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1 THIS PAPER IS NOT TO BE REMOVED FROM THE EXAMINATION HALLS University of London BSc Examination 2015 BA1020 Business Administration Accounting for Management Date: Wednesday 6 th May 2015 Time: Time allowed: THREE hours DO NOT TURN OVER UNTIL TOLD TO BEGIN You are expected to answer FOUR questions in total You must answer one question from section A You must answer one question from section B You must then answer two further questions from either section A or B Please start each answer to each question on a separate page Electronic calculators may be used. These should be of a hand-held non-programmable (where relevant) type and the name and model should be stated CLEARLY on the front of your answer book. PLEASE TURN OVER University of London 2015 UL15/ Page 1 of 11
2 SECTION A Answer at least One Question from Section A QUESTION 1 Below is the trial balance of Pammee Distribution Ltd, year ending 31 st May 2015 : Dr Cr Sales Purchases Stock (01/06/14) Salaries Administration expenses Selling and distribution expenses Return Outwards Return Inwards Bad Debts Miscellaneous expenses Rent and rates Bank Discounts Allowed Discounts Received Provision for Doubtful Debtors Debenture Interest Interim Dividend % Debenture Investment Income Non-current Assets at costs: Motor Vehicles Fixtures and Fittings Freehold land Provision for Depreciation (01/06/14): Motor Vehicles Fixtures and Fittings Creditors Debtors Retained profits (31/05/14) Capital Page 2 of 11
3 Additional Notes : i) Stock (31/05/15) ii) Administration expenses prepaid iii) Selling and distribution expenses owing iv) Provision for doubtful debtors to be 7 % of outstanding debtors (at 31/05/15) v) Depreciation : Motor Vehicles, Reducing Balance Method 25 % Fixtures and Fittings, Straight Line Method 15 % vi) Investment income due vii) Auditors fees owing viii) ix) Tax on profit after interest to be paid in arrears Nominal value per share is 0.50 and the directors of the company have declared a final dividend of 0.06 per share Required : a) Prepare the following statements for the above company : i) Income Statement for the year ending 31 st May 2015 (formerly known as the profit and loss account) (11 marks) ii) Position Statement as at 31 st May 2015 (formerly known as the balance sheet) (11 marks) b) Define and illustrate three (3) accounting concepts that you have used in the preparation of the financial statements for the above company. (3 marks) Page 3 of 11 PLEASE TURN OVER
4 QUESTION 2 Below are the position statements of Morris s business, year ending 31 st of May : Non-Current : Cost Cum. NBV Non-Current :Cost Cum. NBV Assets Dep. Assets Dep. Fixtures & Fittings Fixtures & Fittings Current Assets : Current Assets : Stock Stock Debtors Debtors Bank Bank Current Liabilities : Current Liabilities : Creditors Creditors Bank Bank Net Current Assets Net Current Assets less long term loans 0 less long term loans 0 Net Assets Financed By : Financed By : Capital Capital Net Profit Net Profit less Drawings Drawings QUESTION CONTINUES ON NEXT PAGE Page 4 of 11
5 Additional Note : i) Interest paid during the year Required : a) i) Given the position statements of the business, prepare a statement of cash flows (IAS 7) for year ending 31 st May Use the indirect approach when deriving net cash flow from operating activities. (13 marks) ii) Comment on why Morris started the year with money in the bank account, however by the end of the year the balance is overdrawn. (4 marks) b) There are two (2) methods or approaches of deriving net cash flow from operating activities, namely the indirect approach and the direct approach. Explain as fully as possible the difference between the two (2) approaches (methods). (4 marks) c) Morris had a profitable year, yet ended up being overdrawn (short of cash in the bank). This implies that because a company may make high profits does not necessarily imply that they will have lots of money in the bank and vice versa. Just because a company is making large losses does not necessarily imply that the company has no cash in the bank Using the statement above, discuss briefly the difference between profit and cash. (4 marks) PLEASE TURN OVER Page 5 of 11
6 QUESTION 3 Below are the summarised accounts for Jojo s Pizza s plc, year ending 31 st May 2014 and 2015 : Income Statement Sales Less Cost of Sales Gross Profit Less Expenses Net Profit Less Debenture Interest Net Profit after Interest Less Taxation Net profit after Taxation Less Dividends Retained Profits Position Statement Non-Current Assets Stock Debtors Bank Creditors Bank Overdraft Share Capital and Reserves Less Long Term Loans Additional Notes : All sales are on a credit basis. The stock figures given above are the average stock figures for the year in question. QUESTION CONTUINUES ON NEXT PAGE Page 6 of 11
7 Required : a) Calculate the following set of accounting ratios for the company for both years : i) Gross profit margin ratio ii) Gross profit mark up iii) Net profit margin ratio iv) Return on capital employed v) Current ratio vi) Acid test vii) Stock turnover viii) Debtors collection period ix) Creditors payment period x) Gearing ratio (1 mark of each set of ratios, total 10 marks) b) Comprehensively comment on the financial performance of the company over the last two years using the ratios you have generated in part 1) and also using the extracts from the financial statements given. (10 marks) c) Briefly discuss the disadvantages of the use of accounting ratios as a means of analysis and interpretation of accounting data. (5 marks) END OF SECTION A Page 7 of 11 PLEASE TURN OVER
8 SECTION B Answer at least One Question from Section B QUESTION 4 Lambasca Limited are manufacturers of radiators and the following information has become available for the forth coming financial year: Expected demand (units) Average selling price per unit 40 Unit Costs : Direct material costs 10 Direct labour costs 6 Variable overheads 4 Fixed overheads The company is interested to see how certain changes to the above figures will have an impact on the profits of the firm. The following options are available to the company : 1) Increase selling price by 10 %, expected demand is likely to fall by 10 %. All other variables will remain the same. 2) Decrease selling price by 10 %, expected demand is likely to increase by 20 %. All other variables will remain the same. 3) Improve the quality of the material used by 5 per unit and promote the added feature by way of an advertising campaign costing , demand is expected to rise by 15 %. All other variables will remain the same. QUESTION CONTUINUES ON NEXT PAGE Page 8 of 11
9 Required : Given the original data : a) Calculate the following : i) Calculate the break even point (units). (1 mark) ii) Given the expected demand what profit or loss would the company make? (1 mark) iii) Calculate margin of safety (%), given the expected demand. (1 mark) Given the 3 new options available to the firm, for each option : b) Calculate the following : i) Break even point. (3 marks) ii) New profit / loss generated by changes in level of expected output. (6 marks) iii) Margin of safety (%), given the expected output. (3 marks) c) Given the original data and the three new options, which proposal should the company adopt and why? (2 marks) d) There are a number of reservations (limitations) about break even analysis. Explain as fully as possible the limitations behind the use of break even. (8 marks) PLEASE TURN OVER Page 9 of 11
10 QUESTION 5 The following data relates to SJ Limited, a manufacturer of a range of kitchen component products : A B C D E Selling Price / unit Direct Materials / unit Direct labour / unit Fixed Overheads / unit Estimated Demand (units) All labour is charged at the same rate of 6 / hour and the cost of each kilogram of material is 4 per kilogram. Required : a) Based on the above information what is the ideal product mix and total contribution given : i) labour is limited to labour hours (9 marks) ii) material is limited to kilograms (9 marks) b) What other non-financial (qualitative) factors should the company consider before coming to a final decision. (7 marks) Page 10 of 11
11 QUESTION 6 Dominic Furnishings Plc are investigating two possible frame making machines, the model numbers of each machine being Z20 and Z21. The data regarding the two machines are as follows : Z20 Z21 Initial Investment ( ) Cash Inflows ( ) Year Year Year Year Year Residual Value Required : a) For both machines calculate the following : i) Payback Period (6 marks) ii) Accounting Rate of Return Hint : The cash inflows need to be converted back to accounting profits (10 marks) b) Under each method which machine should the company adopt and why. (2 marks) c) Fully explain the meaning of : i) time value of money (3 marks) ii) cost of capital (4 marks) End of Paper Page 11 of 11
DO NOT TURN OVER UNTIL TOLD TO BEGIN
THIS PAPER IS NOT TO BE REMOVED FROM THE EXAMINATION HALLS University of London BSc Examination 2012 BA1020 (BBA0020) Business Administration Accounting for Management Day, May 2012: Time DO NOT TURN OVER
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