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_f7int_2011_dec_q-Dall chose golf course turf management so that he could turn his love of the outdoors into a rewarding career.

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Financial Reporting(International)Wednesday 7 December 2011Time allowedReading and planning:Writing:15 minutes3 hoursALL FIVE questions are compulsory and MUST be attempted.Do NOT open this paper until instructed by the supervisor.During reading and planning time only the question paper maybe annotated. You must NOT write in your answer booklet untilinstructed by the supervisor.This question paper must not be removed from the examination hall.The Association of Chartered Certified AccountantsPaper F7 (INT)Fundamentals Level Skills ModuleALL FIVE questions are compulsory and MUST be attempted1On 1 October 2010, Paladin secured a majority equity shareholding in Saracen on the following terms:an immediate payment of $4 per share on 1 October 2010; anda further amount deferred until 1 October 2011 of $54 million.The immediate payment has been recorded in Paladins financial statements, but the deferred payment has not beenrecorded. Paladins cost of capital is 8% per annum.On 1 February 2011, Paladin also acquired 25% of the equity shares of Augusta paying $10 million in cash.The summarised statements of financial position of the three companies at 30 September 2011 are:AssetsNon-current assetsProperty, plant and equipmentIntangible assetsInvestments Saracen (8 million shares at $4 each) AugustaCurrent assetsInventoryTrade receivablesBankTotal assetsEquity and liabilitiesEquityEquity shares of $1 eachRetained earn

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