Cork Institute of Technology. Autumn 2006 Advanced Financial Accounting (Time: 3 Hours)

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1 Cork Institute of Technology Bachelor of Business in Accounting Award Bachelor of Business in Management - Award Instructions Answer FOUR questions Answer all THREE questions in Section A and ONE question in Section B. (NFQ Level 7) Autumn 2006 Advanced Financial Accounting (Time: 3 Hours) Examiners: Mr. T. Rearden Ms. M. Duggan

2 SECTION A Q1. The following trial balance has been extracted from the books of Crohane Ltd. at 30 th September Turnover 1,405,000 Cost of sales 870,000 Deferred development expenditure at ,000 Distribution cost 84,900 Administration expenses 134,000 Loan note interest paid 18,000 Government grants 9,000 Property 980,000 Plant and equipment at cost 534,000 Acc. Depreciation Property ,000 Acc. Depreciation Plant ,000 Trade debtors 179,000 Stock ,500 Contract costs 7,000 Contract payments on account invoiced 6,500 Cash and bank 9,400 Trade creditors 128,500 Ordinary shares of 25c each 300,000 Share premium 500,000 12% Loan note 300,000 Profit and loss account ,800 Interim dividends 15,000 2,945,800 2,945,800 Adjustments are requires in relation to the following items: 1. The deferred development expenditure relates to a product launched on 1 st April The development cost should be amortised on a straight line basis over five years. 2. The government grants were received in the year ended 30 th September The amount in the trial balance represents the balance remaining and relates to plant. 2

3 3. The straight-line method should be used to calculate the depreciation charge for the year. The useful life assumptions for the assets are: property 40 years remaining; Plant - 10 years, Depreciation cost should be split 80:20 between cost of sales and distribution cost. The property was revalued to 1.2 million as at 1 st October This revaluation should be reflected in the financial statements. 4. The following items have not been reflected in the financial statements: Distribution Administration Accruals 6,500 4,300 Prepayments 2,900 1, ,000 Ordinary shares were issued during the year at a premium of 50c per share. 6. The contract costs and payments on account relate to a contract commenced during the year. The contract was 40% complete at year end and the contract price was 15,000. Total contract costs are expected to be 13, A provision for Corporation Tax of 50,000 is required on the profits of the year. Requirement: i) Show the adjustments to be made to the trial balance figures to reflect the above additional information. 5 marks ii) Prepare the statutory Income Statement for the company. 10 marks iii) Prepare the Statement of changes in equity. 5 marks iv) Prepare a Balance Sheet as at 30 th September marks Total for this question 30 marks 3

4 Q2 The following are the financial statements and notes thereto of Knockbrack Ltd. for the year ended 31 July 2006: Balance Sheet Note Non-current Assets Intangible assets Tangible assets 1 8,420 6,160 Financial assets 450 Current Assets Inventories Receivables Cash at bank Current liabilities within one year 2 (830) (740) Total assets less current liabilities 9,960 6,520 Non-current liabilities 3 (1,310) (230) 8,650 6,290 Capital and Reserves Called up share capital 4 5,000 4,000 Share premium account 4 1,250 1,000 Revaluation reserve Profit and loss account 4 1,900 1,290 8,650 6,290 Income statement Revenue 13,120 Cost of sales (9,840) Gross profit 3,280 Operating expenses (1,970) Operating profit 1,310 Interest payable and similar charges (220) Profit before tax 1,090 Tax (280) 4

5 Profit after tax 810 Ordinary dividend (200) Retained profit for the year 610 Notes to the Financial Statements 1. Non-current assets Intangible Tangible At 1 August ,160 Revaluation surplus 500 Additions - owned 300 2,400 Additions - leased 390 Disposals (360) Amortisation / Depreciation (40) (670) At 31 July , Creditors: amounts falling due within one year Receivables Accruals Lease creditors Corporation tax Dividend Creditors: amounts falling due after more than one year % debentures 1,000 0 Lease creditors , Capital and Reserves Share Share Revaluation Profit & Loss 5

6 Capital Premium Reserve Account At 1 August ,000 1,000 1,290 Rights issue 1, Surplus on revaluation of property Retained profit for the year 610 At 31 July ,000 1, ,900 Note: the profit on disposal of non-current tangible assets was 40,000. Requirement: Prepare a cash flow statement for Knockbrack Ltd. for the year ended 31 st July marks Q3. Mullahgmore plc acquired six million of Mullaghbeg Ltd's ordinary shares on 1st October 2004 for an agreed consideration of 25 million. The draft balance sheets of the two companies at 30 September 2005 are: Mullaghmore plc Mullaghbeg Ltd Non-current assets Land and buildings 32,060 9,400 Plant and equipment 26,480 17,780 Investment in Mullaghbeg 25,000 83,540 27,180 Current assets Inventories 7,450 4,310 Receivables 12,960 4,330 Cash and bank ,410 9,160 Current liabilities Payables 5,920 4,160 Bank overdraft 1,700 Provision for taxation 1,870 1,380 6

7 Final dividend 1, ,690 6,340 Net current assets 9,720 2,820 Non-current liabilities 8% Debentures 2008 (6,000) 93,260 24,000 Capital and Reserves Ordinary shares of 1 each 20,000 8,000 Reserves Share Premium 10,000 2,000 Retained earnings At 1 October ,260 6,000 For the year to 30 September ,000 8,000 93,260 24,000 The following information is relevant: i) The fair value of Mullaghbeg Ltd s land at the date of acquisition was 4 million in excess of its carrying value. ii) At the date of acquisition Mullaghmore plc sold an item of plant to Mullaghbeg Ltd. for 2.4 million. This plant had cost Mullaghmore plc 2 million. Mullaghbeg Ltd. has charged depreciation of 240,000 on this plant since it was acquired. iii) Mullaghmore plc has not taken account of Mullaghbeg Ltd s proposed dividend. iv) Goodwill impairment amounting to 2 million should be reflected in the balance sheet. Requirement: Prepare a consolidated balance sheet for the two companies as at 30 th September marks Q4. SECTION B 7

8 i) State how you would distinguish a finance lease from an operating lease. 6 marks ii) Give the accounting treatment for finance leases in the financial statements. 6 marks iii) Brandon Limited entered into a finance lease on 1 June 2005 for an item of plant. Details of the lease are: Fair value of asset 1,200,000 Annual payment in arrears 277,200 The term of lease is 5 years and the useful life of the plant is 6 years. The interest rate implicit in the lease is 5%. Calculate the amounts which will appear in the financial statements of Brandon Ltd. in relation to the lease for the year to 31 st May marks Total for this question 20 marks OR Q5. 8

9 i) Outline the treatment for foreign currency transactions for both monetary and non-monetary items. 8 marks ii) Carrigmore Ltd. had the following transactions with a US supplier during 2005: Date Transaction Rate Amount US$/ US$ 1/1 Balance 1.2/1 3,000 1/4 Purchases 1.15/1 5,175 1/6 Payment 1.12/1 6,720 1/9 Purchases 1.1/1 6,120 Show the transactions which will appear in Carrigmore Ltd s ledger account for the US supplier, using separate columns for the US $ and euro amounts. The amount of any resulting translation difference should be shown. 12 marks Total for this question 20 marks. 9

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