CORPORATE ACCOUNTING EXERCISES (these exercises can be used as tests if teachers wish to assess elements of this topic separately)

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1 CORPORATE ACCOUNTING EXERCISES (these exercises can be used as tests if teachers wish to assess elements of this topic separately) 1 The Trial Balance of Samcat Holdings Ltd at the end of the last financial year contained the following balances after all balance day adjustments had been made. Trial Balance of ledger of Samcat Holdings Ltd as at 30/6/10 (extract) Dr Cr Bad debts 3 Cost of sales Depreciation of delivery vehicles 113 Depreciation of office furniture & equipment 24 Discount allowed 8 Discount received 11 Freight inwards 289 Gains on foreign exchange transactions 22 General office expenses 124 Insurance 35 Interest expense 12 Office wages and salaries 357 Repair & maintenance of delivery vehicles 24 Sales Sales commissions 268 Sales wages & salaries 693 Additional information a. The business classifies its expenses under the headings Selling & distribution, Financial expenses and General expenses. b. During the year the company revalued its land and buildings upwards by $ c. Income tax is to be provided at a rate of 30% of the operating profit. Required Produce a Statement of comprehensive income for Samcat Holdings Ltd for the year ended 30/6/10. 2 At the end of its financial year on 31 December 2010, Furball Enterprises Limited has produced the following Trial Balance after determining the profit for the year. Trial Balance of ledger of Furball Enterprises as at 31/12/10 Dr Cr Accounts payable 45 Accounts receivable 79 Accrued expenses 28 Accumulated depreciation, buildings 267 Accumulated depreciation, machinery 192 Accumulated depreciation, office furniture & equipment 38 Asset revaluation reserve 800 Buildings, at cost 2450 Cash at bank 62 DETSS Accounting & Finance 3A: Sample teaching programme 1

2 Debentures (2012) 500 General reserve 420 Goodwill 440 GST payable 12 Income tax payable 206 Interim dividend 175 Inventory 370 Land, at cost 2400 Machinery, at cost 857 Office furniture & equipment, at cost 89 Prepaid insurance 31 Profit & loss summary 483 Allowance for doubtful debts 2 Retained earnings 90 Share capital 4000 Share issue costs 50 Short-term cash deposit Additional information Share capital consists of 4 million ordinary shares issued at 50 cents, 1 million ordinary shares issued at $1.50, and % Preference shares issued at $5. The share issue costs relate to the ordinary shares issued at $1.50. The directors have resolved that $ be transferred from Retained earnings to the General Reserve and also to recommend to shareholders that the preference shareholders be paid their dividend entitlement and that the ordinary shareholders be paid a final dividend of 5 cents per share. Required Produce a statement of financial position for Furball Enterprises Limited as at 31/12/2010, including notes for: Property, plant & equipment Share capital Other components of equity Dividends 3 Moggies Limited has provided you with the following information, Use it to produce a Statement of Changes in Equity in both narrative and tabular formats for the year ended 30/6/10 Share capital at 30/6/ Retained earnings at 30/6/ Shares issued during year Share issue costs 100 General reserve at 30/6/ Revaluation reserve 30/6/ Dividends paid during the year 350 Comprehensive income for the year ended 30/6/ (includes asset revaluation of $ ) Transfer from retained earnings to general reserve at 30/6/ Issue of bonus shares out of revaluation reserve at 30/6/ DETSS Accounting & Finance 3A: Sample teaching programme 2

3 4 Pussover Limited has provided you with the following Trial Balance at the end of the last financial year and some additional information, from which you are required to produce a Statement of Changes in Equity for the company for the year. Trial Balance of the ledger of Pussover Limited as at 30/6/2010 Dr Cr Accounts payable 105 Cash holdings 240 Debentures 750 General Reserve 500 Income tax payable 220 Inventory 720 Land & buildings (net book value) 7800 Plant & equipment (net book value) 415 Retained earnings 480 Revaluation Reserve 1200 Share capital 6000 Share issue costs Additional information The after tax profit for the year was $ $ was transferred from Retained earnings to the General reserve. The company s land holdings were revalued upwards by $ during the year. The final dividends for the previous year of $ were paid in October 2009, and an interim dividend of $ was paid in February million ordinary shares were issued at a price of $2 during the year. The share issue costs relate to this issue. DETSS Accounting & Finance 3A: Sample teaching programme 3

4 CORPORATE ACCOUNTING EXERCISES SOLUTIONS 1 Samcat Holdings Ltd Statement of comprehensive income for year ended 30/6/10 (single statement) Notes Revenue Cost of sales ( ) Gross Profit Other income 1 11 Expenses (excluding finance costs) 2 (1 638) Finance costs (3+8+12) (23) Profit before income tax 281 Income tax expense (281x30%) (84) PROFIT FOR THE PERIOD 197 Other comprehensive income Foreign exchange difference 22 Gains on asset revaluations 300 Other comprehensive income for the period, net of income tax 322 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 519 Notes : 1 Other income Discount received 11 2 Expenses Selling & distribution ( ) General ( ) Samcat Holdings Ltd Statement of comprehensive income for year ended 30/6/10 (two statements) Income Statement for the year ended 30 June 2010 Revenue Cost of sales Gross Profit Other income - discount received 11 Selling & distribution expenses (1 098) General expenses (540) Profit from continuing operations 304 Finance costs (23) Profit before income tax 281 Income tax expense 84 Profit for the period 197 DETSS Accounting & Finance 3A: Sample teaching programme 4

5 Statement of Comprehensive Income for the year ended 30 June 2010 Profit for the period 197 Other comprehensive income Gains on asset revaluations 300 Foreign exchange differences 22 Income tax on other comprehensive income (-) Other comprehensive income for the period, net of income tax 322 Total comprehensive income for the period Furball Enterprises Limited Statement of financial position as at 31/12/10 Notes ASSETS Non-current assets Property, plant & equipment Goodwill Current assets Inventories 370 Trade receivables (79-2) 77 Other current assets 31 Cash & cash equivalents Total assets EQUITY AND LIABILITIES Equity Share capital Retained earnings ( ) 348 Other components of equity ( ) Total equity Non-current liabilities Long-term borrowings 500 Current liabilities Trade and other payables ( ) 85 Current tax payable Total liabilities 791 Total equity and liabilities Notes to the accounts : 1 Property, plant & equipment Land Buildings Accumulated depreciation (267) Plant & equipment (89+857) 946 Accumulated depreciation (192+38) (230) 716 Property, plant & equipment : net book value DETSS Accounting & Finance 3A: Sample teaching programme 5

6 2 Share capital 4 million Ordinary shares issued at 50 cents, fully paid million Ordinary shares issued at $1.50, fully paid % Preference shares issued at $5, fully paid Other components of equity General Reserve (420+50) 470 Asset revaluation reserve Final dividends The directors have recommended the following dividends for the approval of shareholders: Preference shares 11% 55 Ordinary shares 5 cents per share Moggies Limited Statement of changes in equity for year ended 30/6/10 (tabular) Share Capital Retained earnings Revaluation Surplus General Reserve Total Equity Balance at 30 June Changes in equity for the year : Issue of share capital Share issue costs (100) (100) Dividends (350) (350) Total comprehensive income for the year Transfer to General Reserve (100) Bonus share issue 900 (900) - Balance at 30 June Statement of changes in equity for year ended 30/6/10 (narrative form) Profit for the year 590 Gain on revaluation of assets 400 Comprehensive income for the year 990 SHARE CAPITAL Balance at start of year Issue of share capital Share issue costs (100) Issue of bonus shares 900 Balance at end of year OTHER COMPONENTS OF EQUITY Revaluation reserve Balance at start of year 500 Gain on revaluation 400 Funding bonus share issue (900) Balance at end of year - General reserve Balance at start of year 200 Transfer from Retained Earnings 100 Balance at end of year 300 Total other components of equity 300 DETSS Accounting & Finance 3A: Sample teaching programme 6

7 RETAINED EARNINGS Balance at start of year 480 Profit for the period 590 Transfers from Retained Earnings (100) Dividends paid (350) Balance at end of year 620 DETSS Accounting & Finance 3A: Sample teaching programme 7

8 4 Pussover Limited Statement of changes in equity for year ended 30/6/10 (tabular form) Share Capital Retained earnings Revaluation Surplus General Reserve Total Equity Balance at 30 June Changes in equity for the year : Issue of share capital Share issue costs (80) (80) Dividends (300) (300) Total comprehensive income for the year Transfer to General Reserve (200) Balance at 30 June Statement of changes in equity for year ended 30/6/10 (narrative form) Profit for the year 520 Gain on revaluation of assets 600 Comprehensive income for the year SHARE CAPITAL Balance at start of year Issue of share capital Share issue costs (80) Balance at end of year OTHER COMPONENTS OF EQUITY Revaluation reserve Balance at start of year 600 Gain on revaluation 600 Balance at end of year General reserve Balance at start of year 300 Transfer from Retained Earnings 200 Balance at end of year 500 Total other components of equity RETAINED EARNINGS Balance at start of year 460 Profit for the period 520 Transfers from Retained Earnings (200) Dividends paid (300) Balance at end of year 480 DETSS Accounting & Finance 3A: Sample teaching programme 8

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