UNIVERSITY OF BOLTON RAK ACADEMIC CENTRE ACCOUNTANCY SEMESTER ONE EXAMINATIONS 2017/18 ADVANCED FINANCIAL ACCOUNTING AND REPORTING MODULE NO: ACC6001
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1 OCD033 UNIVERSITY OF BOLTON RAK ACADEMIC CENTRE ACCOUNTANCY SEMESTER ONE EXAMINATIONS 2017/18 ADVANCED FINANCIAL ACCOUNTING AND REPORTING MODULE NO: ACC6001 Date: Monday 15 th January 2018 Time: 1:00pm 4:00pm INSTRUCTIONS TO CANDIDATES: There are FIVE questions in this examination Section A - Answer ALL THREE questions Section B Answer - ONE question This is a closed book examination. You must hand in this exam paper with your answer booklet.
2 Page 2 of 10 Section A - answer ALL THREE questions Question 1 You are the financial accountant for Lobby Plc, a company that produces carbon fibre parts for the motor racing industry. Over recent years the company has grown via acquisition of shares in other manufacturing companies that complement the products supplied to race teams by Lobby Plc. The financial statements for the individual group companies for the year ended 31 December 2017are set out below: Statement of financial position as at 31 December 2017 Lobby Plc CBN Limited FBR Limited ASSETS Non-current assets Property plant and machinery Investment in CBN Limited Investment in FBR Limited Current assets Inventories Trade receivables Bank Total current assets Total assets 1, Equity and liabilities Ordinary shares ( 1 each) General reserve Retained earnings Current liabilities Trade payables Taxation Other payables Total equity and liabilities 1, Question 1 continues over the page.
3 Page 3 of 10 Question 1 continued. Statement of comprehensive income for the year ended 31 December 2017 Lobby Plc CBN Limited FBR Limited Turnover Cost of sales Gross profit Expenses Dividends received Profit before taxation Taxation Profit for the period Dividends paid Retained profits Additional information: Lobby acquired 90% of the shares in CBN Limited on 31 March 2015 when the balance on the retained earnings reserve of CBN Limited was 120,000 and the balance on the general reserve was 32,000. On 31 January 2016 Lobby Plc purchased 25,000 ordinary shares in FBR Limited, at the date the balance on the retained earnings reserve of FBR Limited was 60,000 and the balance on the retained earnings reserve was 16,000. Within the trade receivables balance of Lobby Plc are amounts of 40,000 due from CBN Limited and 14,000 due from FBR Limied. During the year Lobby Plc sold goods to CBN Limited for 30,000 which included a mark-up of one third, 80% of these goods remained in inventory at the end of the reporting period just ended. Within the trade payables balance of CBN Limited is an amount of 30,000 owed to Lobby Plc and there is an amount of 14,000 within the trade payables of FBR Limited also owed to Lobby Plc. Question1 continues over the page.
4 Page 4 of 10 Question1 continued. On 24 th December 2017 CBN Limited sent a cheque payment of 10,000 to Lobby Plc, this cheque was delayed in the Christmas postal service and was only received and banked by Lobby Plc upon return from their Christmas shutdown on 4 th January The directors have completed their annual impairment review and have noted that goodwill is not to be impaired. Prepare the consolidated Statement of financial position and comprehensive income for the Lobby Plc group for the 31 December 2017 year end (all amounts round to nearest 000). (30 Marks)
5 Page 5 of 10 Question 2 You are the finance director of Didsbury plc a company that manufactures sports equipment and sells from a factory shop in Bolton. As a result of increased competition business has significantly decreased and the company is forecasting financial difficulties. The statement of financial position for the year ended 31 December 2017 is below: 000 Non-current assets Intangible assets Development 2,800 Current assets Other current assets 64,340 Cash at bank 10,900 75,240 TOTAL ASSETS 78,040 Equity and liabilities Ordinary shares ( 1) 24,000 Share premium 8,000 12% 1 Preference shares 16,000 Retained Earnings 9,200 57,200 Current liabilities Trade payables 20,840 TOTAL EQUITY AND LIABILITIES 78,040 Additional information: The preference shares of the company had been issued at a premium of 4% on par value and the directors have decided that that these preference shares are to be redeemed in January 2018 at a premium of 10% on par value per share. Question 2 continues over the page.
6 Page 6 of 10 Question 2 continued. The following scheme has been approved and needs to be accounted for during January 2018: i On 8 th January 2018 the company issued 4,800,000 10% debentures with a par value of 1 each at a discount of 5%. ii The development costs and the discount on the 4.8 million debentures is to be written off. iii The company issued 12 million ordinary shares at a premium of 20 pence per share on 1 January 2018 iv At the end of January, the company redeemed the preference shares paying a premium of 10 pence per share. v On the 31 st of January 2018 the directors made a bonus issue of ordinary shares to the existing shareholders of one share for every 20 shares held. vi At the end of January 2018 the cash balance reflected an amount of 550,000 of net profit that was generated during January vii All cash had been received and paid during January in relation to the issuing of shares / redemption of preference shares. viii Any balance on the re-organisation account is to be taken to the retained earnings reserve. Process the transactions from the scheme above using the T account double entry system (do not amalgamate individual transactions) and prepare the statement of financial position as at 31 January (30 marks) PLEASE TURN THE PAGE...
7 Page 7 of 10 Question 3 As a newly qualified accountant you have started working at Dawsons Plc which is a company that manufactures mobile telephone cases and other accessories. The company is to invest in some new production equipment which will reduce the need to employ as many manual workers but will have the positive impact of increasing production to meet increasing sales demand. The company wishes to conserve funds and has decided to lease the equipment as opposed to purchasing it directly. The six year lease will commence on 1 January 2018 and annual rental payments of 92,500 will be paid on 31 December each year. The cost of the machine is 350,000 and has a useful economic life of eight years, the company depreciates its assets using the straight line method and has a cost of capital of 15%. Dawson Plc completes its financial statements to 31 December each year. a) Assuming Dawson Plc is to account for the lease as a finance lease, calculate the charges that will appear in the Income statement for each year over the lease term. (12 Marks) b) State how briefly you would distinguish between and operating lease and a finance lease. (5 marks) c) In accordance with IAS37 (Provisions) what are the implications / considerations for the year end 31 December 2017 financial statements in relation to any redundancies that Dawson Plc should consider. (3 marks) Total 20 Marks
8 Page 8 of 10 Section B Answer ONE question only Question 4 Kashif Plc is a company that is involved in the protection of the planet and wildlife in conservation areas. As part of the company operations, they have produced an Ecofriendly hover car that enables conservationists to silently float a few meters over the surface of the planet without damaging the surface or polluting the atmosphere. At the end of the current reporting period (31 December 2017) it was noted that during the year the directors had given a grant of 1million to the CAPE faculty at University of Bolton to enable students to conduct research. The company had also incurred 3 million of expenditure for the development of the hover car, in addition a further 8 million had been spent on hover car design, its unique float system as well as promotional and marketing activities that would take place in just over 1 years time. a) Write a report to the directors of Kashif Plc which clearly explains which (if any) of the amounts above could be classed as deferred development expenditure, your answer should include reference to relevant accounting standards. (10 marks) b) Outline the criteria (as specified by any relevant accounting standards) that the company needs satisfy in order to account for the costs incurred to date. (5 marks) c) If the company incurs any expenses once the product has been marketed for sale, advise the directors on the accounting treatment of such costs and the effect on subsequent years financial statements. (5 marks) Total 20 Marks
9 Page 9 of 10 Question 5 Part A You are the financial accountant of Hardy Plc and you have been provided with the following information from the 31 December 2017 financial statements as follows: Statement of financial position as at 31 December 2017 Ordinary shares called up issued and fully paid (20p each) 200,000 Preference shares ( 1 each) 50,000 10% Convertible loan 250,000 Statement of comprehensive income for the year ended 31 December 2017 Earnings after taxation 5,000,000 Additional information: i The preference shares receive a dividend of 2.50 per share and were convertible in 6 years time. ii The loan is convertible in 2026 into ordinary shares on the basis of 500 ordinary shares for each 1,000 of loan. iii The tax rate is 40% Calculate the diluted earnings per share in accordance with IAS33 for the 31 December 2017 year end. (12 marks) Question 5 continues over the page.
10 Page 10 of 10 Question 5 continued. Part B As finance manager at a firm of Accountants one of your juniors has come to you with a few queries from some of the clients accounts they are working on and requires your advice. They were asked by one of your firms clients why do we need to disclose nonadjusting events. i. Prepare a brief response answering the query raised by the junior in a clearly understandable briefing paper that will enable them to discuss the matter with the finance director of the client. (4 marks) ii. Shortly after the end of the financial year a hurricane hit one of your clients premises warehouses and a significant amount of inventory perished. Upon making the insurance claim it was apparent that that the insurance was insufficient to cover the whole amount of inventory that perished, as a result a large order may be missed with their largest client and they could go out of business. You have noted this as a potential going concern issue. Discuss the matters you may wish to discuss with your client in deciding on the accounting treatment in accordance with IAS10 (events after the reporting period). (4 marks) Total 20 Marks END OF QUESTIONS
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