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the statement of changes in equity for the year ended 31 october 20x7-凯发娱乐
the statement of changes in equity for the year ended 31 october 20x7
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题型：材料题 难度星级：★★★★ 6.8万热度
the statement of changes in equity for the year ended 31 october 20x7
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you are presented with the following trial balance of malright, a limited liability company, at 31 october 20x7.
dr cr
$'000 $'000
buildings at cost 740
buildings, accumulated depreciation, 1 november 20x6 60
plant at cost 220
plant, accumulated depreciation, 1 november 20x6 110
land at cost 235
bank balance 50
revenue 1,800
purchases 1,105
discounts received 90
returns inwards 35
wages 180
energy expenses 105
inventory at 1 november 20x6 160
trade payables 250
trade receivables 320
administrative expenses 80
allowance for receivables, at 1 november 20x6 10
directors' remuneration 70
retained earnings at 1 november 20x6 130
10% loan notes 50
dividend paid 30
$1 ordinary shares 650
share premium account 80
3,280 3,280
additional information as at 31 october 20x7:
(a) closing inventory has been counted and is valued at $75,000.
(b) the items listed below should be apportioned as indicated.
cost of distribution administrative
sales costs expenses
% % %
discounts received -- -- 100
energy expenses 40 20 40
wages 40 25 35
directors' remuneration -- -- 100
(c) an invoice of $15,000 for energy expenses for october 20x7 has not been received.
(d) loan note interest has not been paid for the year.
(e) the allowance for receivables is to be increased to the equivalent of 5% of trade receivables. anyexpenses connected with receivables should be charged to administrative expenses.
(f) plant is depreciated at 20% per annum using the reducing balance method. the entire charge is to be allocated to cost of sales.
(g) buildings are depreciated at 5% per annum on their original cost, allocated 30% to cost of sales, 30% to distribution costs and 40% to administrative expenses.
(h) income tax has been calculated as $45,000 for the year.
59【论述题】
the statement of profit or loss for the year ended 31 october 20x7
prepare the company's statement of financial position as at 31 december 20x4, complying as far aspossible with ias 1 presentation of financial statements. details of non-current assets, adjusted appropriately, should appear as they are presented in the question.
the draft statement of financial position shown below has been prepared for shuswap, a limited liability company, as at 31 december 20x4：
accumulated carrying
cost depreciation value
$'000 $'000 $'000
assets
non-current assets
land and buildings 9,000 1,000 8,000
plant and equipment 21,000 9,000 12,000
30,000 10,000 20,000
current assets
inventories 3,000
receivables 2,600
cash at bank 1,900
total assets 27,500
equity and liabilities
equity
issued share capital (ordinary shares of 50c each) 6,000
retained earnings 12,400
non-current liabilities
loan notes (redeemable 20y0) 2,000
current liabilities
trade payables 2,100
22,500
suspense account 5,000
27,500
the following further information is available:
1 it has been decided to revalue the land and buildings to $12,000,000 at 31 december 20x4.
2 trade receivables totalling $200,000 are to be written off.
3 during the year there was a contra settlement of $106,000 in which an amount due to a supplier was set off against the amount due from the same company for goods sold to it. no entry has yet been made to record the set-off.
4 some inventory items included in the draft statement of financial position at cost $500,000 were sold after the reporting date for $400,000, with selling expenses of $40,000.
5 the suspense account is made up of two items：
(a) the proceeds of issue of 4,000,000 50c shares at $1.10 per share, credited to the suspense account from the cash book.
(b) the balance of the account is the proceeds of sale of some plant on 1 january 20x4 with a carrying amount at the date of sale of $700,000 and which had originally cost $1,400,000. no other accounting entries have yet been made for the disposal apart from the cash book entry for the receipt of the proceeds. depreciation on plant has been charged at 25% (straight line basis) in preparing the draft statement of financial position without allowing for the sale. the depreciation for the year relating to the plant sold should be adjusted for in full.
57【论述题】
prepare the journal entries to clear the suspense account.
the statement of financial position as at 31 october 20x7
the following information has been extracted from the books of tonson, a limited liability company, as at 31 october 20x6.
dr cr
$'000 $'000
cash 15
insurance 75
inventory at 1 november 20x5 350
general expenses 60
energy expenses 66
marketing expenses 50
wages and salaries 675
discounts received 50
share premium account 200
retained earnings at 1 november 20x5 315
allowance for receivables at 1 november 20x5 40
sales revenue 5,780
telephone expenses 80
property expenses 100
bank 94
returns inward 95
trade payables 290
loan note interest 33
trade receivables 900
purchases 3,570
7% loan notes 470
irrecoverable debts 150
$1 ordinary shares 1,800
accumulated depreciation at 1 november 20x5
buildings 360
motor vehicles 80
furniture and equipment 420
land at cost 740
buildings at cost 1,500
motor vehicles at cost 240
furniture and equipment at cost 1,200
9,899 9,899
you have also been provided with the following information:
(a) inventory at 31 october 20x6 was valued at $275,000 based on its original cost. however, $45,000 of this inventory has been in the warehouse for over two years and the directors have agreed to sell it in november 20x6 for a cash price of $20,000.
(b) the marketing expenses include $5,000 which relates to november 20x6.
(c) the allowance for receivables is to be increased to the equivalent of 5% of trade receivables.
(d) there are wages and salaries outstanding of $40,000 for the year ended 31 october 20x6.
(e) buildings are depreciated at 5% of cost. at 31 october 20x6 the buildings were professionally valued at $1,800,000 and the directors wish this valuation to be incorporated into the financial statements.
(f) depreciation is to be charged as follows:
(i) motor vehicles at 20% of carrying amount
(ii) furniture and equipment at 20% of cost
(g) no dividends have been paid or declared.
(h) tax of $150,000 is to be provided for the year.
(i) during october 20x6 a bonus issue of one for ten shares was made to ordinary shareholders. this has not been entered into the books. the share premium account was used for this purpose.
62【论述题】
the statement of profit or loss for the year ended 31 october 20x6
set out below are the financial statements of emma, a limited liability company. you have been asked to prepare the company's statement of cash flows, implementing ias 7 statement of cash flows.
emma
statement of profit or loss for the year ended 31 december 20x2
$＇000
sales revenue 2,553
cost of sales 1,814
gross profit 739
distribution costs 125
administrative expenses 264
operating profit 350
interest received 25
interest paid 75
profit before tax 300
income tax expense 240
profit for the year 60
emma
statements of financial position as at 31 december
20x2 20x1
$'000 $'000
non-current assets
tangible assets 380 305
intangible assets 250 200
investments -- 25
630 530
current assets
inventories 150 102
receivables 390 315
short-term investments 50 --
cash in hand 2 1
592 418
1,222 948
equity and liabilities
share capital ($1 ordinary shares) 200 150
share premium account 160 150
revaluation surplus 100 91
retained earnings 160 100
620 491
non-current liabilities
long-term loan 100 --
current liabilities
trade payables 127 119
bank overdraft 85 98
taxation 290 240
502 457
1,222 948
the following information is available.
(a) the proceeds of the sale of non-current asset investments amounted to $30,000.
(b) fixtures and fittings, with an original cost of $85,000 and a carrying amount of $45,00 ,were sold for $32,000 during the year.
(c) the current asset investments fall within the definition of cash equivalents under ias 7.
(d) the following information relates to property, plant and equipment.
31.12.20x2 31.12.20x1
$'000 $'000
cost 720 595
accumulated depreciation 340 290
carrying amount 380 305
(e) 50,000 $1 ordinary shares were issued during the year at a premium of 20c per share.
64【论述题】
prepare a statement of cash flows for the year to 31 december 20x2 using the format laid out in ias 7,together with the relevant notes to the statement.
which one of the following would help a company with high gearing to reduce its gearing ratio
making a rights issue of equity shares
issuing further long-term loan notes
making a bonus issue of shares
paying dividends on its equity shares
a company's gross profit as a percentage of sales increased from 24% in the year ended 31 december 20x1 to 27% in the
year ended 31 december 20x2.
which of the following events is most likely to have caused the increase
an increase in sales volume
a purchase in december 20x1 mistakenly being recorded as happening in january 20x2
overstatement of the closing inventory at 31 december 20x1
understatement of the closing inventory at 31 december 20x1