ACCA Students.

[given]

Hey Paul, is the P1 class that you are doing on the 6th Dec a revision one or a new class for the June 2011 exam ? Im left with F8 and the Ps papers IF i am able to clear this Dec exams. Would you recommend F8,P1,P2 or F8,P1,P3 combination ?

Im actually retaking F6 and F7 for this Dec , any last minute 'tips' for them ? what I been doing for revision is going through the past exam papers from Dec08 to Jun10 , am I doing enough ?

Thanks.

 

[raoul7370]

Hey Paul, is the P1 class that you are doing on the 6th Dec a revision one or a new class for the June 2011 exam ? Im left with F8 and the Ps papers IF i am able to clear this Dec exams. Would you recommend F8,P1,P2 or F8,P1,P3 combination ?

Im actually retaking F6 and F7 for this Dec , any last minute 'tips' for them ? what I been doing for revision is going through the past exam papers from Dec08 to Jun10 , am I doing enough ?

Thanks.

Hi there

The class on Dec 6th is not guaranteed yet - although there seems to be some interest. It is NOT class number 1 for June 2011 - I am not working for an accredited Singapore college so I cannot go around starting courses or I will get myself into all sorts of trouble!!!!

If I run an evening on Dec 6th it is aimed at students sitting P1 7 days later, a final revision seminar type of idea. It will probably me more of a tutorial rather than a lecture - with the exam 7 days later it is a bit late for lecturing

Personally I think either of your combos sounds ok, although with F8 and P1 both fully written papers and not very technical, I would add P2 for a bit of variety rather than another written paper in P3.

And at this stage, lots of past exam questions and careful review of both the answers, and the examiners comments on the question, are the best tactic.

I will get back to you about confirming Dec 6th, as I think it would be a useful insight into how you will study P1 - and my exam technique may well assist on F7 as well - having sat F6 on Monday morning, you will probably be grateful of my form of "light relief!!"

Cheers

Paul

 

[raoul7370]

Another free P1 revision "tutorial"

All

At least 3-4 people on here have shown some interest in attending a small group P1 tutorial (yes, free again!!) on the evening of Monday 6th December.

So here is my plan:

TONIGHT - is still on. Free revision tutorial for P1, from 6.30 - 9.30.

MON 6th - Another free tutorial, 6.30 - 9.30, and will focus on different topics (so if anyone wants to do both, they can)

NEXT WEEK - I will happily make myself available for a one-to-one with any student on F8 or P1 or P7, at pretty much any time.

Just PM me or email me at pmerison@lsbf.org.uk to tell me what you want to do.

Hope I can be of help to as many of you as I can

Paul

 

[lhqiu12]

INT papers such as F7, P2 etc are based on IFRS. Singapore has not yet fully adopted IFRS, so the SGP variant will have answers based on Singapore FRS rules rather than IFRS.

In reality, Singapore tends to adopt each changed/new IFRS pretty much as it is, so there are not many differences to worry about. This is just as well, because Kaplan and BPP textbooks and revision kits do not seem to exist for SGP F7 - unless this has changed recently. As such, you will probably be given INT books, with your tutor dealing with any SGP differences in the classroom.

The above is based on what I have discovered so far, and it would be helpful if Kaplan and SAA students could add to these comments and correct them if I am wrong!

Thank you very much.

 

[nuky8181]

Hi,

I have a question on F7. Anyone can explain?

Q from BPP Rev Kit Q6
A sale proceed from building is included in Sale under SOCI. This is not allowed so I adjusted the Sale amount in SOCI.

Next, I included this in Gain from Disposal in SOCI.

The ans also adjusted for COS for the gain from the sale of the building.
The ans never include gain from disposal.
My question
-Why COS need to adjust? Even if adjust, it should be adjusting for the carrying amount of the building. But why only the gain?
-Is gain from disposal not required?

Regards.

 

[raoul7370]

Hi,

I have a question on F7. Anyone can explain?

Q from BPP Rev Kit Q6
A sale proceed from building is included in Sale under SOCI. This is not allowed so I adjusted the Sale amount in SOCI.

Next, I included this in Gain from Disposal in SOCI.

The ans also adjusted for COS for the gain from the sale of the building.
The ans never include gain from disposal.
My question
-Why COS need to adjust? Even if adjust, it should be adjusting for the carrying amount of the building. But why only the gain?
-Is gain from disposal not required?


Regards.

Hi

Without seeing the full question it is hard to say - and there may be an error (BPP have been known for this...) - BUT here is a possible explanation:

If they have recorded proceeds in sales revenue, have they removed the carrying value of the asset from the books by expensing it in cost of sales? If so, carrying value needs to be deducted from cost of sales to put this right.

Other than that, cannot think of any other answer unless I see the entire question (is it a past exam question?)

Paul

 

[raoul7370]

Hi

Without seeing the full question it is hard to say - and there may be an error (BPP have been known for this...) - BUT here is a possible explanation:

If they have recorded proceeds in sales revenue, have they removed the carrying value of the asset from the books by expensing it in cost of sales? If so, carrying value needs to be deducted from cost of sales to put this right.

Other than that, cannot think of any other answer unless I see the entire question (is it a past exam question?)

Paul

Hmm, just realised I misread your post, and you have already said that my suggestion is not the answer...

 

[nuky8181]

Other than that, cannot think of any other answer unless I see the entire question (is it a past exam question?)

Paul

Hi,

Yup. It is a pass year question. Is under Paper 2.5 June 2005.

The following is the information for the adjustment

Included in sales revenue is $300,000 being the sale proceeds of an item of plant that was sold in January
2005. The plant had originally cost $900,000 and had been depreciated by $630,000 at the date of its sale.
Other than recording the proceeds in sales and cash, no other accounting entries for the disposal of the plant
have been made. All plant is depreciated at 25% per annum on the reducing balance basis.

Link to the question
http://www.accaglobal.com/pubs/stud...papers_professional/sgp/2-5sgp_2005_jun_q.pdf
Link to the answer
http://www.accaglobal.com/pubs/stud...papers_professional/sgp/2-5sgp_2005_jun_a.pdf

 

[NewRules]

i have a question. how long did it take for you guys to receive the membership package from acca? and if i haven receive it, can i register for the classes in kaplan or saa first? kinda worried that the class will be full.

does anyone know? and does the package comes in the mail box or registered mail?
thanks!!

 

[sukkieman]

urgent help needed regarding F4 SGP BIZ LAW:
ue to some descraptencies between my lecture notes and text book of kaplan, i realised that certain things might cost me dearly in exam if i didnt study the text (which many claimed to be not important). please tell me whether textbook or notes is true

1: divisible contract and substantial perforamance:
lecturer notes:
divisible contract case is bolton vs mahadeva, substantial performance leading case is saphiatoon vs Lim siew huat
text book: substantial performance leading case is bolton vs mahadeva, no case for divisible contract

2:upon liquidation, what is the ranking of reliased asset?
notes:
1.1 fixed charge
1.2 floating charge
2 prefered debts
3 unsecured creditors
4.1 preference share holder
4.2 ordinary share holder

text book
1 fixed charge
2 prefered debts
3 floating charde
4 unsecured creditors
5.1 preference share holder
5.2 ordinary share holder

-------------------------
the 2nd one is very important, firstone quote case at most 2 marks, 2nd one can worth 10 marks....

 

[raoul7370]

Hi,

Yup. It is a pass year question. Is under Paper 2.5 June 2005.

The following is the information for the adjustment

Included in sales revenue is $300,000 being the sale proceeds of an item of plant that was sold in January
2005. The plant had originally cost $900,000 and had been depreciated by $630,000 at the date of its sale.
Other than recording the proceeds in sales and cash, no other accounting entries for the disposal of the plant
have been made. All plant is depreciated at 25% per annum on the reducing balance basis.

Link to the question
http://www.accaglobal.com/pubs/stud...papers_professional/sgp/2-5sgp_2005_jun_q.pdf
Link to the answer
http://www.accaglobal.com/pubs/stud...papers_professional/sgp/2-5sgp_2005_jun_a.pdf

OK, the key here is that a gain of 30 has been made on the sale of the asset. At present, the comapny has only recorded the proceeds of 300 (and has put that in the wrong place in the Inc Statement).

Step 1 - remove the 300 proceeds from sales

Now we are back to the start and nothing has been recorded, so:

Step 2 - record 30 of gain (a credit). The answer has done this by reducing Cost of Sales (a debit) by 30.

So the profit is now correct overall.

I would have thought that gains or losses on disposal of assets should be non-operating and should appear further down the Income Statement, but this would not change the profit overall. The exam question is 5 years old and it may be that 5 years ago this answer was correct (I know the presentation fo gains and losses changed at some point, but cannot remember the date). The ACCA do NOT update their solutions - the answers on their website are the original 2005 answers but BPP should be updating and I think the 30 gain should not really be in Cost of Sales but be Other Non-Operating Income.

Hope this helps!

Paul

 

[nuky8181]

Hi Paul.

I got wat u mean. i think for this q the nca for sale is from continuing activity thus should be in the soci and not the part under discontinued activity.

Hi NewRules,

They will send to u by normal mail if i remember correctly. U dun need to wait till u receive the membership card.
As for registering, yup u can do it evev before u get the stuff.

 

[sukkieman]

urgent help needed, my exam kit of kaplan F3 is lacked of few pages, anyone can tell me the answers for pg 218-219?

 

[maisatomai]

Help. I am taking F6 on Monday. I go there take the docket can already right? Can I bring in my old secondary school Casio calculator?

 

[RongRong666]

Looking for:
lastest Kaplan F1,F2,F3,F4 kit in good condition

Prefer to deal in Bukit Panjang or Boon lay.

PM me how much you're sellin

 

[raoul7370]

Free P1 revision

After some intensive tutorial-style revision of P1 on Wednesday and P7 on Friday, a reminder that I am doing one more P1 revision session this evening from 6.30. Last chance for some free help!

I ended up revising almost the entire syllabus on Wednesday last week, and will be aiming to cover similar tonight - but with different past questions and real life examples.

As always, PM me or email at pmerison@lsbf.org.uk if you want to come along - I will even supply you with a tea or coffee

 

[ebullent]

anybody did F6 today???

Q1 is it resident or non resident company tax computation?

 

[chatnoir89]

Hello

I am buying all the relevant materials from Yvonne Goh's P6 (July - Dec 2010) class including her lecture notes, hand written notes, etc. And her recorded lectures.
They must be complete. I will pay reasonably. sms me at 90672586

 

[weiwen2000]

anybody did F6 today???

Q1 is it resident or non resident company tax computation?

Resident company tax computation...I just hope that my qn 1 to 3 will lead me to a passing mark..My Qn 4 an utter failure cfm 0

 

[ebullent]

Resident company tax computation...I just hope that my qn 1 to 3 will lead me to a passing mark..My Qn 4 an utter failure cfm 0

My friend told me shareholders meeting was not held in singapore therefore non resident.

Qn 2 really squeeze your blood.