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How was the SFM/MAFA paper for CA Final...???

Page no : 4

CA Sakina (Employee) (39 Points)
Replied 04 May 2011

Paper was unexpexted.....hope to get through it

VIVEK (ARTICLE) (46 Points)
Replied 04 May 2011

was a bit tough, but some questions lyk EVA ND THEORY PORTION WERE LOLLYPOP, OVERALL ABOVE AVG.

Prabeer (B. COM (H) CA & CS Final)   (5484 Points)
Replied 04 May 2011

Guyz, Paper was good... I mean gr8..!

Prabeer (B. COM (H) CA & CS Final)   (5484 Points)
Replied 04 May 2011

Now let's try 2 concentrate on the Practice Manuals & RTPs for the rest of the exams..

Nitin Singhal (Gaining knowledge...) (315 Points)
Replied 04 May 2011

Paper was really bad dream. Although I could pass it if he had grip on formulas and had not left even a small concept in any chapter. I left APT and it came in exam. And about paper. really bad. Does not make sense.

1)Koi bataye jab EPS 12 hai, DPS 3 hai to retention ratio 40% kaise ho gaya.  

2) jab swabhimaan ltd. ko takeover kar liya to uski book value, eps, mps kaise nikaal sakte hai. wo bhi abhiman ltd. ka PE ratio use karke.

Dhruv (Chartered Accountant) (308 Points)
Replied 04 May 2011

Actually that was one question that really confused me too! They've given the dividend and then they've given the retention ratio. I don't know if my logic is correct ( or convoluted!), but am assuming that retention ratio is something which they've given on an average basis, like investors are expecting and historically the retention ratio has been 40%, but dividend THIS year is Rs. 3 . 

 

This again confuses things because in Gordon Model you could take 12*0.6 or 3 as numerator! 

 

I looked at previous year questions, that Swabhimaan question came in some (long!) past paper, but I guess since they said in brackets that it has been merged, it would mean combined EPS etc. 

 

Am really really surprised with the capital budgeting question, it was tricky and challenging, not the usual kind of capital budgeting questions that have been coming. Currency swap was a good question!

sonali chaturvedi (AA) (35 Points)
Replied 04 May 2011

paper was pathetic,.............concept jaisi kahi koi requirement nhi lgi muje...

Nitin Singhal (Gaining knowledge...) (315 Points)
Replied 04 May 2011

I do not agree with your opinion. because if Retention ratio is given for some past few years as avg., then all data should be like that. You just cant compare avg of one figure with non avg. of another figure. that does not make sense. agar aapki baat maane to ESH next dividend 3+ growth kaise expect kar sakte hai, when they know retention ratio is only 40% and not as has been in current year.

and about second Q, I know it meant about combined. But do these types of mistakes are expected in CA Final paper of a highly reputed institute. Moreover, if look at source Q, there is no ambigiuty.

And yes, I agree Cap budgeting was really a bouncer.

 

 

Princes (CA Final) (243 Points)
Replied 04 May 2011

Paper is average

Priyadharshini (articled assistant) (64 Points)
Replied 04 May 2011

Pl can anyone give me the solution for problem 3b????

Dhruv (Chartered Accountant) (308 Points)
Replied 04 May 2011

You're not really comparing the average of one with the average of another, the fact is dividend of Rs. 3 was declared in the current year, but when you have to find out growth rate g = b X r , you can assume the fact that both of them are on an average basis. What if the 

 

But that being beside the point, the wording of the question is complex, I just realized, they are saying that calculate value as per Gordon Formula, and they have given the data above, Gordon 'Formula' simply states that numerator is = Y(1-b), it has NOTHING to do with the dividend given, that dividend is given to us for use in calculation of Walter Formula

 

And you really think there can be no error in the paper ? I for one can tell you that during my PCC FM paper, there was a capital budgeting question which specifically told us to find which project is better 'after taking into account tax benefits' and NO tax rate was given for the question. 

 

Later on I think during the examiner's comment, we found out that we had to assume any tax rate! These kind of things happen. 

 

In the swabhimaan question, in any case ur on the safe side, when you're making that table to calculate EPS and all of the transferee company, you've already calculated the data, so you would get marks.

chintan (practising CA) (229 Points)
Replied 04 May 2011

paper manageable tha....

 

why everyone is after sum specific tough questions??!!

remove Q1a,b,c (no idea kahaan se aaya!) and 1-2 more question,u r still left with 80mks to attempt!

some tricky points:

1. Q1c me i found every caln using 100 crore. later my friend told me cash not to be included!!so ya,that required patient reading of proble. i just read the total :D

2. in simple-dimple  we had to find equity portion each time cos equity in slow was -ve and we had to take it as 0. i took overall expected and deducted debt, so gone!! & ya, table was simple-dimple and debt details was dimple-simple. chidishness by ICAI. :P

3. still dont know in utility sum, we have to take figures as given, or take cumulative figures!

Tarang Agrawal (Articled Assistant) (25 Points)
Replied 04 May 2011

paper  was really tuff...me too took classes from rajiv singh but his major parts were out of this paper

Mohit Mathur (-) (24 Points)
Replied 04 May 2011

paper was nt that easy but also nt tough

R.A.J (student) (29 Points)
Replied 04 May 2011

hey guys....can see the mix reviews...

except ue 1,rest of the pepar was good...& u know what..many que. was from last rtp & previous exams...like a/c paper...


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