DFS questions

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion

Hi guys,

Those who did the DFS exam, i have some questions.

1- How did you treat the proifit on disposal of the fixed asset? I wrote it in the "Other Operating Income" since there was no place specified.

2- Did you get the following juornals?

Dr Cash at bank 3000
Cr Ordinary share capital 2000
Cr Share Premium 1000

Dr Cash at bank 1500
Dr Fixed Assets - Accumulated Depreciation 1250
Cr Fixed Assets - Cost 2300
Cr Disposals 450


3- Do you agree with me that the layout of the Balance Sheet was missing the "Intangible Assets" and "Investments" in the Fixed Assets section? The latter was important to post the 4000 of fixed assets investments in it, but only "Tangible Assets" field was available, so I wrote the total of tangibles and investments, and wrote the details in the working paper!!

your feedback is appreciated

Regards

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS questions

    hey,your journal entry is excellent, but what about rest of the journals.
    i hope you did the best way, what you feel.

    you are didposal fixed asset may be wrong, there are profit on disposal.
    I think you can not see, its ok.

    you are consolidated balnce sheet wrong.
    Goodwill must be intangible assets, it is capitalised. They are telling Goodwill are not amotize, beacuse it have indefinite useful life and imparement need every year.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS questions
    ayya wrote:
    hey,your journal entry is excellent, but what about rest of the journals.
    i hope you did the best way, what you feel.

    you are didposal fixed asset may be wrong, there are profit on disposal.
    I think you can not see, its ok.

    you are consolidated balnce sheet wrong.
    Goodwill must be intangible assets, it is capitalised. They are telling Goodwill are not amotize, beacuse it have indefinite useful life and imparement need every year.

    Hey, thanks for your response

    Here are my other journals:

    Dr Stock (Balance Sheet) 8731
    Cr Stock (P&L Account) 8731

    Dr Taxation 3948
    Cr Taxation Payable 3948

    Dr Interest 600
    Cr Accruals 600

    I just didn't write them here because they are basic entries, and I am sure everyone did it the same way.

    In the Profit & loss account proforma, there wasn't any field called "Profit on disposal of Fixed Assets" I am sure about that since I spent a lot of time looking for it. There was, instead, a field for profit on disposal of acquisition or something like that, and it is not right to write the amount I got in that place.

    The last point I was talking about wasn't on the consolidated balance sheet. This was on Task 1.4 (b) where there was space only for tangible fixed assets.

    Thanks and regards.

    NoteL: I will show all my answers for Tasks 1.1, 1.3, 1.4 (a) and 1.4 (b) in a separate Topic

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS questions

    Hiya,
    I also put the 450 as Income fromOther operating activities... (or whatever it was called)

    And yes, the balance sheet didn't have a heading for fixed asset investments..... i couldn't decide what to do with it, (ie whether to add it in with the other fixed assets) so i just wrote another line in the fixed asset section for it.

    And now I'm gonna forget that exam even happened!!! Can't change anything now!!! On with the next modules!
    Miny
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS questions

    nidhal,
    you know very well journal entry, but I was really confused about disposal of fixed asset. I think correct place to put the " profit on disposal of aquisition"

    Don't worry about consolidated balance shhet, I think you will correct .

    Thanks for
    AYYA

    I Wanna you are e-mail adress, please.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS questions


    sure

    it's

    piece98@yahoo.com

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