DFS Today

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  • Cortez
    Cortez Registered Posts: 76 Regular contributor ⭐
    mehmet wrote: »
    Possible explanation: did you consolidate the share capital and share premium accounts?

    I added them together, yeah.

    Share capital 55,000 (I think? 45 + 10?)
    Share premium I had 17,000 (12 + 5)

    Retained reserves I had:

    figure per b/s of the holding company
    + 60% of pre-acquisition profits of the subsidiary (difference between figure on b/s for subsidiary and the amount given in the question at 1/4/07)
    - impairment amount on goodwill

    And my minority interest figure was 40% of the retained earnings figure on the b/s given for the subsidiary.
  • confused!!
    confused!! Registered Posts: 130 Dedicated contributor 🦉
    Hi Cortez

    I think you should only put the Parents share capital and Share premium on the balance sheet, that could be where you went wrong??
  • sebastianforbes
    sebastianforbes Registered Posts: 172 Dedicated contributor 🦉
    cortez,

    it seems you forgot to add the 40% share of the revaluation reserve ?!?
  • confused!!
    confused!! Registered Posts: 130 Dedicated contributor 🦉
    The development question was just after the one about intangble assets??

    I only rememebered that as i looked at it this morning, i wouldnt normally remember somethign like that!!
  • Cortez
    Cortez Registered Posts: 76 Regular contributor ⭐
    confused!! wrote: »
    Hi Cortez

    I think you should only put the Parents share capital and Share premium on the balance sheet, that could be where you went wrong??

    Maybe. The subsidiary amounts for premium and capital were 15,000 together. So maybe it should have been 60% of that (9,000) and I was 1,000 out somewhere else ...
  • Cortez
    Cortez Registered Posts: 76 Regular contributor ⭐
    cortez,

    it seems you forgot to add the 40% share of the revaluation reserve ?!?

    aha! That would be where my other 1,000 was out then. Revaluation reserve was 2,500 and 40% would be 1,000!

    Hopefully I'll be ok with that if I got everything else in that question right.
  • confused!!
    confused!! Registered Posts: 130 Dedicated contributor 🦉
    Did anyone get about £11,552 for their PPE additions in cashflows??
  • mehmet
    mehmet Registered Posts: 113 Dedicated contributor 🦉
    Cortez wrote: »
    I added them together, yeah.

    Share capital 55,000 (I think? 45 + 10?)
    Share premium I had 17,000 (12 + 5)

    Retained reserves I had:

    figure per b/s of the holding company
    + 60% of pre-acquisition profits of the subsidiary (difference between figure on b/s for subsidiary and the amount given in the question at 1/4/07)
    - impairment amount on goodwill

    And my minority interest figure was 40% of the retained earnings figure on the b/s given for the subsidiary.

    You shouldn't have consolidated the share capital and share premium. It should be only the parent's a/c's.

    Consolidated reserves is fine

    Minority Interests should be 40% of fair value of subsidiary's net assets at reporting date(Share Capital + Share Premium + Ret. Earnings + Reval. Surplus on PPE).
  • Cortez
    Cortez Registered Posts: 76 Regular contributor ⭐
    confused!! wrote: »
    Did anyone get about £11,552 for their PPE additions in cashflows??

    Pretty sure I had that and mine balanced :001_smile:
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
    On which section Confused, A,B or C I think I remember answering a intangible but I had a question in my FRA resit so honestly can't remeber oh poo!!!
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
    Yes I got exactly that hehehe One down 50 million to go!!
  • Cortez
    Cortez Registered Posts: 76 Regular contributor ⭐
    mehmet wrote: »
    You shouldn't have consolidated the share capital and share premium. It should be only the parent's a/c's.

    Consolidated reserves is fine

    Minority Interests should be 40% of fair value of subsidiary's net assets at reporting date(Share Capital + Share Premium + Ret. Earnings + Reval. Surplus on PPE).

    Ah that makes sense. My minority interest figure was well wrong then!
  • tracy.b
    tracy.b Registered Posts: 3 New contributor 🐸
    confused!! wrote: »
    Did anyone get about £11,552 for their PPE additions in cashflows??

    I got exactly the same figure :)
  • confused!!
    confused!! Registered Posts: 130 Dedicated contributor 🦉
    hmm was it section 1, 1.3 b?? im not too sure, just remember it was straight after the "what is an intangible asset" part..... when it said what criteria has to be met to justify development being an intangible??
  • immense
    immense Registered Posts: 97 Regular contributor ⭐
    I did this too as it asked for elements. Iwasn't sure at first if it wanted this or documents, but then when part 3 wanted you to describe the 'elements' of the accounting equation - i guessed that's what they wanted!!
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
    Oh god i'm unsure if i answered it now cos it had the same question in FRA??
  • confused!!
    confused!! Registered Posts: 130 Dedicated contributor 🦉
    I cant believe it like 9 weeks until results, its like torture....although I know il forget about it all in a day or 2!!

    I cant quite rememeber if i got my cash flow right, but know i got the increases and decreases ok and the additions....just notquite sure if it balanced, apart from that i think the only other things that i got wrong is my consolidated being about £40 out - although not too concerened about that
    And the fact i seemed to have messed up section 2 by saying i would invest

    Im just going to try and put it out of my mind now as I have still have PCR tomorrow and should be concentrating on that rather than worrying about something that I can not change!! :thumbdown:
  • Foxy Brown
    Foxy Brown Registered Posts: 5 New contributor 🐸
    Cortez wrote: »
    Good stuff :thumbup1:

    Seems I've done alright on this paper, at least the calculation bits. Also seems like my figure of 94,058 is what most people got for the consolidated b/s but no idea why I had 102,058 for the bottom half!

    Hi Cortez
    i got into the same problem as you - what i did wrong was put retained profit in "at date of acquisition" column instead of "since date of acquisition" column so got answer of about 102,000 as total equity - i was out about 9210 from balance of 94058
  • eks26
    eks26 Registered Posts: 3 New contributor 🐸
    I felt today's exam went ok....had a problem balancing the consolidated balance sheet but then figured i'd done somthing stupid (blonde moment)!! :laugh:

    The only thing i didn't like was the question on IAS 38...but i didn't revise that and as soon as i got home, i saw i had got the general jist so hopefully that'll be ok!!

    Not looking forward to PTC on Friday though :001_unsure:

    Em
  • >Michaela<
    >Michaela< Registered Posts: 37 Regular contributor ⭐
    I thought the IAS question was ok as its something you can generally talk about. I cant believe you people are sitting PCR,PEV & DFS this week, I did PTC & PCR in December thankfully, dont think I could cope with any more exams!
  • ally29
    ally29 Registered Posts: 26 Regular contributor ⭐
    confused!! wrote: »
    Did anyone get about £11,552 for their PPE additions in cashflows??

    That sounds very familiar!

    Ally:001_smile:
  • 2cool
    2cool Registered Posts: 53 Regular contributor ⭐
    confused!! wrote: »
    I thought it was a decrease in receivables and payables??

    For the development intangibles part i said -

    Probale use or sale
    Intention to use or sell
    Resources adequate for use or sell
    Ability to use or sell
    Technial feasibility for use or sell
    Expenses measured reliably

    Or something like that - I remembered the PIRATE thing!!!

    I did 5 of them and i couldn't remember for the life of me what the other one was :lol: Wish i was told about the pirate thing but i dont think i should worry too much about that small snag...
  • BurnItDown
    BurnItDown Registered Posts: 1 New contributor 🐸
    Ratios

    Hi people,

    What sort of figures did people get for their ratios?
    I couldn't remember some of the ratios so decided to guess....wondering if I guessed correctly :001_tongue:?
  • confused!!
    confused!! Registered Posts: 130 Dedicated contributor 🦉
    Hi I vaguely rememeber something like 45% and 42% for the Gross Profit?
  • sebastianforbes
    sebastianforbes Registered Posts: 172 Dedicated contributor 🦉
    i'm really searching my memory but i think these are the general ratios ?!?


    2008 2007

    gpm 45 46
    npm 5 7.5
    roe 5 (?) 10
    ic 2.5 7.5

    feel free to adjust :001_tt2:
  • hunter
    hunter Registered Posts: 54 Regular contributor ⭐
    i'm really searching my memory but i think these are the general ratios ?!?


    2008 2007

    gpm 45 46
    npm 5 7.5
    roe 5 (?) 10
    ic 2.5 7.5

    feel free to adjust :001_tt2:
    that looks about right to me :)
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
    hunter wrote: »
    that looks about right to me :)

    those are what I got too
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
    On the consolidated balance sheet did anyone take out the consideration amount?? I replaced it with intangible goodwill less the impairment loss??
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
    NBB wrote: »
    On the consolidated balance sheet did antone take out the consideration amount?? I replaced it with intangible goodwill less the impairment loss??

    yes thats right
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
    Oh good, just can't seem how I got 80838 or something??? never mind!!!
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