Friday, June 08, 2007

Accounting & Me..

Bleh, today's paper went on well...
Way too well... Q1 within time limit & balances, Q2 within reach...
Until I realise something weird.
Q2's bal. sheet don't balance!!!

So the engineer in me told me to investigate and I discovered why.
And in the mids of correcting the double entry,guess what?
I made the wrong adjustment.
I realised I DR both fin. cost & option, when only 1 is required.

So when adjusting, instead of doing this:
DR finance cost
CR 8% loan note (cos unwinding of PV)

I did this:
DR Option to convert into equity
CR 8% loan note
(Which of cos freaking balances cos the outstanding figure is removed)

It's soooooo freaking retarding when I realise what I just freaking did.
Not to mention, I screwed up my Option to Convert part cos I omitted the PV of future interest payment in my calculation for PVFCF. =(

And the bigger screw-up? I USED treatment 1 & 2 when it's just 1 OR 2.
In the 5th qn (I skipped Q4 cos calculating so many ratios seems intimidating. Especially if U freaking got FRS 105 on discontinued ops involved), govt grant came out.
And damn, I only browsed thru it so quickly.

So guess what?
The qn asked for grant for buying plant.
So either u do (1):
DR grant receivable 48
CR NCA (offset the cost) 48

or (2):
DR grant receivable 48
CR deferred income 48

So guess what mr smartie cow here did??
DR grant receivable 48
CR deferred income 48

& of cos it doesn't balance, which I tot "AHH! *lightbulb* must be deferred asset!"
And I happily wrote DR deferred asset 48.
Now comes the shitty part. While checking, I realised something wrong.
If cash comes in in the future, den I will DR cash 48 and CR ??? 48???
The ??? is the biggest problem.

And there you go, I'm screwed.
Especially when I only did 3/4 questions. That's 75 marks max for moi. =(

I dun wanna retake. =(

On side note, at least I can afford to play sudoku more now.
The trial puzzle in the handbook seems easy, but I write slow leh. =(

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