The company has extracted the following trail balance as at 31 October 2004.
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1 NUMBER ONE QUESTIONS KAPA Ltd. manufactures and sells a wide range of food products for both wholesale and retail outlets. Its authorized ordinary share capital is million shares of Sh 1 par value. The company has extracted the following trail balance as at 31 October 24. Sh Sh Ordinary share capital: issued and fully paid 3, Retained earnings 131, 1% debentures (secured on buildings), 8% debentures (secured on a floating charge) freehold buildings: Cost Accumulated depreciation Plant and machinery: Cost Depreciation Additions-plant and machinery Motor vehicles: Cost Accumulated depreciation Land Profit for the year Trade and other payables Trade and other receivables Inventories Balance at Faida Bank Directors remuneration Balance at Faulu Bank Investment ( market value: 3 million) Interest received Interim dividends paid Tax paid Dividend received 1, 22, 4, 2, 1, 11,6 163, 2, 3,8 49,62 32, 21,,7, 1, 4, 1, 28,82 31,4 47, 2,1 1,4
2 963,72 963,72 Additional information 1. Trading profit has been derived as follows: Sales Cost of sales Distribution costs Administrative expenses 927,42 82,67 136,9 1,432, (1,146,18) 28, The 1% debentures are redeemable at par in ten equal annual instalments commencing 1 November 24, while the 8% debentures are due on 31 July 2. The corporation tax at 3% on the adjusted profit for the year has been computed at 3 million. During the year, an item of plant which cost 2 million on 2 September 2 was disposed of for million. The disposal proceeds have netted off against the amount incurred in acquiring new plant and machinery.
3 6. Depreciation on property, plant and equipment is to be provided on cost and allocated as follows: Freehold buildings Plant and machinery Motor vehicles Rate 2 1 / 2 % per annum 1% per annum 2% per annum Basis of allocation Administrative expenses Cost of sales Distribution costs A full year s depreciation is charged in the year of acquisition but none in the year of disposal. Inventories comprise: Raw materials Work-inprogress 24,87,9 Finished goods 87,22 7. Employees costs included in relevant functional expenses are: Salaries and wages Social security costs Pension costs 478,77 67, 42, Directors fees amounting to 3 million have not been provided for. 8. The directors propose to pay a final dividend of 8 per share. Required: (a) Income statement for the year ended 31 October 24 (b) Balance sheet as at 31 October 24. include relevant notes, using only the information provided, to ensure that
4 the financial statements are in conformity with International Financial Reporting Standards Note: Do not prepare a statement of changes in equity.
5 NUMBER TWO Nguyo Fashion Ltd. has been operating a large retail shop in Nairobi. On 1 July 23, the directors opened new shops in Nakuru and Kisumu. All purchases were done in Nairobi branch and goods sent to other branches at a uniform mark-up of 33 1 / 3 % on their cost. After deducting petty cash expenses, the branches banked all the collections dairy. The head office paid for other expenses but allowed each branch to keep a cash float of 1,. The records maintained by the office (Nairobi branch), did not contain all transactions relating to the other branches. The accountant at head office was however able to obtain the following details for the year ended 3 June 24: Head office books Fixtures and fittings (cost) Cash float with branches Goods sent to branches (cost) Goods returned from branches (cost) Cash received from branches Nakuru branch 3, 1 6,2 27, 3 31,4 Kisumu branch 4,2 1 7,3 36, 1 43, Sales Cash floats at June 24 Sundry expenses Banking head office account Goods returned to head office ( selling price) Goods sent to Kisumu branch Branches books Nakuru branch Sh 32, ,4 4 7 Kisumu branch Sh 43, , 2
6 Goods sent to Nakuru branch Inventory at 3 June 24 ( selling price) Damaged inventory scrapped ( selling price) 3, ,74 1 Additional information: Nakuru branch purchased goods locally for, and sold the at a margin of 33 1 / 3 %. At 3 June 24 the closing inventory, at selling price, included 6, in respect of these goods. During the year, the branches organized a sales week when all prices were reduced by 1%. Sales realized during the week were; Nakuru 9, and Kisumu 1,8,. The head office charged each branch, in respect of the services rendered. Depreciation is to be provided at 1% per annum on fixtures and fittings in each branch. Required: (a) Branches stock accounts as at 3 June 24. (b) (c) (d) Branches mark up account as at 3 June 24. Goods sent to branches accounts as at 3 June 24. Branches profit and loss accounts for the year ended 3 June 24. NUMBER THREE (a) List the circumstances under which a subsidiary should be excluded from the consolidated financial statement (b) The following balances were extracted from the books of P Ltd., C Ltd., and O Ltd. as at 31 March 24. P Ltd. C Ltd. O
7 Equity and liabilities: Authorized and issued share capital: Ordinary shares of 2 par value fully paid 6% cumulative preference shares of 2 par value fully paid Profit and loss accounts % debentures Provision for depreciation of fixed assets Debentures interest accrued Proposed dividends Creditors 28, 1,46 9,6 3,36 9,14 6,6 12, 3, 6,3 1,6,4 8 1,3 3,96 33,74 Ltd. 4, 1, 1,6 2, 9,2 Additional information: 1. P Ltd. acquired the shares of C Ltd., cum dividend on 31 March 23 and C Ltd. acquired the shares in O Ltd. on march 22. The balances on the income statements of C Ltd. and O Ltd. comprises: Balances on 31 march 22 Net profits to 31 March 23 Less: Provision for proposed dividends (23) Balances on Mach 23 Net profit to 31 Mach 24 Less: Provision for proposed dividends (24) C Ltd. 4,2 1, ,14,3 2,4 7,7 1,38 6,32 O Ltd , - 1, 3. The proposed dividends for the year ended 31 March 23
8 were subsequently paid by C Ltd. P Ltd. s shares of the 4. dividends is included in its income statement. No entries have been made in the books of P Ltd. in respect of the debenture interest due from C Ltd. or for the holding. company s share of the proposed dividends in C Ltd. for the year ended 31 Mach 24. Proposed dividends are inclusive of preference dividends. Required: P Ltd. group balance sheet as at 24. NUMBER FOUR Nasty, Kim, Lams and Mutai, who have been partners in a tile manufacturing business sharing profits and losses in the ratio 4:3:2:1, had a serious disagreement on 1 January 24 which necessitated a dissolution of the partnership. For the purpose of dissolution, their accountant extracted a balance sheet as at 1 February 24 as follows: Non current assets: Land and buildings Plant and machinery Furniture and fittings Investments Current assets: Inventory Debtors Balance at bank Total assets Capital and liabilities: Capital account: Nasty Kim 1,87. 9, ,2. 19,82. 7,.,. 3,2. 26,2. 79,87. 1,. 17,.
9 Lams Mutai General reserves Current liabilities: Creditors 1,. 7,. 4,. 17, ,87. Additional information: 1. The assets, which were sold on piecemeal basis, realized cash as follows: 1 February February February 24 3 March 24 2 March 24: Inventory (partial) Debtors (partial) Investments Furniture and fittings Land and buildings Debtors (partial) Inventory (balance) Plant and machinery debtors (balance) 8,7. 7,33. 6,.,. 17,. 1,2. 6,87. 16, April 24: The partners agreed to set aside 1.2 million to meet realization expenses. Any cash available for distribution thereafter was to be shared immediately the creditors were paid in full. The realization expenses which amounted to 1 million were paid on 1 April 24. Required: Using the maximum possible loss method, prepare: (a) (b) Statement showing how the proceeds should be shared. Realization account and capital account to close off the book f
10 the partners. NUMBER FIVE (a) Briefly explain the meaning of the following terms as used in the law of succession. (i) Donatio mortis causa. (ii) Partial intestacy. (b) Kito died on 12 March 23, and by his will made in 21, bequeathed the following To Lin, my daughter, 1,. To Easter, my son, my house in Tasia. To Lima, my wife,, on condition that she does not marry again. The executor has established that: Kito gave Linda 6, in 22 to enable her open a salon. The contract for the purchase of the house in Tasia was completed in June 24. Lima is engaged to Kisongo and their wedding is scheduled for 31 December 24. (c) Required: Explain how the executor should deal with each bequest. Obaji died intestate, leaving his two wives Asiem and Atete whom he married under a system of law which permits polygamy. Alis, his second wife had predeceased him leaving two children, Suswa and Supra who are still alive. Asiem has three surviving children: Pamela and Obama while Atete has no children.
11 Obaji s estate consists of: Personal effects 4,. Household effects 1,,. Motor vehicle,. Residue 3,,. Required: A statement showing how Obaji s estate will be distributed.
12 NUMBER ONE Turnover Cost of sales Gross profit Other incomes ANSWERS (a) Kapa Ltd Income statement for year ended 31/1/24 Expenses Distribution costs Administration costs Finance costs Profit before tax Income tax expense Profit after tax Dividends paid Retained profit for the year 87,67 198,64 9, 1432, (967,17) 464,83 31, 468,33 (29,31) 173,2 (3,) 12,2 (21,) 99,2 (b) Kapa Ltd Balance sheet as at 31/ctober 24 Non current assets Property /plant equipment Investments Current assets Inventories Trade & other * Bank balance Total assets Ordinary share capital () 163, 11,6 49,62 () 421, 3, 46, 314,22 77,72 3, 3
13 Revaluation Reserve Retained profits Shareholders funds Non-current liabilities 1% Debentures 23,2 33,2 4, Current liabilities Trade payables & accounts Bank overdraft 8% Debentures 1% Debentures Tax payable Total equity & liabilities Notes to the accounts Note 1: Accounting policies 43,4 47,,, 47,3 192,7 77,72 (a) These financial statements have been prepared under the historical cost basis of accounting and in accordance with the applicable IFRSs. (b)inventory is valued at the lower of cost and net realizable value. (c) Depreciation is based on the estimated useful life of the assets at the following rates; Asset Buildings Plants and machinery Motor vehicles Rates 2 ½% 1% 2% Note 2 Profit for the year is arrived at after changing the following expenses. Directors emoluments: fees Others Depreciation Addition remuneration 3, 2, 2, 48, 3,8
14 Staff costs 88,27 Note 3 property, plant and equipment Free hold and Cost/valuation buildings Balance as at , Additions - Disposals - Balance as at , Plant and machinery 22, 4, (2,) 24, Motor vehicles 2, - - 2, Total 49, 4, (2,) 2, Depreciation Balance as at Change for year Eliminated disposal Balance as at NBV as at NBV as at , 3,7-18,7 231,2 23, 4, 36,7 (12,) 64,7 18,2 18, 1,, - 1, 1, 1, 6, 4, (12,) 98, 421, 43, Note 4 inventory Inventory is made up as follows Row materials Work in progress Finished goods,9 24,87 87,22 163,
15 Workings Expenses As per question Depreciation: plant Vehicles Buildings Loss on sale of plant Directors salaries - fees Audit fees and expenses Cost of sales 927,42 36,7 3, 967,17 Distribution costs 82,67, 87,67 Administration expenses 136,9 3,7 2, 3, 3,8 198,64 Depreciation of plant for the year (1% x (22 4 2) loss on disposal ( ) 36,7 3, NUMBER TWO (a). Branch Stock Account Naku Na ru kur Fro u m loca H/O l Goods sent to branch To other 36, 2 Kis um u 7 48, Returned to H/O To other branches Naku ru Fro m H/o Na kur u loca l Kis um u 2 2 1
16 branches 36,2 7 Scrapped goods Sales of reduced prices Sales at normal prices Marked down Abnual loss (buying) Bal. c/d 7 48, 7 9 3, ,24 36, , 8 42, , , 7 (b). Branch Markup Returns Transfer to other branches Scrapped Mark down Mark up c/d Naku ru Fro m H/O ,82 Na kur u loca l 2 23 Kis um u , , Branch stock account Goods purchased Transfer to other branches Naku ru Fro m H/o 9, Na kur u loca l 2 Kis um u 12, 17
17 Annual loss Gross pay 734 9, 2 12, 17 9, 2 12, 17 (c) Goods sent to branch Returns Goods sent to other branches Purchases bought Naku ru Fro m H/O ,32 27,1 Kisu mu ,22 36,2 Goods sent at cost Goods received from other branches Naku ru Fro m H/o 27, 1 27,1 Kis um u 36, 2 36, 2 (d). Ngoo Traders Branch profit and loss account for year ended Gross profit Expenses Wages & overheads Sundries Abnual loss Service/non office Nakuru Kisumu 1,734 6, ,
18 Receipts of taxation Net profit 3 (7,1) 4 42 (8,624) 2,11 NUMBER THREE (a). Under IAS 27 a parent need not present consolidation financial statements if and only if (i). The present itself is of wholly owned subsidiary (ii). The present debts of equity instruments not traded in a stock exchange. (iii). The parent is in a group in which it is a subsidiary and the ultimate parent in that group prepare consolidated financial statements that supply with IFRSs. (iv) The parent has not filed nor is not in the process of filing its financial statements with of regulatory organization in the purpose of issuing any class of instruments. (b). P Ltd Balance sheet as at 31 March 24 Shs. Shs. Non-current assets Property, plant & equipment Goodwill Current assets Total assets Financed by: Ordinary share capital Retained Profits Proposed dividends Minority Interest Shareholders funds Non current liabilities % Debenture Current 1,6 3,76 3, , ,82 67, , 11,63 3,36 42,923 7,941.2,
19 Liabilities Trade credit Dividends due to Minority Interest Debenture Interest due Total equity and liability ,16 67,624.2
20 Workings (i). Investment in C Investment in O (ii). Investment in O Balance c/d 16,2 3,84 2,4 Coc P OSC P & L Pre-acquisition dividends O: OSC P & L Balance c/d (Goodwill) Minority Interest 1,28 7, ,221.2 C: OSC P & L PSC O: OSC PSL 9, 3, , ,44.2 2,4 3, 1,8 3, 1, ,221.2 (iii) Pre-acquisition dividends Balance c/d P & L 72 11,63 12,283 P & L: pine P & L cedan (Post acquisition) P & L Oak ((Post acquisition) Dividends Receivable Debenture Interest 1, ,283
21 NUMBER FOUR (a). Note: The examiner has not indicated whether we should apply the rule in Garner Vs Murrey, therefore will assume it is applied Total N K L M Capital a/c General Revenue Cash available Feb. 1 Bal b/d Feb. 1 Inventory Feb. 16 Debtors Feb. 27 Investment Less: Creditors Realization Maximum possible loss Reallocation of loss based on capital balances 1 Mar. Distrib on of cash ,7 7,33 6, 22,91 2. (17,3 7.) (1,2 ), 17, 4, 17, 62, (4,33) 8,14 8,14 (3,62 1, 7, 17, (23,2 8) (6,2 8) (6,2 8) 17, 17,,2 22,7 (17,4 43.) 36. (3,12 9) 2,177. 2,7 2. 1, 3, 13, (11,62 ) 1,871 (1,86. 8) ,48.8 7, 1,7 9,2 (,81 4.) 3,43. (1,27 2.2) 2, ,86.7
22 1 March Balance b/f Cash available 3 Mar. Furniture/Fitti ng 2 Mar. Land & Build. Debtors Inventor y Maximum possible loss 2 Distribution of cash 1 April Bal b/d Cash available 1 April: Plant & Machinery Debtors Savings on realization Maximum possible loss 3 rd & final distribution 1,2 6,87 16, ) 27,2 27,2 (17,2 7.) 9,992. (11, 8),992 11, 8 (3,99 7) 7,11 (8,2 6) 12, ,26 (3,99 7),28.2 (,4) 7,981.,4 (1,998. ) 3,. (2,72 ) 4, ,72 (999. 2) 1,72.7 (b). Realization
23 Land & buildings Plant and Machinery Furniture & fittings Investments Inventory Debtors Realization expenses 21,2 19,82. 7,, 1,87 9,62. 1, 8,2 Cash book: Inventory Debtors Investments Furniture & Fittings Land & Building Debtors Inventory Plant & machinery Debtors Loss on Realization N 3997 K L M ,2
24 Capital Account N Loss realizat ion Cash book 1 st Dist 2 nd Dist 3 rd Dist K L M Bal b/d Gene ral Reser ve N K L M NUMBER FIVE (a) (i) Donatio matis causa These are gifts in Contemplation of death. (ii) (b) Partial Intestacy This is where the will does not dispose of all the properties of the testator. The gift to Lin Kito being Lin s father, he is under moral obligation to provide for her. The lifetime gift of 6, will deemed as if Kito had made the payment during his lifetime. The balance of 4, may pass to Linda. Equitable doctrine of conversion will apply a
25 3. though kifo died before completion of the contract his estate at death is deemed to include the really (house in Thome) which will go to Easter under the terms of the will. The condition in the gift of Lima is contrary to public policy. Lima will take the gift without the condition and will remain free to remarry. (c) Spouse Children House 1 Alis House 2 Asiem 2 2 House 3 Atete 1 1 Total 2 7 Personal effects Household effects 8, 4, 2, 4, 1,, 1,4, Motor Vehicle Residue 2,, 2,8, 1,, 1,4,, 7,, 3,, 3,, 4,9, House 1: House 2: House 3: Alis will get the Personal & Household effects of 8, absolutely. She also has a life interest of 2m in the remaining estate which will pass to the 3 children equally if she die or remarries. The two children will each get a share of 7,. This will be held in trust for any child who is yet to reach the age of maturity. Atete will get personal and household effects of 2m absolutely, she is also entitled to 1% of m = est., absolutely (he higher of 1, & 1% m) and life interest in the remainder of 4m.
26
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