Chapter20-23习题_F3_ACCA英国注册会计师

Prepare the company's statement of financial position as at 31 December 20X4, complying as far as possible with IAS 1 Presentation of financial statements. Details of non-current assets, adjusted appropriately, should appear as they are presented in the question.

材料全屏

You are presented with the following trial balance of Malright, a limited liability company, at 31 October 20X7.

Dr Cr

$'000 $'000

Buildings at cost 740

Buildings, accumulated depreciation, 1 November 20X6 60

Plant at cost 220

Plant, accumulated depreciation, 1 November 20X6 110

Land at cost 235

Bank balance 50

Revenue 1,800

Purchases 1,105

Discounts received 90

Returns inwards 35

Wages 180

Energy expenses 105

Inventory at 1 November 20X6 160

Trade payables 250

Trade receivables 320

Administrative expenses 80

Allowance for receivables, at 1 November 20X6 10

Directors' remuneration 70

Retained earnings at 1 November 20X6 130

10% loan notes 50

Dividend paid 30

$1 ordinary shares 650

Share premium account 80

3,280 3,280

Additional information as at 31 October 20X7:

(a) Closing inventory has been counted and is valued at $75,000.

(b) The items listed below should be apportioned as indicated.

Cost of Distribution Administrative

sales costs expenses

% % %

Discounts received -- -- 100

Energy expenses 40 20 40

Wages 40 25 35

Directors' remuneration -- -- 100

(c) An invoice of $15,000 for energy expenses for October 20X7 has not been received.

(d) Loan note interest has not been paid for the year.

(e) The allowance for receivables is to be increased to the equivalent of 5% of trade receivables. Anyexpenses connected with receivables should be charged to administrative expenses.

(f) Plant is depreciated at 20% per annum using the reducing balance method. The entire charge is to be allocated to cost of sales.

(g) Buildings are depreciated at 5% per annum on their original cost, allocated 30% to cost of sales, 30% to distribution costs and 40% to administrative expenses.

(h) Income tax has been calculated as $45,000 for the year.

59

【论述题】

The statement of profit or loss for the year ended 31 October 20X7

The statement of changes in equity for the year ended 31 October 20X7

The statement of financial position as at 31 October 20X7

材料全屏

The following information has been extracted from the books of Tonson, a limited liability company, as at 31 October 20X6.

Dr Cr

$'000 $'000

Cash 15

Insurance 75

Inventory at 1 November 20X5 350

General expenses 60

Energy expenses 66

Marketing expenses 50

Wages and salaries 675

Discounts received 50

Share premium account 200

Retained earnings at 1 November 20X5 315

Allowance for receivables at 1 November 20X5 40

Sales revenue 5,780

Telephone expenses 80

Property expenses 100

Bank 94

Returns inward 95

Trade payables 290

Loan note interest 33

Trade receivables 900

Purchases 3,570

7% loan notes 470

Irrecoverable debts 150

$1 ordinary shares 1,800

Accumulated depreciation at 1 November 20X5

Buildings 360

Motor Vehicles 80

Furniture and equipment 420

Land at cost 740

Buildings at cost 1,500

Motor vehicles at cost 240

Furniture and equipment at cost 1,200

9,899 9,899

You have also been provided with the following information:

(a) Inventory at 31 October 20X6 was valued at $275,000 based on its original cost. However, $45,000 of this inventory has been in the warehouse for over two years and the directors have agreed to sell it in November 20X6 for a cash price of $20,000.

(b) The marketing expenses include $5,000 which relates to November 20X6.

(c) The allowance for receivables is to be increased to the equivalent of 5% of trade receivables.

(d) There are wages and salaries outstanding of $40,000 for the year ended 31 October 20X6.

(e) Buildings are depreciated at 5% of cost. At 31 October 20X6 the buildings were professionally valued at $1,800,000 and the directors wish this valuation to be incorporated into the financial statements.

(f) Depreciation is to be charged as follows:

(i) Motor vehicles at 20% of carrying amount

(ii) Furniture and equipment at 20% of cost

(g) No dividends have been paid or declared.

(h) Tax of $150,000 is to be provided for the year.

(i) During October 20X6 a bonus issue of one for ten shares was made to ordinary shareholders. This has not been entered into the books. The share premium account was used for this purpose.

62

【论述题】

The statement of profit or loss for the year ended 31 October 20X6

The statement of financial position as at 31 October 20X6

Which of the following events occurring after the reporting period are classified as adjusting, if material?

1 The sale of inventories valued at cost at the end of the reporting period for a figure in excess of cost

2 A valuation of land and buildings providing evidence of an impairment in value at the year end

3 The issue of shares and loan notes

4 The insolvency of a customer with a balance outstanding at the year end

A

1 and 3

B

2 and 4

C

2 and 3

D

1 and

The financial statements of Overexposure Co for the year ended 31 December 20X1 are to be approved

on 31 March 20X2. Before they are approved, the following events take place.

1 On 14 February 20X2 the directors took the strategic decision to sell their investment in Quebec Co despite the fact that this investment generated material revenues.

2 On 15 March 20X2, a fire occurred in the eastern branch factory which destroyed a material amount of inventory. It is

estimated that it will cost $505,000 to repair the significant damage done to the factory.

3 On 17 March 20X2, a customer of Overexposure Co went into liquidation. Overexposure has been advised that it is unlikely

to receive payment for any of the outstanding balances owed by the customer at the year end.

How should these events reflected in the financial statements at 31 December 20X1?

Adjust Disclose Do nothing

A

3 2, 3 1

B

2, 3 1 -

C

3 1, 2 -

D

2 3, 1

Which of the following events between the reporting date and the date the financial statements are authorised for issue must

be adjusted in the financial statements?

1 Declaration of equity dividends

2 Decline in market value of investments

3 The announcement of changes in tax rates

4 The announcement of a major restructuring

A

1 only

B

2 and 4

C

3 only

D

None of them

Which of the following is the correct definition of an adjusting event after the reporting period?

A

An event that occurs between the reporting date and the date on which the financial statements

are authorised for issue that provides further evidence of conditions that existed at the reporting date

B

An event that occurs between the reporting date and the date on which the financial statements

are authorised for issue that provides evidence of conditions that arose subsequent to the

reporting date

C

An event that occurs after the date the financial statements are authorised for issue that provides further evidence of conditions that existed at the reporting date

D

An event that occurs after the date the financial statements are authorised for issue that

provides evidence of conditions that arose subsequent to the reporting date

快速查题-ACCA英国注册会计师试题