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cn163 net 时间:2021-03-02 阅读:()
FAandFullSpecimenExamAnswersQuestionCorrectAnswerMarks1Closingnetassets+drawings–capitalintroduced–openingnetassets=netprofit.
Re-arrangingtheequation:Openingnetassets–drawings+capitalintroduced+netprofit=closingnetassets22Theexactamountofexpenditureisreimbursedatintervalstomaintainafixedfloat232and3only24331760$TradePayablesat1July20X560,000Cashpaidtosuppliers(302,800)Discountsreceived(2,960)Contrabetweenpayablesandreceivablesledger(2,000)Purchases(BalancingFigure)331,760TradePayables30June20X6ORTradePayables$$CashPaid302,800Balance1July20X560,000DiscountsReceived2,960Contrabetweenpayablesandreceivablesledger2,000Purchases(BalancingFigure)331,760TradePayables30June20X684,000391,760391,76025Achequereceivedfromacustomerwascreditedtocashandcorrectlyrecognisedinreceivables–thecorrectentryshouldhavebeenadebittocashRentreceivedwasincludedinthetrialbalanceasadebitbalance–rentreceivedisacreditbalance26Currentassets:$22,240Currentliabilities:$nilCurrentassetsCurrentliabilities$$(1)EmployeeLoan12,000(1)LoanInterest(12,000x2%)240(2)Prepayment$9,000x8/126,000(3)Accruedincome$4,0004,00022,240Nil2797,100Currentassets$Netprofit83,600Addbackincorrectexpense18,000Lessdepreciation(18,000x25%)(4,500)Adjustednetprofit(97,100)28XenaCoissufferingfromaworseningliquiditypositionin20X9–Thecurrentratio(currentassets:currentliabilities)hasdecreased29Astatementofcashflowspreparedusingthedirectmethodproducesadifferentfiguretonetcashfromoperatingactivitiesfromthatproducediftheindirectmethodisused–FalseRightissuesofsharesdonotfeatureinastatementofcashflows–FalseAsurplusonrevaluationofanon-currentassetwillnotappearasaniteminastatementofcashflows–TrueAprofitonthesaleofanon-currentassetwillappearasanitemundercashflowsfrominvestingactivitiesinastatementofcashflows–FalseTheprofitonsalewillbedeductedfromtheprofitbeforetaxintheoperatingactivitiessectionofthestatementofcashflows.
Thecashproceedswillappearunderinvestingactivities.
210$475,900$Rentreceivedinadvance30April20X528,700Less:rentinarrears30April20X5(21,200)Addrecentreceivedinyear481,200Lessrentreceivedinadvance30April20X6(31,200)Addrentinarrears30April20X618,400Rentalincomeinstatementofprofitorloss475,900211Asoletrader'sfinancialstatementsareprivate;acompany'sfinancialstatementsaresenttoshareholdersandmaybepublicallyfiledAsoletraderisfullyandpersonallyliableforanylossesthatthebusinessmightmake212Theanalysisoffinancialstatementsusingratiosprovidesusefulinformationwhencomparedwithpreviousperformanceorindustryaverages213$36,750Dr214TheusefullivesofintangibleassetscapitalisedinthefinancialstatementsImpairmentlosseswrittenoffintangibleassetsduringtheperiodThesearerequiredbyIAS38IntangibleAssets2152onlyCapitaliseddevelopmentexpenditureisamortisedovertheperioditisexpectedtogenerateeconomicbenefits.
Researchexpenditureisalwayswrittenoffasanexpensetoprofitorloss216$6,600ElectricityExpensePrepaymentbroughtforward550Profitorloss(balancingfigure)6,600Cashpaid5,400Accrualcarriedforward6506,6006,60021722,000Irrecoverabledebtwrittenoff37,000debitDecreaseinallowanceforreceivables15,000creditExpenseinstatementofprofitorloss22,000debitWorkings:Tradereceivables30June20X6(517,000–37,000)480,000Allowanceforreceivables5%x480,00024,000Allowanceforreceivablesat30June20X539,000Decreaseinallowanceforreceivables(15,000)218$437,830$Listofbalancesonpayableledger438,900(1)Contra(980)(2)Doesnotaffectlistofbalances(3)Erroroninvoiceposting(90)Reconciledlistofbalancestocontrolaccount437,830Thereconciledbalanceisreportedinstatementoffinancialposition219CarriageinwardsDepreciationoffactorymachinery22017060$Openinginventory6,700Addpurchases84,000Lessclosinginventory(5,400)Costofsales85,3002Grossprofit=20%x$85,300=$17,06021Ordinarysharecapital:$225,000Sharepremiumaccount:$250,000OrdinarysharecapitalSharepremiumNoofshares$$At31December20X4500,000125,000100,000Rightsissue250,000at2562,500At75187,500750,000Bonus150,000at2537,500(37,500)At31December20X5900,000______225,000$250,0002221and3onlyAmortisationofdevelopmentcostsareexpensedtoprofitorloss223$55,000Depreciation$$240,000x20%x3/1212,000Disposal(60,000)$180,000x20%x3/129,000Purchase160,000$340,000x20%x6/1234,000Depreciationforyearended31December20X555,00022424HassanCo'scapitalemployed=ProfitbeforeinterestandtaxationCapitalemployedCapitalemployed=shareholdersequityplusnoncurrentliabilities=$10,200$42,500=24%225Salestaxisanexpensetotheultimatecustomerofthegoodspurchased–TrueSalestaxisrecordedasincomeintheaccountsoftheentitysellingthegoods-False2261,2,3and4Entriesrequiredtocorrect;$$(1)DRSuspenseaccountCROrdinaryShareCapital3,000Beingshortfallincapitalrecorded$$(2)DRPlanetassetaccount2,800DRPlanetrepairs2,800CRSuspense5,600Beingcorrectionofincorrectpostingtoincorrectaccount$$(3)DRPettyCash500CRSuspense500BeingcorrectionofomissionofPettycashbalance$$(4)DRSuspense9,000CRMotorVehiclecost9,000Beingcorrectionoferrorinamountpostedonpurchaseofcar227CannonCoshouldprovidefortheexpectedcostoftheclaimof$100,000Thereisan80%chancethatCannonCowilllosetheclaim–thereisthereforeanobligationanditisprobabletheywillberequiredtosettletheclaimfor$100,0002281015$Computer890Additionalmemory95Delivery10Installation20Capitalise1,015Themaintenancecostwillbeexpensedtoprofitorlossand,asasaletaxregisteredtrader,Garethwillreclaimthesalestaxsoitisnotacosttothebusinessandshouldnotbecapitalised.
229$3,670balanceatbank$Overdraftperbankstatement(3,860)Less:unpresentedcheques(9,160)(13,020)Add:outstandinglodgements16,690Cashatbank3,670230CompletenessNeutrality231$307,100Receivablesledgercontrolaccount$$Openingbalance308,600Cashreceivedfromcreditcustomers147,200Creditsales152,800Irrecoverabledebtswrittenoff4,900Interestchargedonoverdueaccounts2,400Contrasagainstcreditbalancesinpayablesledger4,600Closingbalance307,100463,800463,800232YesYesYesYesAllofthesematerialeventsprovideevidenceofconditionsthatexistedattheendofthereportingperiodandarethereforeadjustingeventsinaccordancewithIAS10EventsaftertheReportingPeriod.
233$188,500DateofissueandpurchaseQuantityunitsValuedissuesCostofissuesSale1November400400at$19076,000Sale15April250250at$19047,500Issued650Openinginventory700Closinginventory5050at$1909,500Purchased1July500500at$220110,000Purchased1February300300at$23069,000188,50023432,400Capital=Asset-liabilitiesAt1January20X8156,560=569,400–412,840Capitalintroduced65,000Drawings($800x12)(9,600)Profit(balancingfigure)32,400At31December20X8244,360=614,130–369,770235Discountsreceivedof$150wasextractedtothedebitcolumnofthetrialbalance.
Discountsreceivedisacreditbalanceandisanerrorofcommission.
Thetrialbalancedebitsexceedthecreditsby$300asthereisanincorrectdebitof$150andalsoanomissiononthecreditsideof$1502MTQ36Task1(11marks)Consolidatedstatementofprofitorlossfortheyearended31May20X6'000Revenue8,400+3,200–1,500Less:Costofsales4,600+1,700–1,500+(30%x500)Grossprofit5150Less:Distributioncosts2010(1500+510)Administrativecosts1150(700+450)Profitbeforetax1990Less:Tax740(600+140)Profitfortheyear1250Attributableto:EquityownersofKeswickCoGroupprofitfortheyear–Non-controllinginterestNon-controllinginterest80(400x20%)Task2(4marks)SignificantinfluenceNoControlYesNon-controllinginterestYesGreaterthan50%oftheequitysharesbeingheldbyaninvestorYes100%oftheequitysharesbeingheldbyaninvestorYesGreaterthan50%ofthepreferencesharesbeingheldbyaninvestorNo50%ofallsharesanddebtbeingheldbyaninvestorNoGreaterthan50%ofpreferencesharesanddebtbeingheldbyaninvestorNoMTQ37Task1(4marks)BuildingsatcostsYesBuildingsaccumulateddepreciationat1November20X6NoPlantatcostYesPlantaccumulateddepreciationat1November20X6NoBankbalanceYesRevenueNoNetpurchasesNoInventoryat1November20X6NoCashYesTradepayablesYesTradereceivablesYesAdministrativeexpensesNoAllowanceforreceivablesat1November20X6NoRetainedearningsat1November20X6NoEquityshares,$1YesSharepremiumaccountYesTask2(3marks)TradereceivableNodebitorcreditAdministrativeexpensesDebitAllowanceforreceivablesCreditRevenueNodebitorcreditProfitorloss6thousand$'0005%x32016Broughtforward10Increase6Task3(5marks)AdministrativeexpensesNodebitorcreditCostofsalesDebitBuildingscostNodebitorcreditPlantcostNodebitorcreditBuildingsaccumulateddepreciationCreditPlantaccumulateddepreciationCreditBuildingsdepreciationcharge37thousand$(740,000x5%)Plantdepreciationcharge22thousand$(220,000–110,000)x20%Task4(1.
5marks)Costofsales1225thousandOpeninginventory160,000Netpurchases1,140,000Closinginventory(75,000)Costofsales1,225,000Task5(1.
5marks)DebitAdministrativeexpensesCreditAccrualAdjustmentvalue10thousand$(15,000x2/3)
Re-arrangingtheequation:Openingnetassets–drawings+capitalintroduced+netprofit=closingnetassets22Theexactamountofexpenditureisreimbursedatintervalstomaintainafixedfloat232and3only24331760$TradePayablesat1July20X560,000Cashpaidtosuppliers(302,800)Discountsreceived(2,960)Contrabetweenpayablesandreceivablesledger(2,000)Purchases(BalancingFigure)331,760TradePayables30June20X6ORTradePayables$$CashPaid302,800Balance1July20X560,000DiscountsReceived2,960Contrabetweenpayablesandreceivablesledger2,000Purchases(BalancingFigure)331,760TradePayables30June20X684,000391,760391,76025Achequereceivedfromacustomerwascreditedtocashandcorrectlyrecognisedinreceivables–thecorrectentryshouldhavebeenadebittocashRentreceivedwasincludedinthetrialbalanceasadebitbalance–rentreceivedisacreditbalance26Currentassets:$22,240Currentliabilities:$nilCurrentassetsCurrentliabilities$$(1)EmployeeLoan12,000(1)LoanInterest(12,000x2%)240(2)Prepayment$9,000x8/126,000(3)Accruedincome$4,0004,00022,240Nil2797,100Currentassets$Netprofit83,600Addbackincorrectexpense18,000Lessdepreciation(18,000x25%)(4,500)Adjustednetprofit(97,100)28XenaCoissufferingfromaworseningliquiditypositionin20X9–Thecurrentratio(currentassets:currentliabilities)hasdecreased29Astatementofcashflowspreparedusingthedirectmethodproducesadifferentfiguretonetcashfromoperatingactivitiesfromthatproducediftheindirectmethodisused–FalseRightissuesofsharesdonotfeatureinastatementofcashflows–FalseAsurplusonrevaluationofanon-currentassetwillnotappearasaniteminastatementofcashflows–TrueAprofitonthesaleofanon-currentassetwillappearasanitemundercashflowsfrominvestingactivitiesinastatementofcashflows–FalseTheprofitonsalewillbedeductedfromtheprofitbeforetaxintheoperatingactivitiessectionofthestatementofcashflows.
Thecashproceedswillappearunderinvestingactivities.
210$475,900$Rentreceivedinadvance30April20X528,700Less:rentinarrears30April20X5(21,200)Addrecentreceivedinyear481,200Lessrentreceivedinadvance30April20X6(31,200)Addrentinarrears30April20X618,400Rentalincomeinstatementofprofitorloss475,900211Asoletrader'sfinancialstatementsareprivate;acompany'sfinancialstatementsaresenttoshareholdersandmaybepublicallyfiledAsoletraderisfullyandpersonallyliableforanylossesthatthebusinessmightmake212Theanalysisoffinancialstatementsusingratiosprovidesusefulinformationwhencomparedwithpreviousperformanceorindustryaverages213$36,750Dr214TheusefullivesofintangibleassetscapitalisedinthefinancialstatementsImpairmentlosseswrittenoffintangibleassetsduringtheperiodThesearerequiredbyIAS38IntangibleAssets2152onlyCapitaliseddevelopmentexpenditureisamortisedovertheperioditisexpectedtogenerateeconomicbenefits.
Researchexpenditureisalwayswrittenoffasanexpensetoprofitorloss216$6,600ElectricityExpensePrepaymentbroughtforward550Profitorloss(balancingfigure)6,600Cashpaid5,400Accrualcarriedforward6506,6006,60021722,000Irrecoverabledebtwrittenoff37,000debitDecreaseinallowanceforreceivables15,000creditExpenseinstatementofprofitorloss22,000debitWorkings:Tradereceivables30June20X6(517,000–37,000)480,000Allowanceforreceivables5%x480,00024,000Allowanceforreceivablesat30June20X539,000Decreaseinallowanceforreceivables(15,000)218$437,830$Listofbalancesonpayableledger438,900(1)Contra(980)(2)Doesnotaffectlistofbalances(3)Erroroninvoiceposting(90)Reconciledlistofbalancestocontrolaccount437,830Thereconciledbalanceisreportedinstatementoffinancialposition219CarriageinwardsDepreciationoffactorymachinery22017060$Openinginventory6,700Addpurchases84,000Lessclosinginventory(5,400)Costofsales85,3002Grossprofit=20%x$85,300=$17,06021Ordinarysharecapital:$225,000Sharepremiumaccount:$250,000OrdinarysharecapitalSharepremiumNoofshares$$At31December20X4500,000125,000100,000Rightsissue250,000at2562,500At75187,500750,000Bonus150,000at2537,500(37,500)At31December20X5900,000______225,000$250,0002221and3onlyAmortisationofdevelopmentcostsareexpensedtoprofitorloss223$55,000Depreciation$$240,000x20%x3/1212,000Disposal(60,000)$180,000x20%x3/129,000Purchase160,000$340,000x20%x6/1234,000Depreciationforyearended31December20X555,00022424HassanCo'scapitalemployed=ProfitbeforeinterestandtaxationCapitalemployedCapitalemployed=shareholdersequityplusnoncurrentliabilities=$10,200$42,500=24%225Salestaxisanexpensetotheultimatecustomerofthegoodspurchased–TrueSalestaxisrecordedasincomeintheaccountsoftheentitysellingthegoods-False2261,2,3and4Entriesrequiredtocorrect;$$(1)DRSuspenseaccountCROrdinaryShareCapital3,000Beingshortfallincapitalrecorded$$(2)DRPlanetassetaccount2,800DRPlanetrepairs2,800CRSuspense5,600Beingcorrectionofincorrectpostingtoincorrectaccount$$(3)DRPettyCash500CRSuspense500BeingcorrectionofomissionofPettycashbalance$$(4)DRSuspense9,000CRMotorVehiclecost9,000Beingcorrectionoferrorinamountpostedonpurchaseofcar227CannonCoshouldprovidefortheexpectedcostoftheclaimof$100,000Thereisan80%chancethatCannonCowilllosetheclaim–thereisthereforeanobligationanditisprobabletheywillberequiredtosettletheclaimfor$100,0002281015$Computer890Additionalmemory95Delivery10Installation20Capitalise1,015Themaintenancecostwillbeexpensedtoprofitorlossand,asasaletaxregisteredtrader,Garethwillreclaimthesalestaxsoitisnotacosttothebusinessandshouldnotbecapitalised.
229$3,670balanceatbank$Overdraftperbankstatement(3,860)Less:unpresentedcheques(9,160)(13,020)Add:outstandinglodgements16,690Cashatbank3,670230CompletenessNeutrality231$307,100Receivablesledgercontrolaccount$$Openingbalance308,600Cashreceivedfromcreditcustomers147,200Creditsales152,800Irrecoverabledebtswrittenoff4,900Interestchargedonoverdueaccounts2,400Contrasagainstcreditbalancesinpayablesledger4,600Closingbalance307,100463,800463,800232YesYesYesYesAllofthesematerialeventsprovideevidenceofconditionsthatexistedattheendofthereportingperiodandarethereforeadjustingeventsinaccordancewithIAS10EventsaftertheReportingPeriod.
233$188,500DateofissueandpurchaseQuantityunitsValuedissuesCostofissuesSale1November400400at$19076,000Sale15April250250at$19047,500Issued650Openinginventory700Closinginventory5050at$1909,500Purchased1July500500at$220110,000Purchased1February300300at$23069,000188,50023432,400Capital=Asset-liabilitiesAt1January20X8156,560=569,400–412,840Capitalintroduced65,000Drawings($800x12)(9,600)Profit(balancingfigure)32,400At31December20X8244,360=614,130–369,770235Discountsreceivedof$150wasextractedtothedebitcolumnofthetrialbalance.
Discountsreceivedisacreditbalanceandisanerrorofcommission.
Thetrialbalancedebitsexceedthecreditsby$300asthereisanincorrectdebitof$150andalsoanomissiononthecreditsideof$1502MTQ36Task1(11marks)Consolidatedstatementofprofitorlossfortheyearended31May20X6'000Revenue8,400+3,200–1,500Less:Costofsales4,600+1,700–1,500+(30%x500)Grossprofit5150Less:Distributioncosts2010(1500+510)Administrativecosts1150(700+450)Profitbeforetax1990Less:Tax740(600+140)Profitfortheyear1250Attributableto:EquityownersofKeswickCoGroupprofitfortheyear–Non-controllinginterestNon-controllinginterest80(400x20%)Task2(4marks)SignificantinfluenceNoControlYesNon-controllinginterestYesGreaterthan50%oftheequitysharesbeingheldbyaninvestorYes100%oftheequitysharesbeingheldbyaninvestorYesGreaterthan50%ofthepreferencesharesbeingheldbyaninvestorNo50%ofallsharesanddebtbeingheldbyaninvestorNoGreaterthan50%ofpreferencesharesanddebtbeingheldbyaninvestorNoMTQ37Task1(4marks)BuildingsatcostsYesBuildingsaccumulateddepreciationat1November20X6NoPlantatcostYesPlantaccumulateddepreciationat1November20X6NoBankbalanceYesRevenueNoNetpurchasesNoInventoryat1November20X6NoCashYesTradepayablesYesTradereceivablesYesAdministrativeexpensesNoAllowanceforreceivablesat1November20X6NoRetainedearningsat1November20X6NoEquityshares,$1YesSharepremiumaccountYesTask2(3marks)TradereceivableNodebitorcreditAdministrativeexpensesDebitAllowanceforreceivablesCreditRevenueNodebitorcreditProfitorloss6thousand$'0005%x32016Broughtforward10Increase6Task3(5marks)AdministrativeexpensesNodebitorcreditCostofsalesDebitBuildingscostNodebitorcreditPlantcostNodebitorcreditBuildingsaccumulateddepreciationCreditPlantaccumulateddepreciationCreditBuildingsdepreciationcharge37thousand$(740,000x5%)Plantdepreciationcharge22thousand$(220,000–110,000)x20%Task4(1.
5marks)Costofsales1225thousandOpeninginventory160,000Netpurchases1,140,000Closinginventory(75,000)Costofsales1,225,000Task5(1.
5marks)DebitAdministrativeexpensesCreditAccrualAdjustmentvalue10thousand$(15,000x2/3)
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