Accounting. Financial Accounting: Published Final Accounts and Issues of Shares Pack [ADVANCED HIGHER] Anne Duff. abc

Size: px
Start display at page:

Download "Accounting. Financial Accounting: Published Final Accounts and Issues of Shares Pack [ADVANCED HIGHER] Anne Duff. abc"

Transcription

1 Accounting Financial Accounting: Published Final Accounts and Issues of Shares Pack [ADVANCED HIGHER] Anne Duff abc

2 The Scottish Qualifications Authority regularly reviews the arrangements for National Qualifications. Users of all NQ support materials, whether published by LT Scotland or others, are reminded that it is their responsibility to check that the support materials correspond to the requirements of the current arrangements. Acknowledgement Learning and Teaching Scotland gratefully acknowledge this contribution to the National Qualifications support programme for Accounting. First published This publication may be reproduced in whole or in part for educational purposes by educational establishments in Scotland provided that no profit accrues at any stage. ISBN-10: ISBN-13:

3 CONTENTS Published Final Accounts Section 1: Theory notes on Published Final Accounts 5 Section 2: Exercises: Published Final Accounts 17 Section 3: Solutions to exercises 33 Issue of Shares Pack Section 1: Theory notes on Issue of Shares 57 Section 2: Exercises: Issue of Shares 73 Section 3: Solutions to exercises 83 FINANCIAL ACCOUNTING (AH) 3

4 4 FINANCIAL ACCOUNTING (AH)

5 SECTION 1 THEORY NOTES ON PUBLISHED FINAL ACCOUNTS Published accounts of limited companies What are the differences between internal and external reporting? All companies draw up Final Accounts. When the accounts are for internal use only the directors and management can use any layout they consider most suitable to their needs. As well as internal accounts, all limited companies in the UK are required, by law, to produce financial statements which are published and are available for anyone to examine. These accounts must conform to the Companies Act 1985 (as amended by the Companies Act of 1989). The published accounts must be sent to the shareholders, debenture holders etc of a company before the annual general meeting and are discussed at that meeting. A copy of the accounts (Statutory Accounts) is sent to the Registrar of Companies. The Companies Act 1985 sets out the information which must be shown and also states how it should be shown. What are the procedures for forming a plc? The Companies Act generally allows one or more persons to form a company; however, a public company must have at least two subscribers. When forming a company, a memorandum of association and articles of association must be drawn up and sent to the Registrar of Companies with a registration fee. Details of these documents have been covered in your Higher accounting course Another two forms (10 and 12) must also be completed. Form 10 gives details of first directors, etc., and Form 12 is a declaration that the company will comply with all legal requirements. A private company must have at least one director and one secretary, not necessarily fully qualified. A public company must have at least 2 directors and one qualified secretary. It must have a minimum authorised share capital of 50,000. Before it can start business it must have allotted shares valuing at least 50,000. One quarter of the nominal value must be paid up. A newly formed plc must also have received a certificate from Companies House. FINANCIAL ACCOUNTING (AH) 5

6 THEORY NOTES ON PUBLISHED FINAL ACCOUNTS What are the Directors responsibilities (Stewardship) Companies are owned by shareholders, but the responsibility of looking after the affairs of a company is held by the directors. The directors are stewards of limited companies. The directors of a limited company must ensure that the provisions of the Companies Act 1985 are followed. The company director is responsible for ensuring that the statutory accounts are produced and filed with the Registrar of Companies. The company s Board of Directors must approve the annual accounts. The directors must prepare a directors report which must be approved by the board. What are the main provisions of the Companies Act? The main provisions of the Companies Act deal with: 1. What the accounting records must show; 2. What the accounting records must contain. 1. The accounting records must: show and explain the company s transactions disclose with reasonable accuracy at any time the financial position of the company enable the directors to ensure that the company s final accounts comply with the Act and give a true and fair view of the company s financial position. 2. The accounting records must contain: day-to-day entries of money received and paid, together with details of the transactions a record of the company s assets and liabilities details of stock held at the end of the year. 6 FINANCIAL ACCOUNTING (AH)

7 THEORY NOTES ON PUBLISHED FINAL ACCOUNTS What are the main requirements under current accounting practices and statement of principle? As well as ensuring that the main provisions of the Companies Act are followed, companies must also take note of the requirements of the relevant Statements of Standard Accounting Practice (SSAPs) and Financial Reporting Standards (FRSs) as set out by the Accounting Standards Board and the Urgent Issues Task Force (UITF) Abstracts. The requirements of International Accounting Standards must also be observed from 2005 onwards. It is expected that, if the above requirements are met, the financial statements produced will give a true and fair view of the company. What are the Statutory Accounts of a company? The Companies Act requires that the following statements are produced: Profit and loss account Balance sheet Cash flow statement Notes to the accounts Directors report Auditors report Statement of total recognised gains and losses Profit and loss account You are familiar with producing Profit and Loss Accounts for internal use and this is the basis for the preparation of the published version, which does not include as much detail. It is a summarised version. The Companies Act gives a choice of two layouts for this account but the example below shows the most commonly used. The requirements of FRS 3 Reporting Financial Performance must be followed. FINANCIAL ACCOUNTING (AH) 7

8 THEORY NOTES ON PUBLISHED FINAL ACCOUNTS Account for external use Profit and Loss Account of ABC plc for year ending 31 December s 000s Turnover 150 Cost of Sales 90 Gross Profit 60 Distribution Costs 15 Administration Costs Other Operating Income Income from Interest/Dividends 5 50 Interest Payable 2 Profit/Loss ordinary activities 48 Tax on ordinary activities 12 Profit/Loss on ordinary activities after taxation 36 Extraordinary income/expenses (net of tax) 4 Profit/loss for year 32 Transfer to reserves 5 Dividends paid and proposed Retained profit for year 15 8 FINANCIAL ACCOUNTING (AH)

9 THEORY NOTES ON PUBLISHED FINAL ACCOUNTS Turnover is the money derived from the sale of goods and services from the company s ordinary activities. This figure is shown after the deduction of trade discount and VAT. Cost of sales, distribution and administration costs. It is unnecessary to show the details of these amounts. The figures shown should include any depreciation charges which may be split amongst the three headings. Administration expenses include the net figures for discount received and allowed, Bad Debts, changes in Provision for Doubtful Debts, Directors Fees and Audit Charges. Other operating income is any income not resulting from normal trading activities, e.g. profit made from selling assets or rent received from a tenant if the space is surplus to requirements. Income from interest/dividends. This heading includes any dividend received from shares that the company holds in other companies and interest from any amounts lent to other organisations, e.g. government. Interest payable includes any amounts paid on overdrafts, loans and debentures. These amounts should be shown separately. Extraordinary income/expenses are items that do not result from the normal trading activities of the company. They are one-off items which are unlikely to recur, e.g. proceeds from the sale of an antique piece of equipment found in an old store room or the result of the sale of a subsidiary company. Attempt Exercises 1 5 FINANCIAL ACCOUNTING (AH) 9

10 THEORY NOTES ON PUBLISHED FINAL ACCOUNTS Balance Sheet The Companies Act gives a choice of two layouts for published Balance Sheets. The vertical layout is used here. It is similar to the internal layout you are familiar with. Balance Sheet of ABC plc as at 31 December 20 1 (for external use). 000s 000s Fixed Assets Intangible Assets 30 Tangible Assets 640 Investments 400 1,070 Current Assets Stock 85 Debtors 105 Investments - Cash/Bank 25 Prepayments and accrued income Creditors: amounts falling due within one year Trade Creditors 87 Accruals Net Current Assets 106 Total Assets less Current Liabilities 1,176 Creditors: amounts falling due after one year 140 Provisions for liabilities and charges Net Assets 1,036 Capital and Reserves Called-up share capital 800 Share Premium 40 Reserves 196 Equity Shareholders funds 1, FINANCIAL ACCOUNTING (AH)

11 THEORY NOTES ON PUBLISHED FINAL ACCOUNTS Fixed Assets are long-term assets owned for use in the business. Intangible Assets are assets which cannot be seen or touched, e.g. patents, trade marks, goodwill. Only intangible assets that have been bought can be shown in the Balance Sheet, i.e. goodwill built up through trading cannot be shown. Tangible Assets are assets like Buildings, Machinery, Vehicles, etc. Investments include shares in and loans to other businesses which are to be held for more than one year. They are shown at either cost or market value whichever is the lower. Current Assets are short-term assets which are expected to be converted into cash within one year. Calls in arrears are shown here. Creditors: amounts falling due within one year are the current liabilities of the company and include trade creditors, overdraft, other short-term loans, calls in advance, tax due dividends proposed, accruals, etc. Creditors: amounts falling due after more than one year include mortgage, debentures with more than one year to run. Provisions for liabilities and charges include items like possible pension obligations and deferred taxation. Reserves include Revaluation Reserves and Capital Redemption Reserves. Cash flow statement All medium and large limited companies must include a Cash Flow Statement as part of their published accounts. This requirement is stated in FRS 1 Cash Flow Statements, a statement to be looked at in detail when studying that topic. Notes to the accounts The published accounts are generally kept short and simple. Any other details and breakdown of figures that are required by the Companies Act are shown in the accompanying notes to the accounts. These notes include: 1. disclosure of accounting policies used, e.g. relating to depreciation and any changes to these policies 2. explanation of any deviation from accounting standards 3. sources of turnover from different geographical markets 4. details of fixed assets, investments, share capital, debentures and reserves 5. directors emoluments pensions, earnings and other benefits 6. auditors remuneration 7. statement of earnings per share. FINANCIAL ACCOUNTING (AH) 11

12 THEORY NOTES ON PUBLISHED FINAL ACCOUNTS 1. Disclosure of Accounting Policies The basis of this requirement is FRS 18 Accounting policies. Firms should ensure that the policies adopted are the most appropriate to their circumstances so that a true and fair view can be presented. Firms should review their accounting policies regularly to ensure they are still appropriate. If a change is required then this should be explained in the note. The areas requiring accounting policies include: depreciation whether straight-line, reducing balance, etc. stock valuation cost, market value, etc. research and development 2. Deviation from Accounting Standards If, for any reason, the firm has not followed the Accounting Standards then an explanation must be included in the notes. 3. Sources of Turnover A breakdown of Turnover can be shown according to type of product or geographical area, e.g. Analysis of turnover by area: Turnover Profit South of England 2,000, ,000 Midlands 1,250,00 75,000 North of England 1,500,000 90,000 Wales 600,000 40,000 Scotland 850,000 46, Details of fixed assets, investments share capital, debentures and reserves Fixed assets This section gives details of: cost or valuation at beginning and end of year depreciation at beginning and end of year changes during the year. 12 FINANCIAL ACCOUNTING (AH)

13 THEORY NOTES ON PUBLISHED FINAL ACCOUNTS Investments This section gives information on listed investments, i.e. those quoted on stock exchange. cost price additions or disposals during the year market value. Share capital and debentures This section gives information on: authorised and issued capital debentures issued, repayment dates, etc. Reserves The section shows information on: retained profit, revaluation reserve and share premium account opening balances, movements and closing balances. 5. Directors emoluments This section shows: total of directors salaries, fees and bonuses allowances which are taxed benefits in kind. 6. Auditors remuneration This section shows the amount of the fees and expenses paid to the auditors. 7. Statement of earnings per share This states the earnings per share. This topic will be dealt with when doing Ratio Analysis. Attempt Exercises 6 12 FINANCIAL ACCOUNTING (AH) 13

14 THEORY NOTES ON PUBLISHED FINAL ACCOUNTS Directors report A directors report must be prepared and sent to shareholders along with the accounts. There is no recommended layout for this report but it must include: names of directors, their interests in any trading contracts, the number of shares and debentures held at the start of the year a statement of the principal activities of the company a review of the development of the company during the year and details of any likely future developments information on changes in fixed assets, i.e. purchase, sale or valuation of assets details of proposed dividends significant differences between the book value and market value of land and buildings details of proposed dividends details of transfer to reserves particulars of any significant events since the end of the financial year details of political and charitable donations a health and safety statement including employee statistics policy on employment of disabled people details of action taken on employee involvement and consultation policy on payment of creditors. The report is audited along with the final accounts and may be reported upon by the auditors. Auditors report After the preparation of the accounts they must be checked (audited) by an independent firm of professional accountants. Their report the auditors report has three main sections: respective responsibilities of directors and auditors, i.e. the directors are responsible for preparing the accounts while the auditors are responsible for forming an opinion on the accounts basis of opinion, i.e. how the audit was planned and carried out opinion the auditors opinion of the accounts. The auditors check that the accounts give a true and fair view of the company s affairs. Any figures that cause concern are discussed with the directors and often changed. If there is a major disagreement between 14 FINANCIAL ACCOUNTING (AH)

15 THEORY NOTES ON PUBLISHED FINAL ACCOUNTS the firm and the auditors which cannot be resolved, the auditors will qualify their report, i.e. they will give an explanation of why they cannot certify that the accounts give a true and fair view. The auditors also certify that the accounts conform to the requirements of the Companies Act. Statement of recognised gains and losses This statement shows total recognised profits and losses from the profit and loss account together with unrealised profits. Unrealised profits are profits resulting from, for example, the revaluation of fixed assets which would not be shown in the profit and loss account. An example of a statement of recognised gains and losses is shown below: Trial plc Statement of Total Recognised Gains and Losses for year ended 31 December s Profit for year 750 Unrealised surplus on revaluation of assets 240 Total recognised gains for year 990 Do all companies have to file full sets of accounts? Small and medium-sized private companies are permitted to file modified accounts with the Registrar of Companies, however they still must prepare full accounts to present to their members. A small company (turnover less than 2.8m) does not need to file a profit and loss account. The directors report can be shortened and details of directors emoluments are not required. The balance sheet need only show the main asset and liability headings. The required notes on the balance sheet are also abbreviated. A medium-sized company (turnover less than 11.2m) is required to file a profit and loss account but it can start with the Gross Profit figure. Other than this a full set of accounts must be filed. FINANCIAL ACCOUNTING (AH) 15

16 THEORY NOTES ON PUBLISHED FINAL ACCOUNTS The above concessions are for private limited companies only. All public limited companies, no matter of size, must file full accounts. Attempt Exercises FINANCIAL ACCOUNTING (AH)

17 SECTION 2 EXERCISES: PUBLISHED FINAL ACCOUNTS Exercise 1 The following ten items have been taken from the books of RTF plc. Place each item under the correct heading in the box for inclusion in the Profit and Loss Account for distribution to shareholders. Repairs to delivery vehicles Depreciation of fork-lift trucks used in warehouse Audit Fees Fuel for company cars Advertising Warehouse heat and light Bank Interest Discount allowed Carriage In Wages of delivery van drivers Cost of Sales Distribution Costs Administration Costs FINANCIAL ACCOUNTING (AH) 17

18 EXERCISES: PUBLISHED FINAL ACCOUNTS Exercise 2 The following Trading Profit and Loss Accounts have been prepared for internal use by Lee plc. Trading and Profit and Loss Accounts for year ended 31 December Sales 270 Less Cost of Sales: Opening Stock 35 Add Purchases Less Closing Stock Gross Profit 180 Distribution Costs: Advertising 13 Depreciation of Vehicles 8 Wages 30 Selling Expenses 5 56 Administration Costs: Salaries 50 Depreciation of Office Equipment 2 Provision for Doubtful Debts 1 Heat and Light 4 Audit Fees Rent Received 5 67 Debenture Interest 4 Net Profit before Tax 63 Corporation Tax 16 Net Profit after Tax 47 Preference Share Dividend 6 Ordinary Share Dividend Retained Profit for year 21 Add Retained Profit brought forward 9 Retained Profit carried forward 30 You are required to prepare the Profit and Loss Account for the year for distribution to shareholders. 18 FINANCIAL ACCOUNTING (AH)

19 EXERCISES: PUBLISHED FINAL ACCOUNTS Exercise 3 The following Trading and Profit and Loss Accounts have been prepared for internal use by Narsapur plc. Trading and Profit and Loss Accounts for year ended 31 December Sales 3,200 Less Cost of Sales: Opening Stock 320 Add Purchases 920 1,240 Less Closing Stock 220 1,020 Gross Profit 2,180 Distribution Costs: Vehicles Expenses 130 Depreciation of Vehicles 100 Wages 500 Selling Expenses Administration Costs: Salaries 470 Depreciation of Office Equipment 40 Discount Allowed 30 Bad Debts 60 Directors Fees 80 Audit Fees , Discount Received 40 Interest Received 50 Decrease in Provision for Doubtful Debts 20 Profit on Sale of Vehicles Debenture Interest 40 Net Profit before tax 680 Corporation Tax 170 Net Profit after Tax 510 General Reserve 50 Ordinary Share Dividend Retained Profit for year 260 Add Retained Profit brought forward 40 Retained Profit carried forward 300 You are required to prepare the Profit and Loss Account for external use. FINANCIAL ACCOUNTING (AH) 19

20 EXERCISES: PUBLISHED FINAL ACCOUNTS Exercise 4 The following balances have been taken from the ledger of Philips plc at 30 June s Sales 7,170 Purchases 3,300 Returns In 250 Returns Out 410 Stock at Carriage In 65 Warehouse Costs 40 Wages and Salaries 1,599 Selling Expenses 58 Audit Fees 10 Directors Emoluments 12 Rent Received 6 Equipment at cost 1,400 Vehicles at cost 700 Provision for Doubtful Debts Provision for Depreciation Equipment 560 Vehicles 250 Loss on sale of equipment 2 Dividends Received 20 Ordinary dividend paid 300 Profit and loss Balance brought forward FINANCIAL ACCOUNTING (AH)

21 EXERCISES: PUBLISHED FINAL ACCOUNTS Notes 1. Stock at end of year is valued at 470, Depreciation for the year is to be charged as follows: Equipment 15% of cost Vehicles 20% on diminishing balance Depreciation of Equipment is to be charged to Cost of Sales, Distribution and Administration in the ratio of 2:1:2 respectively. Vehicles are used solely for the delivery of goods to customers. 3. Wages and Salaries owing 25,000. Wages and Salaries are to be split between Cost of Sales, Distribution and Administration in the ratio of 3:2:2. 4. Selling Expenses paid in advance 7, Provision for Doubtful Debts is to be increased by 3, Corporation Tax for year is estimated at 448, The Directors propose to: pay a final dividend of 450,000 transfer 200,000 to Reserves You are required to prepare the Profit and Loss Account for year ended 30 June 20 1 for publication. Do not produce Notes to the Accounts but show working notes. FINANCIAL ACCOUNTING (AH) 21

22 EXERCISES: PUBLISHED FINAL ACCOUNTS Exercise 5 The following balances were taken from the ledger of Balmay plc on 31 March s Net Sales 15,010 Opening Stock 940 Net Purchases 6,470 Warehousing Expenses 996 Wages 3,206 Insurance 350 Rent 954 Discounts 24 (Cr) Bad Debts 5 Distribution Expenses 34 Administration Expenses 22 Debenture Interest (half year) 6 Delivery Vehicles at cost 860 Equipment at cost 200 Provision for Depreciation at 1 April 20-0: Delivery Vehicles 360 Equipment 75 Provision for Doubtful Debts at 1 April Investment Income 25 Directors Fees 120 Auditors Fees 80 Profit on Sale of Delivery Vehicles 8 Interim Ordinary Dividend 70 Retained profits brought forward FINANCIAL ACCOUNTING (AH)

23 EXERCISES: PUBLISHED FINAL ACCOUNTS Notes 1. Stock at 31 March 20 1 was valued at 980, Provide for depreciation as follows: Delivery Vehicles 25% on the diminishing balance Equipment 10% on cost Equipment depreciation is to be split as follows Cost of sales 40% Distribution 10% Administration 50% 3. On 31 March 20 1 the following amounts were outstanding Rent 12,000 Debenture Interest 6, On 31 March 20 1 Distribution Expenses of 9,000 were prepaid 5. Rent, Insurance and Wages are to be split 2:2:3 amongst Cost of Sales, Distribution and Administration respectively. 6. Provision for Doubtful Debts is to be increased to 10, Provide for Corporation Tax at the rate of 25% 8. The Directors propose to: Pay Preference dividend of 60,000 Pay a final Ordinary dividend of 70,000 You are required to prepare, from the above information: (a) (b) Trading and Profit and Loss Accounts for the year ended 31March 20 1 for internal use. Profit and Loss Account for the year ended 31 March 20 1 for external use. These accounts should conform to the requirements of the Companies Act. FINANCIAL ACCOUNTING (AH) 23

24 EXERCISES: PUBLISHED FINAL ACCOUNTS Exercise 6 Give 2 examples of items which would be included under each of the following headings in a Balance Sheet for distribution to shareholders. (i) (ii) (iii) (iv) (v) (vi) Intangible assets Tangible assets Investments Creditors: amounts falling due within one year Creditors: amounts falling due after one year Reserves Exercise 7 When preparing Final Accounts for distribution to shareholders state the information which is shown in the following notes to the accounts: (i) (ii) (iii) Disclosure of Accounting Policies Fixed Assets Reserves Exercise 8 Name another 3 notes which could be prepared when completing the Notes to the Accounts. 24 FINANCIAL ACCOUNTING (AH)

25 EXERCISES: PUBLISHED FINAL ACCOUNTS Exercise 9 The following Balance Sheet for internal use has been prepared for Anderson Appliances plc. Balance Sheet as at 31 December Fixed Assets 000s 000s 000s Cost Agg Depn NBV Land and Buildings 500 (150) 650 Machinery Fittings ,046 Investments 35 Intangible Assets Trade Marks 78 Goodwill ,174 Current Assets Stock 89 Debtors (104 10) 94 Prepayments Current Liabilities Bank Overdraft 6 Creditors 53 VAT 26 Accruals 12 Debenture Interest owing 3 Corporation Tax 20 Ordinary Dividend owing Working Capital 49 Total Net Assets 1,223 Long-term Liabilities 10% Debentures 60 Total Net Assets 1,163 financed by Capital and Reserves 200,000 5% 2 Preference Shares ,000 1 Ordinary Shares Reserves Share Premium 50 Revaluation Reserve 150 Profit and Loss ,163 You are required to prepare the Balance Sheet as at 31 December 20 1 for external use. Do not prepare any notes to the accounts. FINANCIAL ACCOUNTING (AH) 25

26 EXERCISES: PUBLISHED FINAL ACCOUNTS Exercise 10 Nairn Products plc have just completed their first year of trading. The following balances have been taken from the ledger after the Trading and Profit and Loss Accounts have been prepared. Trial Balance as at 30 September 20 1 m m Fully paid Issued Capital: Ordinary Shares of Stocks Debtors 14 Bank 8 Creditors 12 Prepayments 6 Accruals 3 Buildings cost 60 Vehicles cost 15 Equipment cost 9 Investments cost 23 Provision for Depreciation Vehicles Provision for Depreciation Equipment Provision for Doubtful Debts Goodwill 2 Patents 8 8% Debentures (2020) 10 Share Premium 25 Tax due 10 Dividends due 10 Retained Profit Notes 1. Buildings are to be revalued at their current estimated market value of 68,000, The market value of Investments is 26,000, The authorised share capital is 150,000,000 1 Ordinary Shares 26 FINANCIAL ACCOUNTING (AH)

27 EXERCISES: PUBLISHED FINAL ACCOUNTS You are required to prepare: (a) (b) (c) The Balance Sheet as at 30 September 20 1 for presentation to the directors of Nairn Products plc. The Balance Sheet at 30 September 20 1 for presentation to the shareholders. Notes to the Accounts to explain (i) Movement of Fixed Assets (ii) Investments (iii) Share Capital and Debentures FINANCIAL ACCOUNTING (AH) 27

28 EXERCISES: PUBLISHED FINAL ACCOUNTS Exercise 11 The following figures were taken from the books of Kuper Krafts plc at 31 December s Sales 23,000 Stock at 1 January (at cost) 3,306 Buildings (cost) 6,400 Land (cost) 600 Vehicles (cost) 1,500 Plant and Machinery (cost) 1,800 Investments (market value 300,000) 250 Goodwill 100 Bank Overdraft 502 Debtors 1,740 Trade Creditors 620 Audit Fees 156 Prepayments 100 Accruals 292 Distribution Expenses 160 Dividends Received 24 Bank Interest 14 Purchases 14,000 Wages and Salaries 3,392 Administration Expenses 2,940 Interim Ordinary Share Dividend 200 Provision for Depreciation (1 January): Buildings 2,200 Vehicles 900 Plant and Machinery 1,100 Issued Share Capital (fully paid): 10,000,000 50p Ordinary Shares 5,000 1,000, % Preference Shares 1,000 Share Premium 540 Profit and Loss Account at 1 January 1,480 Notes 1. Stocks at 31 December were 3,020,000 (at cost). 2. Wages and Salaries should be allocated as follows: Cost of Sales 2,160,000 Administration costs 440,000 Distribution costs 792, FINANCIAL ACCOUNTING (AH)

29 EXERCISES: PUBLISHED FINAL ACCOUNTS 3. Provide for Depreciation on Fixed Assets as follows: Buildings 1% per annum using straight line method Vehicles 25% per annum using reducing balance method Plant and machinery 20% per annum using straight line method 4. Depreciation for the year should be allocated as follows: Buildings Cost of sales 50% Distribution costs 25% Administration costs 25% Plant and machinery Cost of sales 60% Distribution costs 20% Administration costs 20% Vehicles are used for delivery of goods to customers only. 5. Corporation tax on profits for the year is estimated to be 240, The directors propose that: (a) the Preference Share dividend be paid in full (b) a dividend of 5p per share be paid to Ordinary Shareholders. 7. The Authorised Share Capital of the company consists of: 15,000,000 Ordinary Shares of 50p each 2,000,000 8% Preference Shares of 1 each. You are required to: (a) Calculate the total of (i) Costs of sales (ii) Distribution costs (iii) Administration costs (b) Prepare the draft Profit and Loss Account for year ended 31 December 20 1 and a Balance Sheet as at that date for presentation to the shareholders. (Show working notes.) The accounts should conform to the requirements of the Companies Act. (c) Prepare Notes to the Accounts to explain (i) Movement of Tangible Fixed Assets (ii) Disclosure of Accounting Policies. FINANCIAL ACCOUNTING (AH) 29

30 EXERCISES: PUBLISHED FINAL ACCOUNTS Exercise 12 The financial year of Easson Electronics plc ends on 30 June and the following balances were taken from the accounts on 30 June Trial Balance as at 30 June s 000s Issued Share Capital (fully paid): 1,000,000 6% 1 Preference Shares 1,000 10,000,000 1 Ordinary Shares 10,000 Share Premium 360 8% Debentures ( ) 100 Profit and Loss Account Balance at 1 July Sales: Highlands 8,000 Central 14,000 Borders 6,000 Stocks at 1 July ,300 Advertising 120 Bank Charges 12 Purchases 10,000 Carriage on Purchases 82 Trade Marks 245 Directors Fees 1,650 Auditors Fees 89 Insurance 310 Carriage on Sales 150 Wages and Salaries 14,400 Land and Buildings cost 7,000 Equipment cost 800 Fixtures and Fittings cost 450 Provision for Depreciation at 1 July 20 0: Equipment 30 Fixtures and Fittings 25 Trade Debtors 4,180 Trade Creditors 2,100 Provision for Doubtful Debts at 1 July 20 0: 120 Sundry Warehouse Expenses 4 Goodwill 38 Sundry Office Expenses 17 Bank 13 Sundry Selling Expenses 31 41,891 41, FINANCIAL ACCOUNTING (AH)

31 EXERCISES: PUBLISHED FINAL ACCOUNTS Notes 1. Stock at 30 June 20 1 at cost 3,200, Depreciation is charged as follows Equipment 15% per annum on cost Fixtures and Fittings 20% per annum on diminishing balance basis 3. Depreciation is to be charged to Cost of Sales, Distribution and Administration respectively as follows: Equipment 1:1:2 Fixtures and Fittings 2:1:2 4. Provision for Doubtful Debts is to be decreased to 105, Land and Buildings is to be revalued at 7,200, An equipment replacement reserve is to be created with an initial transfer from profits of 50, Provide for the following: Insurance prepaid 10,000 Carriage on sales due 20,000 Debenture Interest for year due Corporation tax at 25% 8. Wages and Salaries and Insurance are to be split equally between Cost of Sales, Distribution and Administration. 9. The Authorised Share capital is 2,000,000 6% Preference Shares and 15,000,000 1 Ordinary Shares. 10. The Directors propose to: (i) Pay the preference share dividend for the year (ii) Pay a final dividend of 8% on ordinary shares (iii) Write down goodwill to zero FINANCIAL ACCOUNTING (AH) 31

32 EXERCISES: PUBLISHED FINAL ACCOUNTS From the Trial Balance and Notes, you are required to: (a) Calculate the totals for Cost of Sales, Distribution Costs and Administration Costs (b) Prepare the Profit and Loss Account for the year ended 30 June 20 1 and a Balance Sheet at that date for external use and to conform, as far as possible, to the requirements of the Companies Act. (c) Prepare Notes to the Account to show Sources of Turnover from different geographical markets and Details of Reserves. Exercise 13 For the above exercise, prepare a Statement of Total Recognised Gains and Losses for year ended 30 June Exercise 14 State five items of information which should be included in the Directors Report. Exercise 15 Name the three main sections of an Auditors Report. 32 FINANCIAL ACCOUNTING (AH)

33 SECTION 3 SOLUTIONS TO EXERCISES Solutions Exercise 1 Cost of Sales Distribution Costs Administration Costs Depreciation of fork Repairs to delivery Audit Fees lift trucks vehicles Warehouse heat and Advertising Fuel for company cars light Carriage In Wages of delivery Bank Interest van drivers Discount allowed Exercise 2 Lee plc Profit and Loss Account for year ended 31 December Turnover 270 Cost of Sales 90 Gross Profit 180 Distribution Costs 56 Administration Costs Other Operating Income 5 67 Income from Interest/Dividends 67 Interest payable 4 Profit on Ordinary activities 63 Tax on ordinary activities 16 Profit on ordinary activities after taxation 47 Transfer to Reserves Dividends paid and proposed Retained profit for year 21 FINANCIAL ACCOUNTING (AH) 33

34 SOLUTIONS TO EXERCISES Exercise 3 Narsapur plc Profit and Loss Account for year ended 31 December Turnover 3,200 Cost of Sales 1,020 Gross Profit 2,180 Distribution Costs 850 Administration Costs (730 ( )) 670 1, Other Operating Income Income from Interest/Dividends Interest payable 40 Profit on Ordinary activities 680 Tax on ordinary activities 170 Profit on ordinary activities after taxation 510 Transfer to Reserves 50 Dividends paid and proposed Retained profit for year FINANCIAL ACCOUNTING (AH)

35 SOLUTIONS TO EXERCISES Exercise 4 Philips plc Profit and Loss Account for year ended 30 June s 000s Turnover 6,920 Cost of Sales 3,925 Gross Profit 2,995 Distribution Costs 647 Administration Costs 573 1,220 1,775 Other Operating Income (6 2) 4 1,779 Income from Interest/Dividends 20 1,799 Interest payable Profit on Ordinary activities 1,799 Tax on ordinary activities 448 Profit on ordinary activities after taxation 1,351 Extra ordinary Income 0 1,351 Transfer to Reserves 200 Dividends paid and proposed Retained profit for year 401 FINANCIAL ACCOUNTING (AH) 35

36 SOLUTIONS TO EXERCISES Working Notes Cost of Sales: Opening Stock 620 Net Purchases (3, ) Closing Stock Carriage In 65 Warehouse costs 40 Depreciation Equipment 84 Wages and Salaries (3/7 1624) Cost of sales 3925 Distribution Costs: Selling Expenses (58 7) 51 Wages and Salaries (2/7 1624) 464 Depreciation Equipment (( %) 1/5) 42 Depreciation Vehicles ( ) 20% Administration Costs: Wages and Salaries (2/7 1624) 464 Depreciation Equipment (( %) 2/5) 84 Provision for Doubtful Debts 3 Directors Emoluments 12 Audit Fees Other Operating Income: Rent Received 6 Loss on Sale of Equipment (2) 4 36 FINANCIAL ACCOUNTING (AH)

37 SOLUTIONS TO EXERCISES Exercise 5(a) Balmay plc Trading and Profit and Loss Accounts (for internal use) for year ended 31 March s 000s 000s Sales 15,010 Less Cost of Sales: Opening Stock 940 Purchases 6,470 7,410 Closing Stock 980 6,430 Warehouse Expenses 996 Rent (2/7 ( )) 276 Insurance (2/7 350) 100 Wages (2/7 3,206) 916 Depreciation Equipment (40% 20) 8 2,296 Cost of Sales 8,726 Gross Profit 6,284 Add: Profit on Sale of Delivery Vans 8 Investment Income 25 Discounts (net) ,341 Less Expenses: Distribution Wages (2/7 3,206) 916 Insurance (2/7 350) 100 Rent (2/7 966) 276 Depreciation Delivery Vans (25% ( )) 125 Depreciation Equipment (10% 20) 2 Distribution Expenses (34 9) 25 1,444 Administration Wages (3/7 3,206) 1,374 Insurance (3/7 3500) 150 Rent (3/7 966) 414 Depreciation Equipment (50% 20) 10 Administration Expenses 22 Bad Debts 5 Directors Fees 120 Auditors Fees 80 FINANCIAL ACCOUNTING (AH) 37

38 SOLUTIONS TO EXERCISES Increase in Provision for Doubtful Debts 2 2,177 Debenture Interest 12 3,633 Net profit before Tax 2,708 Corporation Tax 677 2,031 Preference Share Dividend 60 Ordinary Share Dividend ( ) Retained Profit for year 1,831 Retained profit brought forward 185 Retained profit 2, FINANCIAL ACCOUNTING (AH)

39 SOLUTIONS TO EXERCISES Exercise 5(b) 000s 000s Turnover 15,010 Cost of Sales 8,726 Gross Profit 6,284 Distribution Costs* 1,420 Administration Costs 2,177 3,597 2,687 Other Operating Income 8 2,695 Income from Interest/Dividends 25 2,720 Interest payable 12 Profit on ordinary activities 2,708 Tax on ordinary activities 677 Profit on ordinary activities after taxation 2,031 Extra-ordinary Income 0 2,031 Transfer to Reserves 0 Dividends paid and proposed Retained profit for year 1,831 * Working Note Distribution Costs 1,444 Less Net Discounts 24 1,420 FINANCIAL ACCOUNTING (AH) 39

40 SOLUTIONS TO EXERCISES Exercise 6 Items included in (i) (ii) (iii) (iv) (v) (vi) Intangible Assets patents, trade marks, goodwill. Tangible Assets Land, Buildings, Vehicles, Machinery, Plant, Equipment, Fittings, etc. Investments shares in other organisations, loans to other businesses (if they have more than one year to run). Creditors: amounts falling due within one year creditors, bank overdraft, other short term loans, call sin advance, accruals, dividends due, tax due. Creditors: amounts falling due after one year debentures, loans with more than one year to run, mortgages. Reserves revaluation reserves, capital redemption reserves; unappropriated profits. Exercise 7 (i) Disclosure of Accounting Policies This note should give details on the following: depreciation whether straight-line, reducing balance, etc. (no actual figures are required) stock valuation cost, market value, etc. research and development any changes in these policies (ii) Fixed Assets This section gives details of: cost or valuation at beginning and end of year depreciation at beginning and end of year changes during the year (iii) Reserves The section shows information on: retained profit, revaluation reserve and share premium account opening balances, movements and closing balances 40 FINANCIAL ACCOUNTING (AH)

41 SOLUTIONS TO EXERCISES Exercise 8 Other notes include: deviation from accounting standards sources of turnover details of share capital, debentures and investments Directors Emoluments Auditors Remuneration Statement of earnings per share Note Any other relevant notes will be accepted although knowledge of them is not required for this course. FINANCIAL ACCOUNTING (AH) 41

42 SOLUTIONS TO EXERCISES Exercise 9 Anderson Appliances plc 000s 000s Fixed Assets Intangible Assets 93 Tangible Assets 1,046 Investments 35 1,174 Current Assets Stocks 89 Debtors 94 Investments Cash/Bank Prepayments and accrued Income Creditors: amounts falling due within one year Bank Overdraft 6 Creditors 53 VAT 26 Accruals 12 Debenture Interest owing 3 Corporation Tax 20 Ordinary Dividend owing Net Current Assets 49 Total Assets less Current Liabilities 1,223 Creditors: amounts falling due after one year 60 Provisions for liabilities and charges 60 Net Assets 1,163 Capital and Reserves Called-up Share Capital 900 Share Premium 50 Reserves 213 Equity Shareholders Funds 1, FINANCIAL ACCOUNTING (AH)

43 SOLUTIONS TO EXERCISES Exercise 10(a) Nairn Products plc Balance Sheet as at 30 September 20 1 m m m Fixed Assets Cost Agg Depn NBV Buildings 60 (8) 68 Vehicles Equipment (5) 89 Investments 23 Intangible Assets Patents 8 Goodwill Current Assets Stocks 35 Debtors 14 Less Provision for Doubtful Debts 1 13 Bank 8 Prepayments 6 62 Current Liabilities Creditors 12 Accruals 3 Tax due 10 Dividends due Working Capital % Debentures 10 Total Net assets 139 financed by: Capital and Reserves 1 Ordinary Shares 100 Share Premium 25 Building Revaluation Reserve 8 Retained Profits 6 Shareholders interest 139 FINANCIAL ACCOUNTING (AH) 43

44 SOLUTIONS TO EXERCISES Exercise 10(b) Nairn Products plc Balance Sheet (for external use) as at 30 September 20 1 m m Fixed Assets Intangible Assets 10 Tangible Assets 89 Investments Current Assets Stocks 35 Debtors 13 Investments Cash/Bank 8 Prepayments and accrued Income 6 62 Creditors: amounts falling due within one year Creditors 12 Accruals 3 Dividends due 10 Tax due Net Current Assets 27 Total Assets less Current Liabilities 149 Creditors: amounts falling due after one year 10 Provisions for liabilities and charges 10 Net Assets 139 Capital and Reserves Called-up Share Capital 100 Share Premium 25 Reserves 14 Equity Shareholders Funds FINANCIAL ACCOUNTING (AH)

45 SOLUTIONS TO EXERCISES Exercise 10(c) Notes to the Accounts Tangible Assets Buildings Vehicles Equipment Total m m m m Cost at Additions Revaluations 8 8 Disposals At Depreciation at Charge for year At NBV at NBV at Intangible Assets Goodwill Patents Total m m m Cost Value Investments Purchased during year (cost) 23m Market value at 30 September m Share Capital and Debentures Authorised Share Capital 150,000,000 1 Ordinary Shares Debentures 8 % 10,000,000 (Repayable 2020) FINANCIAL ACCOUNTING (AH) 45

46 SOLUTIONS TO EXERCISES Exercise 11(a) Kuper Krafts plc Cost of Sales Administration Costs Opening Stocks 3,306 Audit Fees 156 Purchases 14,000 Bank Interest 14 17,306 Wages and Salaries 440 Closing Stocks 3,020 Admin Expenses 2,940 14,286 Depreciation: Wages and Salaries 2,160 Buildings 16 Depreciation: Plant and Machinery 72 Buildings (50% 64) 32 Admin Costs 3,638 Plant and Machinery (60% 360) 216 Cost of sales 16,694 Distribution Costs Distribution Expenses 160 Depreciation: Buildings (25% 64) 16 Vehicles (25% ( )) 150 Plant and Machinery (20% 360) 72 Wages and Salaries 792 Distribution Costs 1, FINANCIAL ACCOUNTING (AH)

47 SOLUTIONS TO EXERCISES Exercise 11(b) Kuper Krafts plc Profit and Loss Account for year ended 31 December s 000s Turnover 23,000 Cost of Sales 16,694 Gross Profit 6,306 Distribution Costs 1,190 Administration Costs (3,638 14) 3,624 4,814 1,492 Other Operating Income 0 1,492 Income from Interest/Dividends 24 1,516 Interest payable 14 Profit on ordinary activities 1,502 Tax on ordinary activities 240 Profit on ordinary activities after taxation 1,262 Extra-ordinary Income 0 1,262 Transfer to Reserves 0 Dividends paid and proposed ( ) Retained profit for year 482 FINANCIAL ACCOUNTING (AH) 47

48 SOLUTIONS TO EXERCISES Balance Sheet as at 31 December s 000s Fixed Assets Intangible Assets 100 Tangible Assets 5,526 Investments 250 5,876 Current Assets Stocks 3,020 Debtors 1,740 Investments 0 Cash/Bank 0 Prepayments and accrued Income 100 4,860 Creditors: amounts falling due within one year Bank Overdraft 502 Trade Creditors 620 Accruals 292 Tax 240 Preference Share Dividend 80 Final Ordinary Dividend 500 2,234 Net Current Assets 2,626 Total Assets less Current Liabilities 8,502 Creditors: amounts falling due after one year 0 Provisions for liabilities and charges 0 0 Net Assets 8,502 Capital and Reserves Called-up Share Capital 6,000 Share Premium 540 Reserves (1, ) 1,962 Equity Shareholders Funds 8, FINANCIAL ACCOUNTING (AH)

49 SOLUTIONS TO EXERCISES Exercise 11(c) Notes to the accounts (i) Movement of Tangible Fixed Assets Land Buildings Vehicles Plant and Total Machinery 000s 000s 000s 000s 000s Cost at ,400 1,500 1,800 3,900 Additions Revaluations Disposals At ,400 1,500 1,800 10,300 Depreciation at , ,100 4,200 Charge for year At ,264 1,050 1,460 4,774 NBV at , ,100 NBV at , ,526 (ii) Disclosure of the accounting policies Fixed Asset Buildings Plant and Machinery Vehicles Method of Depreciation Straight line Straight line Diminishing Stock is valued at cost. There have been no changes in accounting policies. FINANCIAL ACCOUNTING (AH) 49

50 SOLUTIONS TO EXERCISES Exercise 12(a) Easson Electronics plc Cost of Sales 000s 000s Opening Stock 2,300 Purchases 10,000 Carriage 82 12,382 Closing Stock 3,200 9,182 Depreciation: Equipment 30 Fixtures and Fittings 34 Warehouse Expenses 4 Wages and Salaries 4,800 Insurance 100 4,968 14,150 Distribution Costs 000s Advertising 120 Insurance 100 Carriage on Sales 170 Wages and Salaries 4,800 Depreciation: Equipment 30 Fixtures and Fittings 17 Selling Expenses 31 5,268 Administration Costs 000s Bank Charges 12 Directors Emoluments 1,650 Auditors Fees 89 Insurance 100 Wages and Salaries 4,800 Depreciation: Equipment 60 Fixtures and Fittings 34 Office Expenses 17 Decrease in Provision for Doubtful Debts (15) 6, FINANCIAL ACCOUNTING (AH)

51 SOLUTIONS TO EXERCISES Exercise 12(b) Profit and Loss Account for year ended 30 June s 000s Turnover 28,000 Cost of Sales 14,150 Gross Profit 13,850 Distribution Costs 5,268 Administration Costs 6,747 12,015 1,835 Other Operating Income 0 1,835 Income from Interest/Dividends 0 1,835 Interest payable 8 Profit on ordinary activities 1,827 Tax on ordinary activities 457 Profit on ordinary activities after taxation 1,370 Extra-ordinary Income 0 1,370 Transfer to Reserves 50 Goodwill 38 Dividends paid and proposed ( ) Retained profit for year 422 FINANCIAL ACCOUNTING (AH) 51

52 SOLUTIONS TO EXERCISES Balance Sheet as at 30 June s 000s Fixed Assets Intangible Assets 245 Tangible Assets* 8,190 Investments 0 8,435 Current Assets Stocks 3,200 Debtors 4,075 Investments 0 Cash/Bank 13 Prepayments and accrued Income 10 7,298 Creditors: amounts falling due within one year Trade Creditors 2,100 Accruals 20 Debenture Interest 8 Tax 457 Dividends due 860 3,445 Net Current Assets 3,853 Total Assets less Current Liabilities 12,288 Creditors: amounts falling due after one year 100 Provisions for liabilities and charges Net Assets 12,188 Capital and Reserves Called-up Share Capital 11,000 Share Premium 360 Reserves 828 Equity Shareholders Funds 12,188 * Land and Equipment Fixtures and Total Buildings Fittings Cost 7, ,250 Revaluation 200 Depreciation Depreciation for year Depreciation NBV at , , FINANCIAL ACCOUNTING (AH)

53 SOLUTIONS TO EXERCISES Exercise 12(c) Note to the Accounts Sources of Turnover Area Turnover ( 000s) Highlands 8,000 Central 14,000 Borders 6,000 Total 28,000 Details of Reserves 000s Retained Profits at Retained Profits for year 422 Retained Profits at Revaluation of Land and Buildings at Equipment Replacement Reserve at Total Reserves at Exercise 13 Statement of Total Recognised Gains and Losses For year ended 30 June s Profit for the financial year 1,370 Unrealised surplus on revaluation of buildings 200 Total recognised gains 1,570 Prior year adjustments 0 Total gains and losses for year 1,570 FINANCIAL ACCOUNTING (AH) 53

54 SOLUTIONS TO EXERCISES Exercise 14 Items of information included in Directors Report: names of directors, their interests in any trading contracts, the number of shares and debentures held at the start of the year statement of the principal activities of the company a review of the development of the company during the year and details of any likely future developments information on changes in fixed assets, i.e. purchase, sale or valuation of assets details of proposed dividends significant differences between the book value and market value of land and buildings details of proposed dividends details of transfer to reserves particulars of any significant events since the end of the financial year details of political and charitable donations a health and safety statement including employee statistics policy on employment of disabled people details of action taken on employee involvement and consultation policy on payment of creditors. Exercise 15 The three main sections of the Auditors Report are: respective responsibilities of directors and auditors, i.e. the directors are responsible for preparing the accounts while the auditors are responsible for forming an opinion on the accounts basis of opinion, i.e. how the audit was planned and carried out opinion the auditors opinion of the accounts. 54 FINANCIAL ACCOUNTING (AH)

55 Accounting Financial Accounting: Issues of Shares Pack [ADVANCED HIGHER] Anne Duff abc

56 SECTION 1 THEORY NOTES ON ISSUE OF SHARES Theory notes on issue of shares Introduction Limited companies raise capital by issuing shares. The people buying these shares become shareholders. Shareholders receive part of the company s annual profit in the form of dividends. The liability of a shareholder is limited to the value of the shares owned and private possessions cannot be used to pay the debts of the company. The two main types of shares are Ordinary Shares (Equity) and Preference Shares. Ordinary Shares carry more risk as the dividends can vary and if the company is not performing well then the Ordinary shareholders may receive no dividend. However, when a company is prospering the Ordinary shareholders stand to obtain substantial rewards. Ordinary shareholders have no say in the day-to-day running of the business. They are, however, able to vote at the Annual General Meeting of the company and can influence the election of the board of directors who manage the company. Preference Shares carry less risk because they are issued at a fixed rate of dividend, e.g. 6%, which means that no matter how well the company is doing, the shareholders will receive the same dividend. Preferences shareholders have no voting rights but if a company goes into liquidation their capital will be paid back before that of the Ordinary shareholders. How many shares can a company issue? The Memorandum of Association, one of the statutory documents of a company, must state the Authorised Share Capital of the company. This is the maximum amount of Ordinary and Preference share capital that can be issued. It is not necessary for a company to issue all of its authorised capital at one time. The part that is actually issued is called the Issued Share Capital. The shares are given a face value, i.e. Ordinary shares of 1 each. This is often referred to as the nominal or par value of the shares. FINANCIAL ACCOUNTING (AH) 57

Large Company Limited. Report and Accounts. 31 December 2009

Large Company Limited. Report and Accounts. 31 December 2009 Registered number 123456 Large Company Limited Report and Accounts 31 December 2009 Report and accounts Contents Page Company information 1 Directors' report 2 Statement of directors' responsibilities

More information

Small Company Limited. Report and Accounts. 31 December 2007

Small Company Limited. Report and Accounts. 31 December 2007 Registered number 123456 Small Company Limited Report and Accounts 31 December 2007 Report and accounts Contents Page Company information 1 Directors' report 2 Accountants' report 3 Profit and loss account

More information

Jones Sample Accounts Limited. Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements

Jones Sample Accounts Limited. Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements Period of accounts Start date: 1st June 2008 End date: 31st May 2009 Contents of the

More information

Jones Sample Accounts Limited. Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements

Jones Sample Accounts Limited. Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements Period of accounts Start date: 1st June 2009 End date: 31st May 2010 Contents of the

More information

Teacher Resource Bank

Teacher Resource Bank Teacher Resource Bank GCE Accounting Other Guidance: ACCN2 Update on IAS ACCN3 Updates on IAS (July 2012). The Assessment and Qualifications Alliance (AQA) is a company limited by guarantee registered

More information

SUGGESTED LAYOUTS FOR FINANCIAL STATEMENTS

SUGGESTED LAYOUTS FOR FINANCIAL STATEMENTS Appendix 2 SUGGESTED LAYOUTS FOR FINANCIAL STATEMENTS These layouts are suggestions only and are not prescriptive. Other suitable alternatives which conform to the general principles of FRS 102 will be

More information

INTERNATIONAL ACCOUNTING STANDARDS. CIE Guidance for teachers of. 7110 Principles of Accounts and. 0452 Accounting

INTERNATIONAL ACCOUNTING STANDARDS. CIE Guidance for teachers of. 7110 Principles of Accounts and. 0452 Accounting www.xtremepapers.com INTERNATIONAL ACCOUNTING STANDARDS CIE Guidance for teachers of 7110 Principles of Accounts and 0452 Accounting 1 CONTENTS Introduction...3 Use of this document... 3 Users of financial

More information

Chart of Accounts AA Corp Tax 0000-1020 / page 1. Sales. Income from participating interests. Income from other fixed asset investments

Chart of Accounts AA Corp Tax 0000-1020 / page 1. Sales. Income from participating interests. Income from other fixed asset investments 0000-1020 / page 1 0000 Sales 0001 Sales type A 0002 Sales type B 0003 Sales type C 0004 Sales type D 0005 Sales type E 0006 Sales type F 0007 Sales type G 0008 Sales type H 0009 Sales type I 0100 UK sales

More information

ACCOUNTS PRODUCTION OPEN SANS FONT FOR 2013 TAXCALC HUB AND ACCOUNTS PRODUCTION CHART OF ACCOUNTS - LIMITED COMPANY

ACCOUNTS PRODUCTION OPEN SANS FONT FOR 2013 TAXCALC HUB AND ACCOUNTS PRODUCTION CHART OF ACCOUNTS - LIMITED COMPANY OPEN SANS FONT FOR 2013 TAXCALC HUB AND ACCOUNTS PRODUCTION CHART OF ACCOUNTS - LIMITED COMPANY Contents Sales 1 Other Operating Income 1 Income from Shares in Group Undertakings 1 Income from Participating

More information

Ford Computer Systems Ltd ACCOUNTS FOR THE YEAR ENDED 30/06/2005

Ford Computer Systems Ltd ACCOUNTS FOR THE YEAR ENDED 30/06/2005 Registered number: 1111111 ACCOUNTS FOR THE YEAR ENDED 30/06/2005 Prepared By: Bloggs & Co ACCOUNTS FOR THE YEAR ENDED 30/06/2005 DIRECTORS D G Ford SECRETARY S J Ford REGISTERED OFFICE 65 High Street

More information

Coimisiún na Scrúduithe Stáit State Examinations Commission. Leaving Certificate 2014. Marking Scheme. Accounting. Higher Level

Coimisiún na Scrúduithe Stáit State Examinations Commission. Leaving Certificate 2014. Marking Scheme. Accounting. Higher Level Coimisiún na Scrúduithe Stáit State Examinations Commission Leaving Certificate 2014 Marking Scheme Accounting Higher Level Note to teachers and students on the use of published marking schemes Marking

More information

2013 Accounting. Higher - Solutions. Finalised Marking Instructions

2013 Accounting. Higher - Solutions. Finalised Marking Instructions 2013 Accounting Higher - Solutions Finalised Marking Instructions Scottish Qualifications Authority 2013 The information in this publication may be reproduced to support SQA qualifications only on a non-commercial

More information

Small Company Limited. Abbreviated Accounts. 31 December 2007

Small Company Limited. Abbreviated Accounts. 31 December 2007 Registered number 123456 Small Company Limited Abbreviated Accounts 31 December 2007 Abbreviated Balance Sheet as at 31 December 2007 Notes 2007 2006 Fixed assets Intangible assets 2 Tangible assets 3

More information

PREPARING FINAL ACCOUNTS. part

PREPARING FINAL ACCOUNTS. part 15_1312MH_CH09 27/1/05 8:38 am Page 87 PREPARING part 3 FINAL ACCOUNTS 9 The final accounts of sole traders 10 Accounting principles, concepts and policies 11 Depreciation and fixed assets 12 Bad debts

More information

BUSINESS ACCOUNTS. sample documents. sourced from www.osbornebooks.co.uk

BUSINESS ACCOUNTS. sample documents. sourced from www.osbornebooks.co.uk BUSINESS ACCOUNTS sample documents sourced from www.osbornebooks.co.uk Sample documents document page invoice 3 statement 4 double-entry accounts 5 cash book 6 petty cash book 7 extended trial balance

More information

Suggested layouts for financial statements in Accounting Courses National 5 and Higher

Suggested layouts for financial statements in Accounting Courses National 5 and Higher Suggested layouts for financial statements in Accounting Courses National 5 and Higher The following suggested layouts may be used when presenting financial statements in the Accounting Courses for National

More information

Registered No. xxxx. * Electrical Contracting Limited is a small company as defined by Section 350 of the Companies Act 2014.

Registered No. xxxx. * Electrical Contracting Limited is a small company as defined by Section 350 of the Companies Act 2014. (SMALL COMPANY*) DIRECTORS REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2014 Registered No. xxxx * Electrical Contracting Limited is a small company as defined by Section 350 of the Companies Act

More information

Williams Grand Prix Holdings PLC

Williams Grand Prix Holdings PLC Registration number: 07475805 Williams Grand Prix Holdings PLC Condensed Consolidated Financial Statements for the 6 month period ended Consolidated Profit and Loss Account for the 6 Months Ended Note

More information

6. Show all your workings. icpar

6. Show all your workings. icpar CERTIFIED PUBLIC ACCOUNTANT FOUNDATION LEVEL 1 EXAMINATION F1.3: FINANCIAL ACCOUNTING MONDAY: 10 JUNE 2013 INSTRUCTIONS: 1. Time Allowed: 3 hours 15 minutes (15 minutes reading and 3 hours writing). 2.

More information

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

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

More information

Paper F3. Financial Accounting. Specimen Exam applicable from June 2014. Fundamentals Level Knowledge Module

Paper F3. Financial Accounting. Specimen Exam applicable from June 2014. Fundamentals Level Knowledge Module Fundamentals Level Knowledge Module Financial Accounting Specimen Exam applicable from June 2014 Time allowed: 2 hours This paper is divided into two sections: Section A ALL 35 questions are compulsory

More information

CASH FLOW STATEMENT. MODULE - 6A Analysis of Financial Statements. Cash Flow Statement. Notes

CASH FLOW STATEMENT. MODULE - 6A Analysis of Financial Statements. Cash Flow Statement. Notes MODULE - 6A Cash Flow Statement 30 CASH FLOW STATEMENT In the previous lesson, you have learnt various types of analysis of financial statements and its tools such as comparative statements, common size

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

ELECTRICAL CONTRACTING LIMITED (AUDIT EXEMPT COMPANY*) DIRECTORS REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2014. Registered No.

ELECTRICAL CONTRACTING LIMITED (AUDIT EXEMPT COMPANY*) DIRECTORS REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2014. Registered No. (AUDIT EXEMPT COMPANY*) DIRECTORS REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2014 Registered No. xxxx * Electrical Contracting Limited is a small company as defined by the Companies Act 2014

More information

For the year ended 31 March 2012 Registered number: 4930453

For the year ended 31 March 2012 Registered number: 4930453 Financial Statements British Waterways Marinas Limited Registered number: 4930453 Company Information Directors Darren Bramhall Brian Casey Derek Newton Philip M Ridal Julie A Sharman Christopher Warren

More information

CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION)

CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION) CENTRE FOR CONTINUING EDUCATION BBA (AVIATION OPERATION) BATCH: SEMESTER: NAME: ROLL NO: ASSIGNMENT 1 & 2 FOR BUSINESS ACCOUNTING BBCF 131 UNIVERSITY OF PETROLEUM & ENERGY STUDIES Assignment-1 Note: All

More information

Annual Accounts for the period

Annual Accounts for the period Annual Accounts for the period Period start date To Period end date Charity Name Charity No (if any) Section A Statement of financial activities Descriptions by natural category Note Unrestricted funds

More information

ELECTRICAL CONTRACTING LIMITED (AUDIT EXEMPT COMPANY*) DIRECTORS REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013. Registered No.

ELECTRICAL CONTRACTING LIMITED (AUDIT EXEMPT COMPANY*) DIRECTORS REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013. Registered No. (AUDIT EXEMPT COMPANY*) DIRECTORS REPORT & FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 Registered No. xxxx * Electrical Contracting Limited is a small company as defined by the Companies (Amendment)

More information

Trading Profit and Loss Account

Trading Profit and Loss Account Trading Profit and Loss Account Trading Account The trading account shows the income from sales and the direct costs of making those sales. It includes the balance of stocks at the start and end of the

More information

CARELINE SERVICES LIMITED

CARELINE SERVICES LIMITED Registered number: 03017799 CARELINE SERVICES LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS COMPANY INFORMATION DIRECTORS S Ghosh (appointed 21 June 2010) P Sarkar (appointed 21 June 2010) R C Cooper-Driver

More information

Dhanamitr Factoring Public Company Limited (Formerly: Dhanamitr Factoring Company Limited)

Dhanamitr Factoring Public Company Limited (Formerly: Dhanamitr Factoring Company Limited) Annual financial statements and Audit report of Certified Public Accountant For the years ended 31 December 2005 and 2004 DHANA MITR FACTORING COMPANY LIMITED Notes to Financial Statements (Continued)

More information

WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016

WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016 WIPRO DOHA LLC FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED MARCH 31, 2016 WIPRO DOHA LLC BALANCE SHEET (Amount in ` except share and per share data, unless otherwise stated) As at March 31, 2016

More information

Understanding Annual Reports and Company Accounts

Understanding Annual Reports and Company Accounts Understanding Annual Reports and Company Accounts A Guide to Financial Statements Ian McIsaac www.mcisaac.co.uk 14/04/04 Page 1 of 27 Welcome to this guide to financial statements and company accounts.

More information

C02-Fundamentals of financial accounting

C02-Fundamentals of financial accounting Sample Exam Paper Question 1 The difference between an income statement and an income and expenditure account is that: A. An income and expenditure account is an international term for an Income statement.

More information

COUNCIL FOR THE INDIAN SCHOOL CERTIFICATE EXAMINATIONS P-35,36, Sector VI, Pushp Vihar, New Delhi-110017 NEW DELHI ISC ACCOUNTS

COUNCIL FOR THE INDIAN SCHOOL CERTIFICATE EXAMINATIONS P-35,36, Sector VI, Pushp Vihar, New Delhi-110017 NEW DELHI ISC ACCOUNTS COUNCIL FOR THE INDIAN SCHOOL CERTIFICATE EXAMINATIONS P-35,36, Sector VI, Pushp Vihar, New Delhi-110017 NEW DELHI ISC ACCOUNTS Guidelines pertaining to Revised Schedule VI of Part I & II of Companies

More information

Accounting and Reporting Policy FRS 102. Staff Education Note 14 Credit unions - Illustrative financial statements

Accounting and Reporting Policy FRS 102. Staff Education Note 14 Credit unions - Illustrative financial statements Accounting and Reporting Policy FRS 102 Staff Education Note 14 Credit unions - Illustrative financial statements Disclaimer This Education Note has been prepared by FRC staff for the convenience of users

More information

Consolidated Financial Results for Six Months Ended September 30, 2007

Consolidated Financial Results for Six Months Ended September 30, 2007 Consolidated Financial Results for Six Months Ended September 30, 2007 SOHGO SECURITY SERVICES CO., LTD (URL http://ir.alsok.co.jp/english) (Code No.:2331, TSE 1 st Sec.) Representative: Atsushi Murai,

More information

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS CREDIT UNION REGISTRATION NUMBER 213400 MANCHESTER CREDIT UNION LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2010 HALLIDAYS ACCOUNTANTS LLP Chartered Accountants & Statutory Auditor Riverside

More information

FINAL ACCOUNTS FINAL ACCOUNTS AND THE TRIAL BALANCE

FINAL ACCOUNTS FINAL ACCOUNTS AND THE TRIAL BALANCE 12 FINAL ACCOUNTS For most businesses, the final accounts, which are produced at the end of each financial year, comprise: trading account profit and loss account balance sheet Final accounts can be presented

More information

Management's Responsibility for the Financial Statements

Management's Responsibility for the Financial Statements AIRA Factoring Public Company Limited Report and financial statements 31 December 2012 Independent Auditor's Report To the Shareholders of AIRA Factoring Public Company Limited I have audited the financial

More information

Level 3 Accounting, 2010

Level 3 Accounting, 2010 9 0 5 0 3 R 3 Level 3 Accounting, 2010 90503 Prepare financial statements for partnerships and companies Credits: Six 9.30 am Thursday 25 November 2010 RESOURCE BOOKLET Refer to this booklet to answer

More information

PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS

PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS December 2014 PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS (1) The balance sheet and income statement are in euros, rounded up to integers. Amounts recorded in foreign currencies must be converted into

More information

FINANCIAL REPORTING STANDARD

FINANCIAL REPORTING STANDARD ACCOUNTING STANDARDS BOARD JUNE 2008 FRSSE (EFFECTIVE APRIL 2008) FINANCIAL REPORTING STANDARD FOR SMALLER ENTITIES (EFFECTIVE APRIL 2008) FINANCIAL REPORTING STANDARD ACCOUNTING STANDARDS BOARD Financial

More information

Insurance Broker Guidance Notes

Insurance Broker Guidance Notes Balance Sheet Liabilities 1. Other liabilities include items below: 1.1. Borrowings refers to the amount outstanding including accrued interest in respect of any overdraft arrangements or loans taken by

More information

5. Provisions for decrease in value of marketable securities (-)

5. Provisions for decrease in value of marketable securities (-) Balance sheet ASSETS I. CURRENT ASSETS A. Liquid Assets: 1. Cash. 2. Cheques received. 3. Banks. 4. Cheques given and payment orders (-). 5. Other liquid assets. B. Marketable Securities: 1. Share certificates.

More information

Financial Reporting Standard for Smaller Entities (effective January 2015)

Financial Reporting Standard for Smaller Entities (effective January 2015) Standard Accounting and Reporting Financial Reporting Council July 2013 Financial Reporting Standard for Smaller Entities (effective January 2015) The FRC is responsible for promoting high quality corporate

More information

AUDIT PLAN: RECEIVABLES

AUDIT PLAN: RECEIVABLES Audit procedures for receivables AUDIT PLAN: RECEIVABLES Completeness Agree the balance from the individual sales ledger accounts to the aged receivables listing and vice versa. Match the total of the

More information

JOINT INSOLVENCY EXAMINATION BOARD

JOINT INSOLVENCY EXAMINATION BOARD JOINT INSOLVENCY EXAMINATION BOARD Joint Insolvency Examination Monday 3 November 2008 LIQUIDATIONS (3.5 hours) ANSWER ALL FOUR QUESTIONS QUESTIONS 1 AND 2 CARRY TWENTY MARKS EACH QUESTIONS 3 AND 4 CARRY

More information

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013

HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS MARCH 31, 2013 HARMONIC DRIVE SYSTEMS INC. AND CONSOLIDATED SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ASSETS

More information

David MacBrayne HR (UK) Limited Directors report and financial statements Registered number SC282760 31 March 2010

David MacBrayne HR (UK) Limited Directors report and financial statements Registered number SC282760 31 March 2010 David MacBrayne HR (UK) Limited Directors report and financial statements Registered number SC282760 Contents Directors report 1 Statement of Directors responsibilities 3 Independent auditors report 4

More information

NOBLE CLAIMS SERVICES LIMITED Financial Accounts 2015-02-28

NOBLE CLAIMS SERVICES LIMITED Financial Accounts 2015-02-28 Financial Accounts 2015-02-28 Downloaded from www.datalog.co.uk Company Registration Number: 08269864 (England and Wales) Abbreviated (Unaudited) Accounts Period of accounts Start date: 01st March 2014

More information

CHAPTER 4. Final Accounts

CHAPTER 4. Final Accounts CHAPTER 4 Final Accounts Meaning Preparation of final account is the last stage of the accounting cycle. The basic objective of every concern maintaining the book of accounts is to find out the profit

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information

Directors Report 2013

Directors Report 2013 Directors Report 2013 Iris Insurance Brokers Limited Directors Report for the Year Ended 30 September 2013 Directors Report 2013 Contents Who we are 1 Key developments 1 Operational highlights 1 Financial

More information

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 Unaudited Unaudited Note Turnover 2 5,576 5,803 Other net losses (1) (39) 5,575 5,764 Direct costs and operating expenses (1,910)

More information

ECONOMY PLUMBING AND HEATING LIMITED Financial Accounts 2015-03-31 REGISTERED NUMBER: 04760942 (England and Wales)

ECONOMY PLUMBING AND HEATING LIMITED Financial Accounts 2015-03-31 REGISTERED NUMBER: 04760942 (England and Wales) ECONOMY PLUMBING AND HEATING LIMITED Financial Accounts 2015-03-31 REGISTERED NUMBER: 04760942 (England and Wales) ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2015 FOR ECONOMY PLUMBING AND

More information

CREDIT VALUES CREDIT LIMIT 2,900 CREDIT RATING 2,400

CREDIT VALUES CREDIT LIMIT 2,900 CREDIT RATING 2,400 Business report generated at 16/09/2015 11:56:43 12345678 : SAMPLE LIMITED OVERALL CREDIT SCORE 56 Below Average Risk CREDIT VALUES CREDIT LIMIT 2,900 CREDIT RATING 2,400 KEY SCORE FACTORS 2 POSITIVE 2

More information

STS INTERNATIONAL LIMITED AND SUBSIDIARY COMPANIES DIRECTORS REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

STS INTERNATIONAL LIMITED AND SUBSIDIARY COMPANIES DIRECTORS REPORT AND CONSOLIDATED FINANCIAL STATEMENTS Company Registration No. 04834424 (England and Wales) STS INTERNATIONAL LIMITED DIRECTORS REPORT AND CONSOLIDATED FINANCIAL STATEMENTS COMPANY INFORMATION Directors T Middleton L R Litwinowicz P D Miller

More information

BRYDEN JOHNSON PAYROLL SERVICES LIMITED Financial Accounts 2014-03-31

BRYDEN JOHNSON PAYROLL SERVICES LIMITED Financial Accounts 2014-03-31 Company Registration No. 579002 (England and Wales) DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS COMPANY INFORMATION Directors N J Johnson G B Bull Secretary Mrs J K W Wilding Company number 579002

More information

SIMPLIFIED CONSOLIDATED BALANCE SHEET PROFIT AND LOSS ACCOUNT

SIMPLIFIED CONSOLIDATED BALANCE SHEET PROFIT AND LOSS ACCOUNT SIMPLIFIED CONSOLIDATED BALANCE SHEET PROFIT AND LOSS ACCOUNT SIMPLIFIED CONSOLIDATED BALANCE SHEET ASSETS in thousand euro Year 2002 A. SUBSCRIBED CAPITAL UNPAID 0 0 of which called-up capital ( 0 ) B.

More information

(a) (i) Marking Scheme: 1 mark for definition and 1 mark for example.

(a) (i) Marking Scheme: 1 mark for definition and 1 mark for example. T A S M A N I A N Accounting C E R T I F I C A T E Subject Code ACC5C O F E D U C A T I O N Question 1 T A S M A N I A N Q U A L I F I C A T I O N S A U T H O R I T Y (a) (i) Marking Scheme: 1 mark for

More information

FINANCIAL DISCLOSURES FOR THE QUARTER ENDED JUNE 30, 2013

FINANCIAL DISCLOSURES FOR THE QUARTER ENDED JUNE 30, 2013 REGISTRATION NO 104: DATE OF REGISTRATION WITH IRDA : NOVEMBER 15, 2000 FINANCIAL DISCLOSURES FOR THE QUARTER ENDED JUNE 30, 2013 Form No Description Pages L-01 REVENUE ACCOUNT 2-5 L-02 PROFIT & LOSS ACCOUNT

More information

SHROPSHIRE CHAMBER LIMITED

SHROPSHIRE CHAMBER LIMITED Registered number: 1016036 SHROPSHIRE CHAMBER LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS COMPANY INFORMATION Directors I Davies P Guy N Howarth S D MacVicker D Peden H J Wakefield D Williams K

More information

PART 5. External Reporting and Performance Evaluation. Statements of financial performance and position. Statement of cash flows 19

PART 5. External Reporting and Performance Evaluation. Statements of financial performance and position. Statement of cash flows 19 PART 5 External Reporting and Performance Evaluation Statements of financial performance and position 18 Statement of cash flows 19 Analysis and interpretation of financial statements 20 CHAPTER 18 Statements

More information

Snowsport England Limited

Snowsport England Limited Registration number: 01517634 Snowsport England Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December Stephen W Jones FCA Chartered Accountant &

More information

B. Division of Costs The purpose of a Manufacturing Account is to ascertain Cost of Production ( ).

B. Division of Costs The purpose of a Manufacturing Account is to ascertain Cost of Production ( ). Manufacturing Accounts ( ) S5 Manufacturing Account/LWL A. Function of a Manufacturing Acccount For those businesses which deal with manufacturing products. It is common in today s business to act both

More information

HOST GLOBAL LIMITED Financial Accounts 2014-12-31

HOST GLOBAL LIMITED Financial Accounts 2014-12-31 Company Registration No. 03821675 (England and Wales) ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014 CONTENTS Page Abbreviated balance sheet 1 Notes to the abbreviated accounts 2-3 ABBREVIATED

More information

Turnover between 320,000 and 13,000,000 ( 250,000) and ( 10,000,000)

Turnover between 320,000 and 13,000,000 ( 250,000) and ( 10,000,000) Accounts Information for General Traders Turnover between 320,000 and 13,000,000 ( 250,000) and ( 10,000,000) File Returns and Accounts Information online at www.revenue.ie Revenue On-Line Service Paper

More information

FINANCIAL STATEMENTS-I

FINANCIAL STATEMENTS-I 14 FINANCIAL STATEMENTS-I You have learnt the meaning of the financial statements and the need to prepare these for the business organisations. You have also learnt the format of these statements and the

More information

Chapter. Statement of Cash Flows For Single Company

Chapter. Statement of Cash Flows For Single Company Chapter 4 Statement of Cash Flows For Single Company 4.1 Single company statement of cash flows Statement of cash flows are primary financial statements and are required along side the income statement

More information

1. Parent company accounting policies

1. Parent company accounting policies Financial Statements Notes to the parent company financial statements 1. Parent company accounting policies Basis of preparation The separate financial statements of the Company are presented as required

More information

GCE. Accounting. Mark Scheme for January 2012. Advanced GCE Unit F013: Company Accounts and Interpretation. Oxford Cambridge and RSA Examinations

GCE. Accounting. Mark Scheme for January 2012. Advanced GCE Unit F013: Company Accounts and Interpretation. Oxford Cambridge and RSA Examinations GCE Accounting Advanced GCE Unit F013: Company Accounts and Interpretation Mark Scheme for January 2012 Oxford Cambridge and RSA Examinations OCR (Oxford Cambridge and RSA) is a leading UK awarding body,

More information

Level 2 Book-keeping & Accounts Solutions Booklet

Level 2 Book-keeping & Accounts Solutions Booklet Level 2 Book-keeping & Accounts Solutions Booklet For further information contact us: Tel. +44 (0) 8707 202909 Email. enquiries@ediplc.com www.lcci.org.uk London Chamber of Commerce and Industry (LCCI)

More information

FRS 102 LIMITED. Example Financial Statements For the year ended 31 December 2015

FRS 102 LIMITED. Example Financial Statements For the year ended 31 December 2015 Example Financial Statements Introduction These illustrative financial statements are an example of a group and parent company financial statements prepared for the first time in accordance with FRS 102

More information

For the Year Ended 31 December 2015 Registered number: 04171695

For the Year Ended 31 December 2015 Registered number: 04171695 Financial Statements Heating Plumbing Supplies Limited Registered number: 04171695 Registered number:04171695 Company Information Directors R Walker A Curneen P Wilson A Meadows Company secretary CJ Hewer

More information

CA CPT SAMPLE PAPER FUNDAMENTAL ACCOUNTING (60MARKS)

CA CPT SAMPLE PAPER FUNDAMENTAL ACCOUNTING (60MARKS) CA CPT SAMPLE PAPER FUNDAMENTAL ACCOUNTING (60MARKS) 1. Which of the following provide frame work and accounting policies so that the financial statements of different enterprises become comparable? (a)

More information

Consolidated Financial Results for Fiscal Year 2013 (April 1, 2013 March 31, 2014)

Consolidated Financial Results for Fiscal Year 2013 (April 1, 2013 March 31, 2014) Consolidated Financial Results for Fiscal Year 2013 (April 1, 2013 March 31, 2014) 28/4/2014 Name of registrant: ShinMaywa Industries, Ltd. Stock Exchange Listed: Tokyo Code number: 7224 (URL: http://www.shinmaywa.co.jp

More information

PRELIMINARY RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2015

PRELIMINARY RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2015 Page 1 PRELIMINARY RESULTS FOR HALF YEAR ENDED 30 SEPTEMBER 2015 Reporting Period 6 months to 30 September 2015 Reporting Period 6 months to 30 September 2014 Amount NZ$ 000 Percentage Change % Revenue

More information

THE NATURAL HISTORY MUSEUM TRADING COMPANY LIMITED

THE NATURAL HISTORY MUSEUM TRADING COMPANY LIMITED THE NATURAL HISTORY MUSEUM TRADING COMPANY LIMITED Company No. 2909192 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2011 Company Information Directors Mr Oliver Stocken (Chairman) Mr Daniel Alexander

More information

GUIDE TO FRS 102 DISCLOSURE

GUIDE TO FRS 102 DISCLOSURE GUIDE TO FRS 102 DISCLOSURE in Relate Accounts +353 1 4597800 +44 871 284 3446 info@relate-software.com www.relate-software.com ROI R005 CONTENTS Relate Accounts Introduction...4 Background...4 The Future

More information

TVS Motor Company (Europe) B.V

TVS Motor Company (Europe) B.V TVS Motor Company (Europe) B.V Annual Report 2009-2010 Address: Claude Debussylaan 24 1082 MD Amsterdam Chamber of Commerce : Amsterdam File Number : 34.229.984 1. Management report The management of TVS

More information

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET

ANNUAL RETURN: FORM 1 - FUND BALANCE SHEET ANNUAL RETURN: FORM - FUND BALANCE SHEET 6 Life: SIF - Non-Participating Annex Row No. ASSETS Equity securities A Debt securities B Land and buildings C Loans D Cash and deposits 5 976,9 Other invested

More information

2006 Accounting. Higher Solutions. Finalised Marking Instructions

2006 Accounting. Higher Solutions. Finalised Marking Instructions 2006 Accounting Higher Solutions Finalised Marking Instructions The Scottish Qualifications Authority 2006 The information in this publication may be reproduced to support SQA qualifications only on a

More information

Chart of Accounts - Sole Trader

Chart of Accounts - Sole Trader Chart of Accounts - Sole Trader The basic road map into any accounting system is the chart of accounts. It is this chart that helps establish the information that will be captured by your accounting system,

More information

FINANCIAL STATEMENTS-II

FINANCIAL STATEMENTS-II MODULE - 3 15 FINANCIAL STATEMENTS-II You have learnt that Income Statement i.e. Trading & Profit and Loss Account and Position Statement i.e., Balance Sheet are two financial statements, which are prepared

More information

Registration Number 366326. The Edith Wilkins Street Children Foundation (India) Ltd. Directors' Report and Financial Statements

Registration Number 366326. The Edith Wilkins Street Children Foundation (India) Ltd. Directors' Report and Financial Statements Registration Number 366326 The Edith Wilkins Street Children Foundation (India) Ltd Directors' Report and Financial Statements for the year ended 31 December 2009 Contents Page Directors and other information

More information

Advanced Financial Accounting

Advanced Financial Accounting Advanced Financial Accounting Sample Paper 2 Questions & Suggested Solutions Page 1 of 27 INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must indicate clearly whether they are answering the

More information

EXERCISES LESSON 3 BALANCE SHEET

EXERCISES LESSON 3 BALANCE SHEET DEPARTAMENTO DE CONTABILIDAD Y ECONOMÍA FINANCIERA ESCUELA UNIVERSITARIA DE ESTUDIOS EMPRESARIALES FINANCIAL ACCOUNTING (DIPLOMATURA EN CIENCIAS EMPRESARIALES, 2º CURSO, GRUPO 5) 2008-2009 EXERCISES LESSON

More information

FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - AUGUST 2012 NOTES: You are required to answer Question 1. You are also required to answer any three out of Questions 2 to 5. (If you provide answers to all

More information

WARREN-MORRISON VALVES LIMITED Financial Accounts 2014-12-31

WARREN-MORRISON VALVES LIMITED Financial Accounts 2014-12-31 Company Registration No. 01095795 (England and Wales) UNAUDITED ABBREVIATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 CONTENTS Page Abbreviated balance sheet 1 Notes to the abbreviated accounts

More information

Accounting and Book-keeping Level 3

Accounting and Book-keeping Level 3 Accounting and Book-keeping Level 3 8991-03-003 2012 Sample paper Candidate s name (Block letters please) Centre no Date Time allowed: 2 hours 30 minutes (plus 5 minutes' reading time) Note making is not

More information

STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION. BALANCE SHEET As of

STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION. BALANCE SHEET As of STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION BALANCE SHEET As of ASSETS CURRENT ASSETS Cash and Cash Equivalents Cash - Restricted Accounts Receivable - Trade Accounts Receivable

More information

SESSION 3: COMPANIES FINANCIAL STATEMENTS (THE BALANCE SHEET)

SESSION 3: COMPANIES FINANCIAL STATEMENTS (THE BALANCE SHEET) SESSION 3: COMPANIES FINANCIAL STATEMENTS (THE BALANCE SHEET) KEY CONCEPTS: In this session we will look at: - The Balance Sheet - Notes to the Financial Statements Trading Business X-PLANATION THE BALANCE

More information

Accounting Principles

Accounting Principles Accounting Principles STUDENT STUDY PACK PRBA001 Accounting Principles All rights reserved Revision 1 Contents Week 8: Companies: Share Capital and the Balance Sheet...3 Learning outcomes for this week...3

More information

Accounting and Reporting Policy FRS 102. Staff Education Note 1 Cash flow statements

Accounting and Reporting Policy FRS 102. Staff Education Note 1 Cash flow statements Staff Education Note 1: Cash flow Statements Accounting and Reporting Policy FRS 102 Staff Education Note 1 Cash flow statements Disclaimer This Education Note has been prepared by FRC staff for the convenience

More information

LEGEND ENTERTAINMENT LIMITED 傳 奇 娛 樂 有 限 公 司 (Incorporated in Hong Kong with limited liability)

LEGEND ENTERTAINMENT LIMITED 傳 奇 娛 樂 有 限 公 司 (Incorporated in Hong Kong with limited liability) LEGEND ENTERTAINMENT LIMITED (Incorporated in Hong Kong with limited liability) REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2011 LEGEND ENTERTAINMENT LIMITED Reports and Contents

More information

GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12

GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12 GRAAD 12 NATIONAL SENIOR CERTIFICATE GRADE 12 ACCOUNTING NOVEMBER 2010 MARKS: 300 TIME: 3 hours This question paper consists of 21 pages and an answer book of 19 pages. Accounting 2 DBE/November 2010 INSTRUCTIONS

More information

Report of Independent Auditor To the Shareholders of Capital Nomura Securities Public Company Limited

Report of Independent Auditor To the Shareholders of Capital Nomura Securities Public Company Limited Capital Nomura Securities Public Company Limited Report and financial statements 31 August 2011 and 2010 Report of Independent Auditor To the Shareholders of Capital Nomura Securities Public Company Limited

More information

National Quali cations EXEMPLAR PAPER ONLY

National Quali cations EXEMPLAR PAPER ONLY H National Qualications EXEMPLAR PAPER ONLY EP01/H/01 Accounting Date Not applicable Duration 2 hours Total s 100 SECTION 1 40 s Attempt this question SECTION 2 60 s Attempt ALL questions You may use a

More information

Accruals Accounts Completion Notes

Accruals Accounts Completion Notes Accruals Accounts Completion Notes Section 1 Introduction These guidance notes reflect the requirements for accounting periods ending on or after 1 April 2009. Please refer to our reporting thresholds

More information