Level 3 Accounting, 2011

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1 SUPERVISOR S Level 3 Accounting, Prepare financial statements for partnerships and companies 9.30 am hursday Thursday 2 November 2011 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. Pull out Resource Booklet 90053R from the centre of this booklet. You should attempt ALL the questions in 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 11 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 Refer to Resource One in Resource Booklet 90503R to answer this question. Part A Prepare the Profit Distribution Statement for Precious Removals using the relevant information from Resource One. The profit for the period and partner s salaries have been entered for you. Note: Do not use abbreviations. Precious Removals Profit Distribution Statement for the year ended 31 March 2011 Profit for period Less salaries Manny Sid

3 3 Part B (a) Complete the Precious Removals Current Assets section of the Balance Sheet (extract) as at 31 March 2011, using the relevant information from Resource One. Precious Removals Balance Sheet (extract) as at 31 March 2011 Current assets (b) Complete the Accounts Receivable note as at 31 March 2011, using the relevant information from Resource One. 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. Precious Removals Notes to the Financial Statements (extract) Note 1: Accounts receivable

4 4 QUESTION TWO Refer to Resource Two in Resource Booklet 90503R to answer this question. Part A Sticky Bun Bakeries Limited prepares a Statement of Comprehensive Income by nature. Complete the Statement of Comprehensive Income for Sticky Bun Bakeries Limited and the Notes to the Statement of Comprehensive Income, 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. Sticky Bun Bakeries Limited Statement of Comprehensive Income for the year ended 31 March 2011 Note Revenue Other income 2 Changes in inventories Raw materials and consumables Employment benefit expenses 3 Director s fees Depreciation on property, plant and equipment Other expenses ( ) Profit before tax 4 Profit for the year Other comprehensive income Other comprehensive income for the year Total comprehensive income for the year

5 5 Notes to the Statement of Comprehensive Income 2. Other income 3. 4.

6 6 Part B On 15 March 2011, one of the longstanding directors decided to retire. His shareholding of shares was repurchased at a price of $1.50 per share. These shares had been originally issued at $1.00 per share. This shareholding of shares was then purchased on 16 March 2011 by the director s son, who will take over his father s role on the Board of Directors. The agreed purchase price of the shares was $1.20 per share. Complete the Statement of Changes in Equity for Sticky Bun Bakeries Limited below, using: the information above your answer to Part A any relevant information from the Trial Balance (extract) and additional information in Resource Two. 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. Sticky Bun Bakeries Limited Statement of Changes in Equity (extract) for the year ended 31 March 2011 Contributed equity Retained earnings Buildings revaluation surplus Balance at 31 March 2010 Changes in equity for 2011 Total comprehensive income for the year Balance at 31 March 2011

7 7 Notes to the Statement of Changes in Equity: 6. Contributed Equity Number of shares Balance at 1 April Balance at 31 March Distributions Final dividend (2010) Total distributions

8 8 QUESTION THREE Refer to Resource Three in Resource Booklet 90503R to answer this question. Complete the Statement of Cash Flows (extract) on page 9, showing the cash flows from operating activities and cash flows from investing activities for Sport and Fitness Limited. Notes: Do not write in the shaded boxes. Do not use abbreviations. Working space

9 9 Sport and Fitness Limited Statement of Cash Flows (extract) for the year ended 31 March Cash flows from operating activities Cash was provided from Cash was applied to Net cash inflow / outflow from operating activities Cash flows from investing activities Cash was provided from Cash was applied to Net cash inflow / outflow from investing activities

10 10 QUESTION NUMBER Extra space if required. Write the question number(s) if applicable.

11 11 QUESTION NUMBER Extra space if required. Write the question number(s) if applicable.

12 90503

Level 3 Accounting, 2012

90503 905030 3SUPERVISOR S Level 3 Accounting, 2012 90503 Prepare financial statements for partnerships and companies 9.30 am Monday 26 November 2012 Credits: Six Check that the National Student Number