Foundation Access Course for Undergraduate Programmes. Examinations for 2010 / Semester 2
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1 Foundation Access Course for Undergraduate Programmes Cohort: FACUP/10A/FT Examinations for 2010 / Semester 2 MODULE: FOUNDATION OF ACCOUNTING 2 MODULE CODE: ACCF 0118 Duration: 2 Hours Reading time: 15 Minutes Instructions to Candidates: 1. Section A is compulsory and answer any two questions in section B. 2. Always start a new question on a fresh page. 3. Total Marks 100 This question paper contains 4 questions and 7 pages Page 1 of 7
2 SECTION A: COMPULSORY QUESTION 1 (50 MARKS) The shares of two public companies, Alpha Plc and Beta Plc are being offered for subscription on the Stock Market. As you have some spare finance, you are keen to invest in any one of them. However, your decision would be motivated after analyzing the latest Financial Statements of those two companies which are reproduced hereunder: A L P H A PLC B E T A PLC Trading and Profit and Loss Account for Rs 000 s Rs 000 s Rs 000 s Rs 000 s the Year ended 30 th June 2010 Turnover 7,200 9,600 Cost of Sales Opening Stock Purchases 4,800 6,996 5,052 7,320 Closing Stock 324 4, ,720 GROSS PROFIT 2,472 2,880 Salaries Selling & Distribution Expenses Other Operating Expenses Administrative Expenses Depreciation Debenture Interest 60 1, ,674 NET PROFIT 1,032 1,206 General Reserve Preference Dividend Ordinary Dividend Retained Profit A L P A P L C B E T A P L C Balance Sheet as at 30 th June Rs.000 s Rs.000 s Rs.000 s Rs.000 s Rs.000 s Rs.000 s Fixed Assets 4,020 5,400 Current Assets Stock Debtors 690 1,200 Bank ,614 1,974 Current Liabilities Creditors 606 1,140 Page 2 of 7
3 Dividends , ,788 5,970 Long Term Liability 10 % Debentures 2013/ ,188 5,070 Share Capital and Reserves Ordinary Shares of Re.1 each 2,400 2, % Preference Shares of Re each General Reserves Retained Profits 708 4,188 1,110 5,070 A. Compute the following for both Alpha Plc and Beta Plc basing on the figures above: (1) Gross Profit as a percentage of Sales; (2) Net Profit as a percentage of Sales; (3) Fixed Assets Turnover; (4) Current Assets Turnover; (5) Current Ratio; (6) Quick Ratio; (7) Debtors Collection period (days) (8) Creditors payment period (days) (9) Stock turn (times & days) (10) Cash Operating Cycle; (11) Gearing Ratio; (12) Earnings per Share; (13) Price Earnings Ratio; and (14) Return on Capital Employed (R O C E ) (35 marks) The Market Price of the Ordinary Shares of Alpha Plc and Beta Plc were Rs.1.35 and Rs.1.60 respectively on 30 th June Ignore Taxation. B. In which of these two Companies would prefer to buy Shares? Explain why. (9 marks) C. While comparing Financial Statements of Business Entities of the same size and nature are ratios a fully reliable source of information for decision making purposes? (6 marks) Page 3 of 7
4 SECTION B: ANSWER ANY TWO QUESTIONS QUESTION 2 (25 MARKS) Mr. Pesos, a manufacturer of Carton Boxes, is worried about his liquidity position for the current year. Consequently, he has been advised to prepare a Cash Budget to foresee any eventual arrangement with his Bank for overdraft facilities, if required. The following information refers to his business for the year Month March April May June July August September October November December Sales (Units) Closing Stock (Units) The production for the month of June 300 units. (a) Opening Cash (including Bank) at 1st July 2010 Rs.1,200; (b) Raw materials used in production cost Rs.5 per unit. Of this 80 % is paid in the month of production and the balance in the month after production; (c) Direct Labour costs Rs.8 per unit and is payable in the month of production; (d) Variable expenses are Rs.2 per unit, payable one half in the month of production and the remaining in the month following production; (e) The Selling Price of the Carton Box is Rs.20 per unit. All sales are made on credit and Debtors are to settle their accounts three months after that in which the sales are made; (f) Fixed Expenses total Rs.400 per month payable each month; (g) Machinery costing Rs.2,000 to be purchased in October 2010 and paid in the same month; (h) Depreciation of Machines and Office Furniture will total Rs.6,000 for year 2010; (i) A Fixed Deposit of Rs.2,500 will mature in December and paid into the business; and (j) Mr.Pesos will pay himself Rs.300 per month out of the business money. (I) (II) Prepare the Production Budget( in Units) of Mr.Pesos for each of the six months ending December 2010; (6 marks) Calculate the cost of Raw Materials required for production for each month July to December; (3 marks) Page 4 of 7
5 (III) Prepare a Cash Budget showing the balance at the end of each month for the six months July to December (16 marks) QUEST ION 3 (25 MARKS) A. The summarized Balance Sheet of Kado Plc. at 30 th April 2010 was as follows: BALANCE SHEET AS AT 30 th APRIL 2010 Rs. Net Fixed Assets and Current Assets 4,000,000 Share Capital and Reserves Ordinary Shares of Rs.10 each 2,000,000 Share Premium 1,000,000 Revaluation Reserve 600,000 General Reserve 240,000 Retained Profit 160,000 4,000,000 On 1 st May 2010, the Company made a Bonus issue of shares on the basis of four New Shares for every five already held. The Directors wished to leave the Reserves in the most flexible form. Redraft the Balance Sheet of Kado Plc at 1 st May 2010 after the issue of the Bonus Shares. (9 marks) Following the issue of the Bonus Shares, the Company made a Rights issue of one new share for every three shares already held. The shares were offered at Rs.12 per share and all the shares were taken up. Redraft the Balance Sheet of Kado Plc at 1 st May 2010 after the completion of the Rights Issue (10 marks) (Assume that no other transactions took place on that day). Page 5 of 7
6 B. Explain the following in respect of a Public Company: (a) Authorised Share Capital; (b) Issued Share Capital; (c) Share Premium QUESTION 4 (25 MARKS) A. The following Trial Balance has been extracted from the books of Denim Plc at the close of business on 30 th June 2010: T R I A L B A L A N C E A T 30 th J U N E Rs 000 s Rs.000 s Sales 49,300 Purchases 28,700 Property, Plant and Equipment - at cost 64,500 Property, Plant and Equipment- Accumulated 24,480 Depreciation 30 th June,2010 Inventories - 1 st July ,800 Interest 500 Accruals - 30 th June ,420 Distribution Costs 5,900 Administrative Expenses 4,050 Retained Earnings 21,450 Trade Receivables 8,550 Trade Payables 1,500 Cash at Bank 4,150 10% Bank Loan (Repayable 2015) 10,000 Share Capital 5,000 Share Premium 8, , ,150 The under mentioned additional information was also available as at 30 th June 2010: (1) No Dividends are to be paid for the year; (2) The Corporation Tax payable for the year is Rs.135,000; (3) The Inventories at close of business on 30 th June 2010 cost Rs.9,600,000. Included in this figure are inventories that cost Rs.800,000 but which can be sold for only Rs.200,000; Page 6 of 7
7 (4) Transport cost of Rs.150,000 relating to June 2010 have not been included in the Trial Balance as the claims were received after the year end; (5) The Sales figure in the Trial Balance includes a credit sale of Rs.4,200,000 made in July 2010; and (6) Interest on the Bank Loan for the last six months has not been included in the Trial Balance. (i) Prepare the Statement of Income of Denim Plc for the year to 30 th June 2010; and (10 marks) (ii) A statement of Financial Position as at that date. (7 marks) B. What do you understand by a Cost Centre? C. A company makes a single product X which it sells at Rs.10.each. The Marginal cost per product is Rs.6. The company s annual fixed costs are Rs.60,000. (i) The number of units of X to be sold to break-even in the year; (ii) The number of units of X to be sold to achieve a profit of Rs.20,000; and (iii) The Contribution to Sales Ratio; (C/S Ratio) ***END OF QUESTION PAPER*** Page 7 of 7
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