DFS - My answers to 1.1, 1.4a &1.4b

System
System Posts: 100,534 šŸ¤– Admin šŸ¤–
edited June 18 in AAT student discussion
I managed to balance the BS's and the P&L. Here are my figures, i was wondering if anyone got anything similar!

1.1 118,369
1.4a 6839
1.4b 55496

I thought the written elements of the paper werent so bad and part two was ok bar the fact you had to remember lots of ratios!! That one was rather heavy going but i think i managed to get most of the points down.
How did you all find it?

Comments

  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    Yeah I had similar figures to yours

    I found the written questions ok but there was an awful lot of writing to do in the time allocated, left one of the smaller questions in section 1 as i didn't have enough time to complete it.

  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    i found part two much easier coz it dominated with profitability ratios which where easy to comment. i calculated my goodwill on 50yrs life time and i realised it now why it didn't balance.
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    I have to admit i thought it was a really nice paper! Better than my first attempt in June anyway!!
    Not 100% confident on the written answers thou!! Oh well cant be anything about it now!! Just the long wait now!!

    Well done everyone!
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b
    Markzone wrote:
    i found part two much easier coz it dominated with profitability ratios which where easy to comment. i calculated my goodwill on 50yrs life time and i realised it now why it didn't balance.

    I take it you got the written question wrong aswell then?

    It should be upto 20 years, after that for "indefinate" life you shouldn't amortise at all (FRS10/11).

  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    DFS - My answers to 1.1, 1.4a &1.4b
    zimara wrote:
    I managed to balance the BS's and the P&L. Here are my figures, i was wondering if anyone got anything similar!

    1.1 118,369
    1.4a 6839
    1.4b 55496

    I thought the written elements of the paper werent so bad and part two was ok bar the fact you had to remember lots of ratios!! That one was rather heavy going but i think i managed to get most of the points down.
    How did you all find it?

    I definately got that 1.1 same answer, and 6839, I think I got 55496 aswell :d
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b
    Markzone wrote:
    i found part two much easier coz it dominated with profitability ratios which where easy to comment. i calculated my goodwill on 50yrs life time and i realised it now why it didn't balance.

    I take it you got the written question wrong aswell then?

    It should be upto 20 years, after that for "indefinate" life you shouldn't amortise at all (FRS10/11).

  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    I did breathe a sigh of relief when I opened the paper and saw what was on it!

    My answer to 1.1 was the same (for capital and reserves anyway, I messed up Goodwill I think so my top half didn't balance), and I think that's what I got for 1.4 a and b, though my mind is shot after all that concentrating!

    I didn't amortise at all. Was that right? I thought you didn't amortise if it was deemed to be indefinate goodwill?

    I found section 2 pretty simple as I'd made a particular effort to make sure I knew my ratio's considering it's a whole section of the exam. There was so much writing for it though! My hand hurts :(
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    I didn't amortise the goodwill either. Didn't think the examiner wanted us to. I can't remember any of the figures I got - brain is completely shot to pieces. It took me ages to do the P & L and Balance Sheet for the published accounts - I haven't seen an ETB for some time and there were quite a few adjustments to be made.

    I was surprised at how quickly the time went - I used nearly the whole three hours. I was hoping to get it all done and dusted in about two hours considering I've been able to do most of the practice papers in well under two hours. Oh well - just glad it's all over.
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    Forum is playing up. It posted my reply twice.
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    I didn't amortise the goodwill either. Didn't think the examiner wanted us to. I can't remember any of the figures I got - brain is completely shot to pieces. It took me ages to do the P & L and Balance Sheet for the published accounts - I haven't seen an ETB for some time and there were quite a few adjustments to be made.

    I was surprised at how quickly the time went - I used nearly the whole three hours. I was hoping to get it all done and dusted in about two hours considering I've been able to do most of the practice papers in well under two hours. Oh well - just glad it's all over.
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    I had the same trouble in the P&L and Balance sheet - it also took me AGES to do the journal for the disposal of fixed assets. I haven't done that in a long time. Time did go really quickly - I think because there's so many sections to the exam, time just flies. I left with exactly 10 minutes to spare!
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    DFS - My answers to 1.1, 1.4a &1.4b
    zimara wrote:
    I managed to balance the BS's and the P&L. Here are my figures, i was wondering if anyone got anything similar!

    1.1 118,369
    1.4a 6839
    1.4b 55496

    I thought the written elements of the paper werent so bad and part two was ok bar the fact you had to remember lots of ratios!! That one was rather heavy going but i think i managed to get most of the points down.
    How did you all find it?

    Those are the figures I got baby! Looks a promising start for me! Thank God, cos I failed in June!
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    can anyone remember what their P&L account total was on their balalnce sheet. I certainly recall havig a balance sheet total of ƂĀ£55,496, but i'm not sure if my mix was right.
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    can anyone remember what their P&L account total was on their balalnce sheet. I certainly recall havig a balance sheet total of ƂĀ£55,496, but i'm not sure if my mix was right.
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    Looking good for me too! Roll on February now! :-D

    Regards

    Dean
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    Yippee! I got those figures too.

    I wrote that as the goodwill was indefinite you don't amortise it. A note goes in the accounts explaining why it has a indefinite useful economic life and that it should be measured each year to ensure it doesn't become impared (as they commented that the goodwill was measureable).

    Great paper, I was so pleased when I saw there were no surprises. Although the disposal on the journal took me a while. :-)
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b
    ramsay5 wrote:
    can anyone remember what their P&L account total was on their balalnce sheet. I certainly recall havig a balance sheet total of ƂĀ£55,496, but i'm not sure if my mix was right.

    My totals were as follows:

    Share Capital = 10,000
    Share Prem - = 4,000
    P&L Reserve = 38,996
    Reval Res. = 2,500
    Total = 55,496

    Hopefully they're the right ones.
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    What were we supposed to do with the ƂĀ£450000 profit on the disposal of a fixed asset? I haven't looked at disposals since intermediate. :-)
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b
    JaneK wrote:
    What were we supposed to do with the ƂĀ£450000 profit on the disposal of a fixed asset? I haven't looked at disposals since intermediate. :-)

    You should put it in the P+L but they didn't leave a space for it so I couldn't remember exactly where it should go. I put it in before tax+interest I think.
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    i cant remember exactly my answers although the answers posted to the first three tasks seem familiar.... as for the profit from the sale of the fixed asset, i put the cash in the bank (because you would in real life) and dealt with the disposal in the normal way. Everything else is a blur!! I think i messed up on a b alance sheet though coz it didnt balance, i was a stupid figure out and to be honest altough it didnt balance i wasnt too concerned about it. Its the method and underpinning knowledge you are tested on, so the odd mistake, one presumes, is allowable.
    As for the written questions, I think the way the questions are worded are deliberately set out to confuse you and throw you off guard. Section 2 in all fairness was nowhere near as difficult as i was expecting.
    Fingers crossed it will all be alright!!
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    It did take forever didn't it!! Much longer than when doing the past papers as practice!! I have really bad wrist ache too! Was writing right till the end.

    I didn't amortise goodwill either, as indefinate.

    And I THINK I got the same figures as mentioned above, but I have such a bad memory i've forgotten already!!!

    Miny
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    Oh yeah, and on the point of where to put the ƂĀ£450,000 for disposal, there was a heading for 'Other income from operating activities' on the P&L sheet, so I put it there. Did anyone else?????

    miny
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b
    innyminy wrote:
    Oh yeah, and on the point of where to put the ƂĀ£450,000 for disposal, there was a heading for 'Other income from operating activities' on the P&L sheet, so I put it there. Did anyone else?????

    miny
    I put it in there too. But dont think thats entirely right though as it should appear seperately on the face of the p&l after operating profit, and before interest.

    Guess they leftit out to confuse us??
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    well that was the balance sheet i got that didnt balance although the P&L did.. somehow.... so hopefully not too many marks lost...

    i didnt ammortise goodwill either but rambled on in my answer about FRS11 Impairment reviews(wow im sad!) and FRS10 intangible assets and goodwill (even sadder for remembering two!). I was hoping that i could grab marks elsewhere because I knew i messed up on that balance sheet. Everything else kinda went ok though although I was itching for minority interest calculations...(only joking people!)
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b
    michelleAAT wrote:
    well that was the balance sheet i got that didnt balance although the P&L did.. somehow.... so hopefully not too many marks lost...

    i didnt ammortise goodwill either but rambled on in my answer about FRS11 Impairment reviews(wow im sad!) and FRS10 intangible assets and goodwill (even sadder for remembering two!). I was hoping that i could grab marks elsewhere because I knew i messed up on that balance sheet. Everything else kinda went ok though although I was itching for minority interest calculations...(only joking people!)

    :) I made references to the impairment review as well, and the FRS, although I didnt mention the number (ie FRS 10), as I couldnt remember which one it was!
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    I think the only thing I got right about Goodwill was putting FRS10! Everything else was a mess. :o(
  • System
    System Posts: 100,534 šŸ¤– Admin šŸ¤–
    Re:DFS - My answers to 1.1, 1.4a &1.4b

    I had a real struggle with the first question and I still don't know why but my balance sheet wouldn't balance!!

    From what has been posted on here I know I had the top half right but my figures for reserves, minority interest and revaluation reserve were completely different.

    In the exam I had a right panic because I followed my methods yet it wouldn't balance!!

    Then I got to the second lot of accounts and they wouldn't balance either!! Started feeling really sick but calmed down and managed to get them to balance but I never did work out why the consolidated balance sheet was wrong.

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