This is the only exam I have done, and walked out thinking, I honestly don’t know if I will pass or fail this one! Never mind, it soon xmas!
  • lewpylew
    lewpylew Registered Posts: 216 Dedicated contributor 🦉
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    The results are available from 9am on Mon 9th February(or so it said on the AAT phoneline this morning) x
  • Marga
    Marga Registered Posts: 981 Epic contributor 🐘
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    Primble wrote: »
    i got stuck on cah flow and sofp didnt balance.

    :( of course i was kidding ...

    You had BTC yesterday too right?

    was it ok?

    I remember they asked about Current assets and current liabilities as per IAS2 at the end too ....oh i answered this too!

    i have shown ALL workings even if it was a simple calculation like a sum or a percentage of something

    Hopefully that will count
  • Primble
    Primble Registered Posts: 734 Epic contributor 🐘
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    Wasn't it ias1? yeah i showed lots of workings.
    yeah i had btc. lets just say i'll be expecting to sit that a fourth time. just cant get my head round it. managed the corp tax bits but when it came to partnership stuff i lost the plot. recon its cause i dont deal with that at work. then again i dont do tax or insurance at all.
  • Primble
    Primble Registered Posts: 734 Epic contributor 🐘
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    if i carry on to cima (if i ever fin aat) i'm definatly doing a classroom course
  • Marga
    Marga Registered Posts: 981 Epic contributor 🐘
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    Ohhhhh have PTC and BTC in June 2011 probably dont know yet

    i am doing sims for level 3 Unit 32 professional ethics and unit 15 OCM at the end of Jan with Kaplan so if i pass DFS and MAC in Feb i will need only PTC and BTC and unit 10 to finish in the old standards but if i move to the new one maybe i need to do only one or the tax units only and by CBE and finish before June? i need to double check this

    I am not continuing into CIMA or ACCA at least not at the moment i have started also a French course and will be taking exams in April ....

    Now a nice glass of wine will just do me fine for the evening ....tomorrow back to work but only for two days and then the weekend is here!!!! yeehaa!
  • Primble
    Primble Registered Posts: 734 Epic contributor 🐘
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    Marga wrote: »
    Ohhhhh have PTC and BTC in June 2011 probably dont know yet

    i am doing sims for level 3 Unit 32 professional ethics and unit 15 OCM at the end of Jan with Kaplan so if i pass DFS and MAC in Feb i will need only PTC and BTC and unit 10 to finish in the old standards but if i move to the new one maybe i need to do only one or the tax units only and by CBE and finish before June? i need to double check this

    I am not continuing into CIMA or ACCA at least not at the moment i have started also a French course and will be taking exams in April ....

    Now a nice glass of wine will just do me fine for the evening ....tomorrow back to work but only for two days and then the weekend is here!!!! yeehaa!

    French, ohh very exotic. i cant roll my r's so i couldnt do that. i have audit and unit 10. i wonder if its possible not to do tax at all? will crack on with project son. am looking forward to that.

    i'm back to work tomorrow too. now im going to drink my last can of beer in celebration.
  • Marga
    Marga Registered Posts: 981 Epic contributor 🐘
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    Primble wrote: »
    French, ohh very exotic. i cant roll my r's so i couldnt do that. i have audit and unit 10. i wonder if its possible not to do tax at all? will crack on with project son. am looking forward to that.

    i'm back to work tomorrow too. now im going to drink my last can of beer in celebration.

    Cheers!!!!!
  • meibaker
    meibaker Registered Posts: 481 Dedicated contributor 🦉
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    didn't do very well in part 1, part 2 is ok, but got gearing wrong!
    check my book got journal entry wrong. ;-(
    think it should be Dr cash.....................6,000
    .......................Cr share capital..........................2,000
    .......................Cr share premium........................4,000
    i did wrong way around!
  • PAMDILL
    PAMDILL Registered Posts: 721 Epic contributor 🐘
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    I got all my sfps etc. to balance but I hate the writing bit on IAS's for the lift of me I could not remember the exact definition for IAS7s I knew it was to show statement of cashflow and the changes it effected on assets and liabilities but try writing it out to make sense - not a chance!!

    I had fortunately done the question about current assets and liabilities in one of the past papers but had not done a statement of change in equity with that lay out. Knew what the changes were but not sure if they were meant to be in a particular order or not.

    My labels in reconcilation of operating profit to next cash might not be right either and of course forgot a ruler. Did anyone else notice that if you looked right you could use the lines from the lined paper to line up your income statement and sfp - that was handy
  • jojoscottison
    jojoscottison Registered Posts: 21 New contributor 🐸
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    meibaker wrote: »
    didn't do very well in part 1, part 2 is ok, but got gearing wrong!
    check my book got journal entry wrong. ;-(
    think it should be Dr cash.....................6,000
    .......................Cr share capital..........................2,000
    .......................Cr share premium........................4,000
    i did wrong way around!

    I made the same mistake as you and I cannot get everything balanced when I was doing the statement of the financial state.I stayed until the last 5 mins and spotted the mistake,then correct it! Gosh, what a relief!
  • rachy1975
    rachy1975 Registered Posts: 366 Dedicated contributor 🦉
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    I wrote about IAS intangible assets that they were assest that werent solid like research and develment and they have to be an expence at first but then as long as they are able to be sold/bought or used by themselves or others then they become intangible...also under ias38 goodwill and brands are not included..
    i calculated gearing as long term debt + overdraft/equity x 100 it cam to 2oo and something as they have a lot of debt and loans and it was very high.

    other than that not a bad paper..didnt know ias 7 as i didnt revise that one at all...lol

    oh well we shall find out in febuary...also think someone pout the mon 9th feb...the pth is a weds i think???
  • Woooof
    Woooof Registered Posts: 174 Dedicated contributor 🦉
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    meibaker wrote: »
    didn't do very well in part 1, part 2 is ok, but got gearing wrong!
    check my book got journal entry wrong. ;-(
    think it should be Dr cash.....................6,000
    .......................Cr share capital..........................2,000
    .......................Cr share premium........................4,000
    i did wrong way around!

    I did
    Dr Cash at bank - 6,000
    Cr Share Capital - 2,000
    Cr Share Premium - 4,000

    Hopefully that is right :S

    And the seeing through the paper for the lines did help :)
  • Woooof
    Woooof Registered Posts: 174 Dedicated contributor 🦉
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    Online questionaires are now accessible

    I will be waiting until the exam is available online (Due before Weds 8th Dec) before I do my questionaire.
  • owenpitt
    owenpitt Registered Posts: 3 New contributor 🐸
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    Anica was right I'm sure because at the beginning he said he wanted a "safe" investment and it fitted as it was much less geared than the other.
  • Nikdoug
    Nikdoug Registered Posts: 69 Regular contributor ⭐
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    Woooof wrote: »
    I did
    Dr Cash at bank - 6,000
    Cr Share Capital - 2,000
    Cr Share Premium - 4,000

    Hopefully that is right :S

    And the seeing through the paper for the lines did help :)

    I did that to, it did say the shares had been fully paid.

    I thought exam was pretty good, the only problem I had was with IAS 7 but I managed to make a couple of points mentioned in my text book.
  • Hunt1507
    Hunt1507 Registered Posts: 2 New contributor 🐸
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    After sitting the DFS exam last week - I came out exactly as I do all my exams... A little worried. There were certain questions in the paper which I had not focused my revision on, which meant I was thrown off track when I opened the paper.

    Task 1.2 (b) Statement of Changes in Equity - I hadn't seem this in any of the past exam papers, which was why I didn't revise it in my own time. When I came out I did look through my study notes and found I had been on the right track, but instead of breaking all the lines up, I stuck them all as "Adjustments throughout the year"...? Not sure if this will warrant me any marks???

    Task 1.4 - Intangible Assets - I wrote that it was a non-monetry asset with no physical substance... I believe this was right, however does this warrant top marks, or was there more that I needed to write down?
    For the question about Development costs - I kicked myself when I came out cause in my study notes I had written next to the answers (MUST LEARN THIS) in capitals - but I didn't !!!

    Task 2.1 - I also got the answer of 70something %... I believe the gearing ratio is Long Term Debt/ Capital Employed *100??? Is this correct??

    Task 2.2 - Current - I cannot remember covering this on tuition, but I made the assumption that we should really no what a current asset is and a current liability. So I just made notes on the fact that current meant they were payable or receivable within the next 12months? What did the rest of you put for these?

    Overall I'm quite happy with the big tasks but its the little ones I really struggled on...??
  • itsmeagain
    itsmeagain Registered Posts: 3 New contributor 🐸
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    When will the answers be uploaded? Does anyone know please?
  • reddwarf
    reddwarf Registered Posts: 528 Epic contributor 🐘
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    Usually not until results released.
  • itsmeagain
    itsmeagain Registered Posts: 3 New contributor 🐸
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    Does anyone have a good answer for task 1.2

    I dont understand if shapre premium should be combined with share capital on the proforma.

    I wish they would stick the answers up!

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