DFS

24

Comments

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Hey harper no it didn't take me the full time, I hate sitting in exams, I was out about by 11 so just under 1 and half hours for that one and PEV I left about 11.15 so about an hour and three quarters for that one. I gotta go study for PCR now. Good luck to everyone!!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Well I'm past the point of caring now christmas is coming and all my pressie's are on the way maybe not good exam results but i'm sure i'll get somthing nice. Ha Ha. Lets Just hope fridays PTC isn't as hard. Good luck. x.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Hmm, dreaded today and hated today!
    My balance sheet didn't balance, I got 43k in the net assets, but 55k in the equity!?
    My cash flow didn't balance, so I fudged the purchase of NC assets to make it balance. I'm pretty poor with cash flows and it's worst when they give the depreciation charge for the year, I think!
    I think I got the consolidation correct, this has been my strength in revision and I even consolidated the balance sheet in the question paper to make sure it balanced! I didn't do anything with the imapairment loss in the question, just said the 20% needed to be deducted from the retained earnings in the wordy question.
    I don't have a problem with ratios, but had to find the capital employed figure (total assets less current liabilities). I'm surprised so little people here know the asset turnover ratio.
    The last question was pants, I know I put presented fairly (drummed into us) and mentioned IAS1. Probably completely wrong!
    Roll on PCR!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    what an absolute disaster!! I didn't get anything right. I'm starting to wonder if I studied this subject at all cos nothing made sense to me! Nothing I covered in my revision was in the exam. ETB and Journals?????? Argghhhh. See some of you guys in June then! :(
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I filled in the form and said question 2.2 was badly worded, because a lot of people have said they weren't sure what was required as well as me.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Hi everyone,

    Sounds like I got a bit confused by the last question too. For the first bit I put profit/loss, equity and cash flow - increase/decrease. Defined assets, liabilities and equity for the second part.

    The confidentiality baffled me too! Just waffled, not sure it was right tho.

    I don't remember learning the asset turnover ratio with working capital. The equation I used is capital employed/net assets, sounds like i should have used revenue/capital employed.

    Nevermind its done now - everything else went ok tho it all balanced (eventually).

    Just a relief its all over!!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I found it very time-pressured, the worse one I've done so far, was rushing at the end, and no-one left particularly early
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Hi, what a paper, t leaast its over and we can look forward to xmas now.

    Section 2.1 we all were confused about net asset turnover using capital employed. What were thay looking for or was i missing something.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    .
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    can anyone remember what they got for goodwill?
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    i have forgotten everything! Oh my god I think that exam drained me. it was pure hell and I was starving to death. too long without food.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    goodwill, something like ร‚ยฃ7000 odd,
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    yeah can't remember exactly what i got for goodwill but i think it was something like that!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Hope aat will look at the wording on some of section 2 and make some allowances.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I got 6064 after deducting the 20% impairment for goodwill.










  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    me too! Impairment loss of something like 1063 from memory.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS
    5-times wrote:
    I got 6064 after deducting the 20% impairment for goodwill.

    sounds about the same figure i got as well..
    Would be so nice to get the DFS & BTC answers from somewhere..my curiosity level regarding answers is growing!!
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Bah! I didn't take off the impairment as the question asked for the value of goodwill at aquisition?? :?

    Couldn't get balance sheet to balance ....

    And I thought the elements question was asking for definitions of Income statement, balance sheet etc ....

    Am very depressed now... PCR this morning and then PUB! :lol:

  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Hi

    Glad other people feel the same - some of the questions were worded badly. I calculated good will and the impairment and didn't knock it off oh well. Section 2 seemed to repeat itself a bit very strange wording 'effectiveness'. Felt I had done enought but really not sure now in the light of day oh well we shall see. I think we can give online feedback this time so I will be doing that. Spent so flippin long learning consolidated balance sheets and income statements and nothing - except the goodwill.

    Also felt short of time - was writing like mad and didn't have much time to check.

    Least its over now horray!

    Tori xxx
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I found DFS poorly worded for Section 2 and couldnt get my cash flow statement to balance however I tried and I have never had any problems with this.

    Can anyone remember the figures and what they put in the cash flow statement & did yours balance? :oops:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    my cashflow balanced and the figure was: 523 decrease

    anyone else remember that figure ??
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    yes that sounds familiar!! :lol:
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I remember now that question about goodwill and the impairment. They didn't make it clear whether you should have used the impaired or the unimpaired figure. I used the former (since I figured they must have told us the 20% impairment for some reason) but I know several who used the latter because of the confusing way it was worded.

    Yet more duff wording on a paper that seems to have had more than its fair share compared to earlier ones.

    Robert
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    It said goodwill on acq so don't think we were meant to tske off the impairment loss.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I think it said on acq it was noted the goodwill had impaired by 20% that is why i went for the reduced amount. if you calculated it correct in your working we should all be ok with that one.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I could get to the 523 decrease as this was the bank balance difference from opening to closing - its the transactions and amounts that went in there.

    I had profit of around 4500 & then bought ppe (13,600), sold ppe for around 550 and then I had in financing activities: the income from shares at 4500 and 3000 from loan! all the amounts are estimates but I couldnt get it anywhere near the (523)
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I got net cash to be something like 7148 ish (from memory) and my cash flow statement balanced.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    I had the same trouble with my cash flow statement. I neever usually have any problems when doing this but i tried to do 3 times in the exam and still couldnt get it to balance. got a feeling the working for the NBV of PPE was wrong, even though i checked it about 5 times.
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    Can you remember how you got to 7148?

    I did Profit x
    + Depreciation x

    Inventories were up (x)
    Trade Rec were up (x)
    Trade pay were down (x)

    Less tax (x)
    Less Interest (x)

    =
  • System
    System Posts: 100,534 ๐Ÿค– Admin ๐Ÿค–
    Re:DFS

    For the cash book I did

    Profit from operations

    Add depreciation
    Add loss on disposal

    Less inventories
    Less receivables
    Add payables

    Add interest
    Add tax

    = net cash from operating activities

    Then on proforma

    net cash from operating activities
    less purchases of p,p,e
    add disposal of ppe

    add shares (think about 4500)
    add load (think about 2000)
    less dividends paid

    Mine balanced but messed up on the impairment questions and didnรขโ‚ฌโ„ขt calculate impairment on my goodwill figure. Didnรขโ‚ฌโ„ขt even notice you had to!

    Also messed up on confidentiality question, think it was that straight forward I looked too far into it.

    Everything balanced and I thought section 2 was ok. Just messed up on all the writing questions in section one. :-(

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