INSTITUTE OF FINANCIAL ACCOUNTANTS JUNE 2011 EXAMINATION. D1. Financial Accounting

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1 1 INSTITUTE OF FINANCIAL ACCOUNTANTS JUNE 2011 EXAMINATION D1. Financial Accounting Instructions to candidates 1. Time allowed is 3 hours and 10 minutes, which includes 10 minutes reading time. 2. This is a closed book examination. 3. Use of a silent, non-programmable calculator, which is NOT part of a mobile phone or any other device capable of communication, is allowed. 4. Put your candidate number on the top of each answer page. 5. Start each new question on a new page. 6. Include any workings. Answer ALL questions: Part A: all questions are worth 6 marks Part B: all questions are worth 20 marks Part C: question worth 30 marks Part A: Answer all questions

2 2 Question 1 As a finance officer you are preparing the financial statements for a small organisation. The owner is hoping to sell the business in the near future and has requested that the following adjustments be made to the financial statements: (a) The business property should not be depreciated as a surveyor has recently said it was in good condition and worth at least what the organisation paid for it. (2 marks) (b) The owner is required to use his house as a security against the organisation s overdraft so he has suggested that the house should be included on the organisation s statement of financial position. (2 marks) (c) The organisation has spent many thousand of dollars training their work force and the proprietor asks you to include these costs as a non-current asset. (2 marks) Write a short memo to the owner addressing each of the above requests. (Total 6 marks)

3 3 Question 2 You have just ascertained the following information for your organisation. 31 March March 2010 Turnover $5,000,860 $4,245,000 Inventory days 20 days 16.5 days Current ratio 1.4:1 1.96:1 Receivables $875,500 $489,980 Payables $1,008,000 $725,700 Using the above information comment upon the financial position of the organisation. (Total 6 marks)

4 4 Question 3 (a) Explain the meaning of the term net realisable value. (2 marks) (b) You are preparing your organisation s inventory valuation and need to make decisions on the following items of inventory. Explain briefly how the following items should be included in the organisation s inventory valuation: (i) Goods which have been included in the inventory valuation at their normal selling price of $1,600 have been found to be damaged and it is expected that they will be sold for $1,000 or sold at their normal selling price but only after $120 has been spent on repairs. (2 marks) (ii) A new product line has a mark up of 25% on cost and one of the directors considers that as the product is selling well it should be included at selling price. (2 marks) (Total 6 marks)

5 5 Question 4 Your organisation is considering becoming a limited company. The owner of the organisation is confused about the following terms and has asked you for an explanation. (a) Limited liability (b) Retained earnings (c) Dividends (2 marks) (2 marks) (2 marks) Write a short memo explaining the above terms to the owner of your organisation. (Total 6 marks)

6 6 Question 5 The balance on the payables ledger control of Corus Co at 31 March 2011 was calculated at $84,565 and the balances extracted from the payables ledger totalled $81,982. Whilst trying to agree the two totals the following errors were discovered: (i) A credit balance of $843 had been omitted from the list of balances. (ii) The payables daybook had been overcast by $10. (iii) A debit balance of $70 had been listed in the balances as a credit balance. (iv) A contra of $1,780 with the receivables ledger had been posted to the payables ledger but not to the control account. Produce a statement that agrees the payables ledger control with the list of payables balances. (Total 6 marks)

7 7 THIS PAGE IS BLANK

8 8 Part B Answer ALL questions Question 6 Ali, Ben and Clare are in partnership sharing profits in the ratio 3:2:1. Their capital and current accounts at 30 June 2010 were as follows: Capital accounts Ali Ben Clare $30,000 Credit $50,000 Credit $15,000 Credit Current accounts Ali Ben Clare $5,600 Credit $4,800 Credit $800 Debit (i) On 30 June 2010 Ali decided to retire. At that date goodwill was valued at $60,000, which was not to be shown in the partnership accounts. Land owned by the partnership was revalued upwards by $24,000; this increase was to remain in the partnership accounts. Ali agreed to leave all the money due to him in the partnership as a loan receiving interest of 5%. (ii) Ben and Clare continued in the partnership sharing profits in the ratio 2:1. (iii) The partnership net profit for the year ended 30 June 2011 is $120, 000. (iv) The partnership agreement states that interest is to be credited at 10% per annum on the year-end capital accounts.

9 9 (v) The partners are entitled to the following salaries per annum: Ben $40,000 Clare $30,000 (vi) The partners made the following cash drawings during the year: Ben $58,000 Clare $48,000 Prepare: (a) the partners capital accounts as at 1 July (6 marks) (b) the appropriation account for the partnership for the year ended 30 June (8 marks) (c) the partners current accounts as at 30 June (6 marks) (Total 20 marks)

10 10 Question 7 You are employed by Edward McKeown as his accountant. One of the firm s bookkeepers has extracted the trial balance below. Trial balance at 31 March 2011 Cash 1,382 Bank 8,501 Inventory at 1 April ,690 Motor vehicles at net book value 32,832 Fixtures and fittings at net book value 34,600 Accumulated depreciation at 31 March 2011: $ $ Motor vehicles 41,470 Fixtures and fittings 31,100 Revenue 1,343,820 Purchases 962,160 Discounts received 2,740 Discounts allowed 2,365 Drawings 77,328 Expenses including repairs 193,414 Capital at 1 April ,612 Accrued expenses 500 Suspense account 13,920 Receivables and payables 153,740 63,440 1,528,307 1,528,307

11 11 When you start investigating the reasons why the trial balance does not balance you discover the following: (i) The bookkeeper had included the non-current assets at their net book value at 31 March 2011 and also included the accumulated depreciation to 31 March 2010 in the above trial balance. (ii) The closing inventory of $56,900 at 31 March 2011 had been added to purchases to give the figure in the above trial balance. No other entries had been made for inventory. (iii) Discounts received and allowed were each included on the wrong side of the trial balance. (iv) New fixtures costing $10,000 were included in error in expenses. (v) Accrued expenses of $500 were included as a credit to accrued expenses account but no other entry was made. (vi) Drawings in the form of purchases for own use of $1500 had been included in drawings but no other entry had been made. (a) Prepare a suspense account showing the entries needed to rectify the above errors. (9 marks) (b) Prepare a corrected trial balance after the errors have been adjusted. (11 marks) (Total 20 marks)

12 12 Part C Answer this question Question 8 Tallin Co is a limited liability company. The following trial balance has been extracted from its accounting records at 31 March 2011: Inventory at 1 April ,040 $ 000 $ 000 Retained earnings at 1 April Land at cost 31,680 Buildings at cost 70,425 Buildings accumulated depreciation at 1 April ,008 Plant and equipment at cost 20,458 Plant and equipment accumulated depreciation at 1 April ,344 Motor vehicles at cost 8,717 Motor vehicles accumulated depreciation at 1 April ,659 Trade receivables and payables 6,738 8,036 Revenue and purchases 93, ,760 6% Loan notes repayable 2011/14 10,000 Ordinary 50c shares 48,000 Loan interest paid 300 Dividend paid 480 Distribution expenses 7680 Administrative expenses Bank 6,845 Provision for doubtful receivables , ,460

13 13 The following information is also available: (i) The inventories at 31 March 2011 amount to $12,899,000. (ii) Depreciation is to be charged as follows: o Buildings 2% on a straight line basis o Plant and equipment 15% on a straight line basis o Motor vehicles 25% on the reducing balance basis. (iii) Use of the buildings and plant and equipment is apportioned as to 50% for cost of sales; 30% administrative and 20% distribution costs. (iv) Motor vehicles usage is 80% distribution costs and 20% administrative costs. (v) The estimated taxation charge for the year is $3,000,000. (vi) Half the interest on loan notes has not yet been paid. (vii) Half the loan notes are due to be repaid later in 2011; the remaining amount will be repaid in (viii) Irrecoverable debts of $10,000 are to be written off and it is estimated that 3% of remaining debts will be irrecoverable. (ix) Accrued expenses and prepayments at 31 March 2011 are as follows: Accrued expenses $ 000 Prepayments $ 000 Cost of sales Distribution costs Administrative expenses For Tallin Co - prepare the statement of comprehensive income for the year ended 31 March 2011 and a statement of position at that date. (Total 30 marks)

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