QUESTION 2 IAS 1 (CAF5 A15) Following is the summarised trial balance of Eagles Limited (EL) as at 30 June 2015: Debit Rs. in 000
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1 QUESTION 2 IAS 1 (CAF5 A15) Following is the summarised trial balance of Eagles Limited (EL) as at 30 June 2015: Debit Credit Plant 2,500 Acc. depreciation at 1 July 2014 Equipment 700 Plant 1,000 Stock as on 1 July ,500 Equipment 270 Trade debtors 1,300 Provision for obsolete stock at 1 July Cash and bank 1,759 Provision for bad debts at 1 July Purchases 6,987 Capital 2,500 Salaries & wages 843 Accumulated profits 960 Warehouse rent 740 Trade creditors 1,545 Repair and maintenance 500 Revenue 10,706 Utilities expenses 400 Other income 425 Insurance expenses 300 Accruals at 1 July 2014 Bad debt written off 30 Repairs & maintenance 45 Obsolete inventory written off 40 Utilities expenses 55 17,599 17,599 Additional Information: (i) The sales include goods supplied on 27 June 2015 to a customer at a price of Rs. 390,000 on a sale or return basis. The goods were returnable by 15 July EL sells such goods at a mark-up of 30% on cost. (ii) Other income includes proceed from sale of an equipment amounting to Rs. 100,000 received on 31 December The cost and written down value of the equipment at 1 July 2014 were Rs. 200,000 and Rs. 70,000 respectively. (iii) (iv) (v) (vi) (vii) Plant and equipment are depreciated at the rate of 10% and 15% respectively on straight line basis. Cost of stock on 30 June 2015 was Rs. 1,400,000, having net realizable value of Rs. 1,450,000. The management estimates that: 5% of trade debts would not be recovered. 3% of the stock is obsolete. Current warehouse rent is Rs. 600,000 per annum which was paid in advance on 1 October Following bills for expenses were received but not entered in books: Repair and maintenance 56 Utilities expenses 67 Page 1 of 5 (kashifadeel.com)
2 (viii) (ix) (x) The company revalued its non-current assets on 31 December Valuer has suggested following fair values: Plant 1,650 Equipment 175 The tax charge for the current year after making all related adjustments is estimated at Rs. 200,000. No entry has been made in respect of disposal, revaluation and depreciation of fixed assets. Required: Prepare statement of financial position as at 30 June 2015 and statement of comprehensive income for the year ended 30 June (Deferred tax implication is to be ignored) (19) Page 2 of 5 (kashifadeel.com)
3 ANSWER 2 IAS 1 (CAF5 A15) Eagles Limited Statement of comprehensive income for the year ended 30 June 2015 Rs. 000 Sales (10, J1) 10,316 Cost of goods sold 1, , J2 1,400 J J J9 (7,141) Gross profit 3,175 Other income J J ,545 Operating expenses J5 150 J J J8 (2,723.5) Loss on revaluation J11 (147) Profit before tax Taxation J12 (200) Profit after tax Other comprehensive Income Gain on revaluation J Total comprehensive income Eagles Limited Statement of Financial Position as at 30 June 2015 Non-current assets Rs. 000 Property, plant and equipment 2, , J3 200 J3 348 J J J11 1,655 Current assets Inventory 300 J2 + 1,400 J4 Less [51 J6] 1,649 Trade Receivables [1, ] less [ J5] Prepaid rent J7 150 Cash & Bank 1,759 4, ,077.5 Equity & Liabilities Capital and reserves Share Capital 2,500 Revaluation reserve 275 Accumulated profit SPL ,209.5 Current liabilities Trade payables 1,545 Accrued Expenses ( J J8) 123 Income tax payable J ,868 6,077.5 Page 3 of 5 (kashifadeel.com)
4 Journal Entries Rs. 000 (i) 1 Sales 390 Trade debtors 390 Reversal of incorrect recording of sales. Inventory 300 (i) 2 COS 300 Inventory increased due to reversal of sales. 390 x 100/130 = 300 Other income (Proceeds from disposal) 100 PPE (Accumulated depreciation ) 145 (ii) 3 Other income (Gain on disposal) 45 PPE (Equipment) 200 Accumulated depreciation on 01 July 2014 Rs WDV = Rs. 130 Depreciation for six months 200 x 15% x 6/12 = Rs. 15 (This entry can be combined as Other income Dr. 55 and PPE Cr. 55) Inventory 1,400 (iv) 4 COS 1,400 Closing inventory Allowance for bad debts 2.5 (v) 5 Bad debts 2.5 Trade debtors: 1, J1 = 910; Closing 5% = 5% = 45.5 Decrease in provision = = 2.5 COS 51 (v) 6 Provision for obsolete stock 51 Inventory: 1, J1 = 1,700; Closing 3% = 3% = 51 Prepaid rent 150 (vi) 7 Warehouse rent 150 Rent paid in advance = (600/12 x 3 months) = 150 Repair & maintenance 11 (vii) 8 Utilities expense 12 Accrued expneses 23 Accrued expenses recorded (increase in accruals recorded only) (x), COS (Depreciation) (iii) PPE (Accumulated depreciation) W W1 = Rs. 348 PPE 275 (ix) 10 Gain on revaluation (OCI) 275 Gain on revaluation on plant Page 4 of 5 (kashifadeel.com)
5 Loss on revaluation 147 (ix) 11 PPE 147 Loss on revaluation of equipment Taxation 200 (ix) 12 Tax payable 200 Recording tax liability W1 Depreciation, Disposal & Revaluation Plant Disp. Other Equip. Equip. TOTAL Cost 1 July , ,200 Accumulated depreciation 1 July 2014 (1,000) (130) (140) (1,270) 1, ,930 Depreciation up to 31 December %, 15% (125) (15) J3 (38) (178) Disposal of equipment J3 (55) (55) 1, ,697 Revaluation gain / (loss) β 275 (147) 128 Revalued value on 31 December , ,825 Depreciation up to 30 June 2015 (See life below) (150) (20) (170) Carrying amount 1, ,655 Total useful life [1/10%] ; [1/15%] 10 years 6.7 years Remaining life on [CA/Cost x total life] 5.5 years 4.3 years Page 5 of 5 (kashifadeel.com)
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