Marks. Question No. 2. (a)
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1 Question No. 2 SUGGESTED SOLUTIONS/ ANSWERS SUMMER 2018 EXAMINATIONS 1 of 7 (a) Khan Traders Statement of Cash Flow for the year ended June 30, 2017 Net Profit (102,700-20,000) 82, Adjustments for: Depreciation (W-3) 27, Profit on sale of plant (W-1) (2,500) 0.25 Interest on TFCs for 6 months (8%* 50,000 * 1/2) 2,000 27, Operating Profit before Working Capital Changes 110, Cash Flows from Operating Activities Increase in accounts receivable less provision for doubtful debts (W-4) (46,700) 0.25 Increase in stock (54,925-16,425) (38,500) 01 Increase in account payables (37,800-26,000) 11,800 (73,400) 01 Cash Flow from Investing Activities 36, Purchase of machinery (W-2) (78,000) 0.25 Proceed from sale of plant 7, Increase in ST deposits & prepayments (189, ,850) (47,000) (118,000) 01 Cash Flow from Financing Activities (81,300) 0.25 Proceeds from issuance of TFCs at discount (50,000-1,000) 49, Interest paid on TFCs (50,000 * 8% * 1/2) (2,000) 01 Dividend paid in respect of earlier year (30,000) 17, Net Increase in Cash and Cash Equivalents (64,300) 0.25 Opening balance of cash and cash equivalents Closing balance of cash and cash equivalents (64,300) 0.25 Workings: W-1: Profit on sale of plant Cost of plant 18, Less: Accumulated depreciation 13, Book value 4, Less: Plant sold 7, , W-2: Purchase of machinery Balance brought forward 82, Balance carried forward 142, Increase in assets before disposal 60, Add: Fixed assets disposed during the year 18, ,
2 W-3: Depreciation SUGGESTED SOLUTIONS/ ANSWERS SUMMER 2018 EXAMINATIONS 2 of 7 Accumulated depreciation brought forward 13, Accumulated depreciation carried forward (27,900) 14, Adjustment 13, , W-4: Account receivables Trade debtors opening , Less: Provision for doubtful debts (1,800) 147, Trade debtors opening , Less: Provision for doubtful debts (5,100) 194, , (b) Appropriated retained earnings are retained earnings that have been set aside by action of the board of directors for a specific use. The intent of retained earnings appropriation is to not make these funds available for payment to shareholders. However, if a company were to liquidate or enter bankruptcy proceedings, the appropriation status of retained earnings would be irrelevant the retained earnings would be available for pay-out to creditors and investors. Thus, an appropriation has no legal status. An appropriation of retained earnings may be for purposes such as: Acquisitions Debt reduction Marketing campaigns New construction New product development Research and development Reserve against expected insurance losses Reserve against lawsuit settlements Restriction imposed by a loan covenant Stock buyback 07
3 SUGGESTED SOLUTIONS/ ANSWERS SUMMER 2018 EXAMINATIONS 3 of 7 Question No. 3 (a) Journal Entries Rectification of Errors: Particulars Debit Credit Purchase 3, Creditors Account/ Bank/ Cash 3, Insurance Expense Suspense Account Suspense Account 2, Commission Income 2, Repair and Maintenance Expense 1, Office Equipment 1, Bank Loan 1, Suspense Account 1, Suspense Account Accounts Receivable Suspense Account Sundry Income Suspense Account Particulars Debit Particulars Credit Discount income 2,900 Trial balance difference 2, Debtors account 300 Insurance expense Sundry income 500 Bank loan 1, ,700 3, (b) Performance Analysis: 07 Sales Revenue: The company posted an impressive turnover growth of 26% as compared to last year. The company sold more units of vehicles during the year under review as compared to previous year. This may be attributable to various marketing initiatives and spending toward improved quality of the product. Gross Profit: Company has managed to improve its GP% to 27.68% from 25.94% last year. This performance may be attributable to appreciable response from customer to improved product quality. A significant increase of 8% in GP% from year 2012 is a proof of company s strength and profitability. Distribution & Admin Expenses: The company would want to keep a tight control on its overheads. The distribution cost has almost double over the period of five years while admin expenses have also increased significantly. Profitability: The company s profitability varies in line with the sales revenue and gross profit. The profit after tax stood at Rs.1.9 billion, an increase of 21% compared to the previous year. However, NP% has decreased from 17% in 2016 to 16% in 2017 in line with decline in other income.
4 SUGGESTED SOLUTIONS/ ANSWERS SUMMER 2018 EXAMINATIONS 4 of 7 Question No. 4 (a) Overseas Gymkhana and Accounts for the year ended December 31, 2017 Opening balance Subscription income (7,500, , , , ,000) 1,390,000 Salaries (4,750, , ,000) 7,170,000 General expenses (500, ,000) 4,700, , Entrance fees 250,000 Audit fees 200, Annual dinner contribution 1,000,000 Secretary honorarium 1,000, Grant on sports gala 750,000 Printing and stationary 450, Annual dinner expenses 1,500, Financial expenses 150, Sports equipment 400, (2,700,000 (2,600, ,000) Closing balance 1,600, ,560,000 10,560, (b) Liabilities Overseas Gymkhana Balance Sheet as at December 31, 2016 Assets Subscription received in advance 450,000 Freehold ground 10,000, Audit fees payable 200,000 Sports equipment 2,600, Salaries payable 400,000 Outstanding subscription 600, Bank loan 2,000,000 Cash in hand 1,390, Surplus fund (balancing figure) 11,540, ,590,000 14,590, Liabilities Overseas Gymkhana Balance Sheet as at December 31, 2017 Assets Subscription received in advance 270,000 Freehold ground 10,000, Audit fees payable 250,000 Sports equipment (2,600, ,700, , ,000) Salaries payable 450,000 Outstanding subscription 750, Bank loan 2,000,000 Prepaid insurance 60, Surplus fund (11,540, ,000) 12,140,000 Cash in hand 1,600, ,110,00 15,110,00 0.5
5 SUGGESTED SOLUTIONS/ ANSWERS SUMMER 2018 EXAMINATIONS 5 of 7 Question No. 5 Incomplete Records: Mr. Asad Profit and Loss Account for the period ended June 30, 2017 Sales (W-2) 12,800, Less: Cost of sales Opening stocks 1,000, Add: Purchases (W-1) 6,236, Less: Stocks taken for personal use (56,000) 0.5 Closing stock (748,000) 0.5 Cost of sales (6,432,000) 0.25 Gross Profit 6,368, Salaries 600, General expenses 1,400, Stationary and supplies 348, Rent, rates and taxes 280, Electricity charges 100, Trade expenses 1,900, (4,628,000) 0.25 Net Profit 1,740, Workings: W-1: Accounts Payable: Bank 6,100,000 Opening balance 1,364, Ending balance 1,500,000 Credit purchase (bal. figure) 6,236, ,600,000 7,600,000 W-2: Accounts Receivable: Balance b/d 700,000 Cash 12,500, Credit sales (bal. figure) 12,800,000 Ending balance 1,000, ,500,000 13,500,000
6 W-3: Cash Account: SUGGESTED SOLUTIONS/ ANSWERS SUMMER 2018 EXAMINATIONS 6 of 7 Opening Balance 12,000 Salaries 600, Received from Debtors 12,500,000 General Expenses 1,400, Stationary and Supplies 348, Rent, Rates and Taxes 280, Electricity Expenses 100, Cash Deposited 7,500, Drawings 364, Trade Expenses 1,900, Closing Balance 20, ,512,000 12,512,000 W-4: Bank Account: Opening balance 400,000 Drawings 1,300, Cash deposited 7,500,000 Creditors 6,100, Capital 100,000 Closing balance 600, ,000,000 8,000,000 Question No. 6 (a) Pre-acquisition profits are the reserves which exist in a subsidiary company at the date when it is acquired. They are capitalised at the date of acquisition by including them in the goodwill calculation. Post-acquisition profits are profits made and included in the retained earnings of the subsidiary company following acquisition. They are apportioned between the group retained earnings and the NCI (b) Star Limited Consolidated Statement of Comprehensive Income for the year ended December 31, 2017 Rs. 000 Revenue (11, , ) 20, Cost of sales (9, , (w4) + 40 (w-4) (16,840) 02 Gross profit 3, Distribution costs ( ) (1,125) 01 Investment income (113-45) Profit before tax 2, Provision for taxation ( ) (923) 01 Profit after taxation 1,
7 SUGGESTED SOLUTIONS/ ANSWERS SUMMER 2018 EXAMINATIONS 7 of 7 Rs. 000 Other comprehensive income Gain on revaluation of land ( ) Total comprehensive income for the year 1, Profit attributable to : Owners of the parent ( ) 1, Non-controlling interest (w-1) , Total comprehensive income attribute to: Total comprehensive income (1, ) 1, Non-controlling interest (w-1) , W-1: Non-Controlling Interest As per question-pat Impairment loss (50) 0.75 Unrealised profit on inventory (40) 0.75 Total Share 25% As per question-tci Impairment loss (50) 0.75 Unrealised profit on inventory (40) 0.75 Total Share 25% W-2: Impairment of Goodwill Total goodwill 250, Period Per year 50, W-3: Intra-Group Dividend Total dividend declared by Moon Limited 60, Shareholding of Star Limited 75% , W-4: Intra-Group Trading Total sales 300, Sold inventory 33.33% 0.25 Un-sold inventory 200, Mark-up charges 25% over cost 40, THE END
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