F7 PRE MOCK - June 2024 || Section A and B Solution || ENGLISH || FCCA Prasanth Sankar

Section A and B - • F7 PRE MOCK - June 202...
Section C - • F7 PRE MOCK - June 202...
F7 Financial Reporting (English)
Pre Mock for June 2024 attempt
Secion A and B Solved
ACCA pre mock solving
Pre Mock
June 2024 attempt
‪@wegyde4743‬ ‪@CAAnshulMittal‬

[@dark_mode]

Thank you 👍😊
Please do FM if you can 🙏

[@LifeFactors03]

The way you explained the whole mock with working was exceptional and very helpful and especially just one day before exams
Thank you so much ❤

[@AllAreHere.26]

Thank you for this sir❤❤

[@zohaibahmedsiddiquii]

Sir in Q24 3000 should be add with 12000 not 5000 because 3000 is what we paid initially

[@rockingthecool]

Hi yes correct even though I explained it there was a type it should $3,000 not 5,000 thanks for noting it down

[@AllAreHere.26]

Consolidation solution sir plzz sec c

[@sahilkhan-pu8ws]

in Section B , of contract question, for contract 2 and 3, i think the solution is wrong because those are loss making contracts hence we have to take account of loss made prior to its completion ie immediately

[@rockingthecool]

Hi Sahil, Question 17 relates to Contract 2 - The requirement is to calculate Revenue should be recognized in the statement of profit and loss. So even if Loss making Contract, Revenue will be recognised depending on the Performance Obligation Satisfied. Further Q18 is also relating to Contract 3, which is loss making contract, in that Contract Asset is calculated based on the Revenue, but since the contract is loss making aprovision is made of $250,000. Explanation - Total estimated costs are $12,000, of which $6,000 are incurred till date. Hence, the completion is 50%. The revenue to be recognised will be 50% of $11,500 i, e, $5,750. The amount invoiced is $5,500; thus, there will be a contract asset of $250,000. Further, the contract reflects a loss i.e. price 11,500 less cost 12,000 = loss 500. Hence the full loss should be provided for in the current year. Currently revenue is $5,750 & costs are $6,000 reflecting a loss of $250. Hence, additional provision of $250 is required to be made.

[@sahilkhan-pu8ws]

@@rockingthecool thank you so much❣️