Level 3 Accounting, 2012

Transcription

1 SUPERVISOR S Level 3 Accounting, Prepare financial statements for partnerships and companies 9.30 am Monday 26 November 2012 Credits: Six Check that the National Student Number (NSN) on your admission slip is the same as the number at the top of this page. You should attempt ALL the questions in this booklet. Pull out Resource Booklet 90503R from the centre of this booklet. Show ALL working. If you need more room for any answer, use the extra space provided at the back of this booklet. Check that this booklet has pages 2 12 in the correct order and that none of these pages is blank. YOU MUST HAND THIS BOOKLET TO THE SUPERVISOR AT THE END OF THE EXAMINATION. Achievement Criteria Achievement Achievement with Merit Achievement with Excellence Prepare financial statements following generally accepted accounting practice with some additional information correctly treated. Prepare financial statements following generally accepted accounting practice with the majority of additional information correctly treated. Overall level of performance Prepare financial statements following generally accepted accounting practice with all or nearly all additional information correctly treated. New Zealand Qualifications Authority, All rights reserved. No part of this publication may be reproduced by any means without the prior permission of the New Zealand Qualifications Authority.

2 2 You are advised to spend 60 minutes answering the questions in this booklet. QUESTION ONE: FINANCIAL STATEMENTS FOR PARTNERSHIPS Refer to Resource One in the Resource Booklet 90503R to answer this question. PART A Prepare the Profit Distribution Statement for Mosquito Movies on page 3, using the relevant information from Resource One. The profit for the year and partners salaries have been entered for you. Note: Do NOT use abbreviations.

3 3 Mosquito Movies Profit Distribution Statement for the year ended 31 March 2012 $NZ 000 $NZ 000 Profit for the year 1500 Less salaries Elizabeth 600 Jack

4 4 PART B (a) Complete the Mosquito Movies Statement of Financial Position (extract) showing Current liabilities as at 31 March 2012, using the relevant information from Resource One. Mosquito Movies Statement of Financial Position (extract) as at 31 March 2012 Current liabilities $NZ 000 $NZ 000

5 5 (b) Complete the Property, Plant and Equipment note for camera equipment as at 31 March 2012, using the relevant information from Resource One. The opening carrying amount and current year s depreciation have been entered for you. Notes: All boxes with bold outlines must be completed, with appropriate terms or figures. Do not write in the shaded boxes. Do not use abbreviations. For the year ended 31 March 2012 Property, Plant and Equipment note (extract) Camera equipment $NZ 000 Opening carrying amount 365 Depreciation (180) Disposals Closing carrying amount As at 31 March 2012 Cost

6 6 QUESTION TWO: FINANCIAL STATEMENTS FOR COMPANIES: STATEMENT OF CASH FLOWS Refer to Resource Two in Resource Booklet 90503R to answer this question. Complete the Statement of Cash Flows (extract) on page 7, showing the cash flows from operating activities and cash flows from financing activities for Bees Knees Honey Products Limited. Notes: Do not write in the shaded boxes. Do not use abbreviations. Show your working in the space below. Working space

7 7 Bees Knees Honey Products Limited Statement of Cash Flows (extract) for the year ended 31 March 2012 $NZ 000 $NZ 000 Cash flows from operating activities Cash was provided from Cash was applied to Net cash inflow / (outflow) from operating activities Cash flows from financing activities Cash was provided from Cash was applied to Net cash inflow / (outflow) from financing activities

8 8 QUESTION THREE: FINANCIAL STATEMENTS FOR COMPANIES: STATEMENT OF COMPREHENSIVE INCOME Refer to Resource Three in Resource Booklet 90503R to answer this question. PART A Green Frog Bookshop Limited prepares a Statement of Comprehensive Income by nature. Complete the Statement of Comprehensive Income for Green Frog Bookshop Limited on page 9, using the relevant information from the Trial Balance (extract) and additional information. Notes: All boxes with bold outlines must be completed, with appropriate terms or figures. Do not write in the shaded boxes. Do not use abbreviations. Some information has already been entered for you. Clearly show all expense figures in brackets (ie as negatives) in the Statement of Comprehensive Income.

9 9 Green Frog Bookshop Limited Statement of Comprehensive Income for the year ended 31 March 2012 Note $ NZ Revenue Other income 2 Purchases and consumables used ( ) Employment benefit expenses Depreciation of property, plant and equipment Auditors remuneration 3 Other expenses (71 900) Less finance costs 4 Profit before tax Profit for the year Other comprehensive income Other comprehensive income for the year Total comprehensive income for the year

10 10 PART B Refer to Resource Three in Resource Booklet 90503R to answer this question. Complete the Statement of Changes in Equity for Green Frog Bookshop Limited and the associated Note using: your answer to Part A relevant information from the Trial Balance (extract) and additional information in Resource Three. Note: Not all boxes within the Statement of Changes in Equity are required to have numbers written in. Green Frog Bookshop Limited Statement of Changes in Equity for the year ended 31 March 2012 Land revaluation surplus Building revaluation surplus $ NZ $ NZ $ NZ $ NZ Balance at 31 March 2011 Changes in equity for 2012 Total comprehensive income for the year Balance at 31 March 2012 Notes to the Statement of Changes in Equity 7. Distributions $ NZ Total dividends paid to shareholders

11 11 Working space

12 12 QUESTION NUMBER Extra space if required. Write the question number(s) if applicable