FINANCIAL ACCOUNTING. GROUP 5. YEAR
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1 FINANCIAL ACCOUNTING. GROUP 5. YEAR EXERCISE LESSON 6 ( STATEMENT OF CHANGES IN EQUITY) DUE ON MONDAY 13 th APRIL 2009 (12:00-13:30, in the classroom) Equity of Company XYZ, Ltd. shows the following composition: LIABILITIES A) EQUITY 220, , ,140 A-1) Shareholders' equity. 215, , ,000 I. Capital. 150, , , Registered capital. 150, , , (Uncalled subscribed capital). - 12,500 - III. Reserves. 38,285 15,860 20, Legal and statutory. 15,000 15,000 15, Other reserves. 23, ,000 VII. Income for the year. 32,000 29,900-4,000 VIII. (Dividends paid in advance). (5,000) A-2) Adjustments for changes in value. (350) I. Financial instruments available for sale. (350) A-3) Grants, donations and legacies received. 5,145 6,650 7,000 Additional information Transactions of 2009: 1. The losses of 2008 have been compensated against reserves. 2. The company has increased the capital stock at the beginning of Long-term holdings in equity are a portfolio of stocks classified as available for sale that has been sold at the end of The increase in fair value of this portfolio was 200 in In 2009 the portfolio had increased its value in The 31 st of December 2009 an error was detected. The depreciation expense of constructions (tangible fixed assets) registered in year 2008 was 200. The correct amount should have been 400 m.u. The error was corrected in year The transfer of grants shown in the Income Statement of 2009 is 2,000 m.u. Transactions of 2010: 1. The shareholders have paid the amount owed. 2. The distribution of income of 2009 is the following: dividends: 25%; voluntary reserves: 75%. Moreover, 5,000 m.u. of dividends have been paid in advance of the 2010 income. 3. The 1 st of July the company has bought a new portfolio of stocks with a cost of 6,500 m.u. that have been classified as available for sale. The fair value of this portfolio at the end of the year is 6,000 m.u. 4. No new capital grant has been received in REQUIRED: Register the operations of 2009 and 2010 described in the additional information. Prepare the Statement of Changes in Equity for year 2010 (including the information of 2009) according to the model established by the P.G.C. 1
2 TRANSACTIONS OF 2009: 1. The losses of 2008 have been compensated against reserves. 112 Voluntary reserves 4, Income for the year (X-1) 4, The company has increased the capital stock at the beginning of Uncalled subscribed capital receivable 12, Cash 37, Capital stock 50, Long-term holdings in equity are a portfolio of stocks classified as available for sale that has been sold at the end of The increase in fair value of this portfolio was 200 in In 2009 the portfolio had increased its value in 50. Increase in value: 250 Long term holdings in equity instruments Profits from available for sale financial assets Deferred tax Tax liability for taxable temporary differences Profits from available for sale financial assets Deferred tax Adjustments for changes in value of financial instruments available for sale Transfers of profits from available for sale financial assets Profits from available for sale portfolio Tax liability for taxable temporary differences Deferred tax Adjustments for changes in value of financial instruments available 175 for sale 8301 Deferred tax Transfers of profits from available for sale financial assets The 31 st of December 2009 an error was detected. The depreciation expense of constructions (tangible fixed assets) registered in year 2008 was 200. The correct amount should have been 400 m.u. The error was corrected in year Voluntary reserves Tangible fixed assets accumulated depreciation 200 The adjustment to reserves will be deductible in the calculation of taxable income of this year. Decrease in reserves net of taxes = (140) 2
3 5. The transfer of grants shown in the Income Statement of 2009 is 2,000 m.u. A new capital grant has been received at the end of the year, and a portion of a previous capital grant has been transferred to income. (130) Grants, donations and legacies 1,400 transfer 7,000 Previous grant 1,050 New grant 6,650 Final Balance (479) Tax liability 600 3, ,850 Final balance 2,000 have been transfer of the former grant: 840 Transfer of official capital grants 2,000 Capital grants, donations, and legacies transferred to income for the 746 2,000 year 479 Tax liability for taxable temporary differences Deferred tax Deferred tax Grants, donations and legacies 1, Transfer of official capital grants 2,000 Moreover, a new grant has been received: 4708 Receivable from public authorities 1, Revenues of official capital grants 1, Deferred tax Tax liability for taxable temporary differences Cash 1, Receivable from public authorities 1, Revenues of official capital grants 1, Deferred tax Grants, donations and legacies 1,050 TRANSACTIONS OF 2010: 1. The shareholders have paid the amount owed. 572 Cash 12,500 3
4 103 Uncalled subscribed capital receivable 12, The distribution of income of 2009 is the following: dividends: 25%; voluntary reserves: 75%. Moreover, 5,000 m.u. of dividends have been paid in advance of the 2010 income. 129 Income for the year (X-1) 29, Dividend payable Voluntary reserves 7,475 22, Dividend payable 7, Cash 7, Dividend paid in advance 5, Dividend payable 5, Dividend payable 5, Cash 5, The 1 st of July the company has bought a new portfolio of stocks with a cost of 6,500 m.u., which has been classified as available for sale. The fair value of this portfolio at the end of the year is 6,000 m.u. 250 Long term holdings in equity 6, Cash 6, Losses from available for sale financial assets Long term holdings in equity Tax assets for deductible temporary differences Deferred tax Deferred tax Adjustments for changes in value of financial instruments available for sale Losses from available for sale financial assets No new capital grant has been received in Transfer of official capital grants 2,150 Capital grants, donations, and legacies transferred to income for the 746 2,150 year 479 Tax liability for taxable temporary differences Deferred tax Deferred tax Grants, donations and legacies 1, Transfer of official capital grants 2,150 4
5 2010 STATEMENT OF RECOGNIZED REVENUES AND EXPENSES 2009 A) Income for the year Revenues and expenses recognized directly in equity I. From valuation of financial instruments 1. Gains/losses from available for sale financial assets Other revenues/expenses II. From hegding operations III. Grants, donations and legacies 1500 IV. From actuarial gains and losses and other adjustments V. Tax effect B) Total revenues and expenses recognized directly in equity (I+II+III+IV+V) Transfers to the income statement VI. From valuation of financial instruments 1. Revenues/expenses from available for sale financial assets Other revenues/expenses VII. From hegding operations VIII. Grants, donations and legacies IX. Tax effect C) Total transfers to the income statement (VI+VII+VIII+IX) TOTAL RECOGNIZED REVENUES AND EXPENSES (+A+B+C)
6 STATEMENT OF ALL CHANGES IN EQUITY Registered Capital Uncalled Reserves Prior years' income Income for the year (Dividend paid in advance) Adjustments for changes in value Grants, donations and legacies received TOTAL A. BALANCE, END OF YEAR 200X I. Adjustments for changes in accounting policies, 200X-2 and preceding. II. Adjustments for errors, 200X-2 and preceding B. ADJUSTED BALANCE, BEGINING OF YEAR 200X I. Total recognized revenues and expenses II. Transactions with equity holders Capital increases ( - ) Capital reductions Conversion of financial liabilities in equity ( - ) Dividends distributions Transactions with the entity's shares (net) Increase (reduction) of equity from a business combination Other transactions with equity holders - III. Other changes in equity C. BALANCE, END OF YEAR 200X I. Adjustments for changes in accounting policies, 200X-1. II. Adjustments for errors, 200X-1. D. ADJUSTED BALANCE, BEGINNING OF YEAR 200X I. Total recognized revenues and expenses II. Transactions with equity holders Capital increases ( - ) Capital reductions Conversion of financial liabilities in equity ( - ) Dividends distributions Transactions with the entity's shares (net) Increase (reduction) of equity from a business combination Other transactions with equity holders III. Other changes in equity E. BALANCE, END OF YEAR 200X
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