Wednesday 16 June 2004 (morning) EXAMINATION. Time allowed - 3 hours plus 15 minutes reading time
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1 NVQ/SVQ Level 4 in Accounting Drafting Financial Statements (Accounting Practice, Industry and Commerce) (DFS) (2003 standards) Wednesday 16 June 2004 (morning) EXAMINATION Time allowed - 3 hours plus 15 minutes reading time Important: This exam paper is in two sections. To be successful you will need to show competence in both sections. We recommend that you use the 15 minutes reading time to study the examination paper fully and carefully so that you understand what to do for each task. However, you may begin to write your answers within the reading time, if you wish. You may not use programmable calculators or dictionaries in the examination. Do NOT open this paper until instructed to do so by the Supervisor. AAT 154 Clerkenwell Road, London EC1R 5AD, UK Tel: +44 (0) Fax: +44 (0) SA4029 DFS
2 THIS PAGE IS INTENTIONALLY BLANK 2
3 This exam paper is in TWO sections. You must show competence in BOTH sections, so attempt and aim to complete EVERY task in EACH section. Please use the answer booklet provided. All workings should be shown in the answer booklet. The answer booklet includes the following pro-formas: Consolidated profit and loss account (format 1 as supplemented by FRS 3) Journal entries Profit and loss account (format 1 as supplemented by FRS 3) Companies Act 1985 balance sheet (format 1) Cash flow statement (FRS 1 Revised) You should spend about 125 minutes on Section 1 and 55 minutes on Section 2. SECTION 1 You should spend about 125 minutes on this section. This section is in three parts. PART A You should spend about 45 minutes on this part. DATA The Managing Director of Aswall plc has asked you to prepare the draft consolidated profit and loss account for the group. The company has one subsidiary undertaking, Unsafey Ltd. The profit and loss accounts for the two companies prepared for internal purposes for the year ended 31 March 2004 are on page 4. 3
4 Profit and Loss Accounts for the year ended 31 March 2004 Aswall plc Unsafey Ltd Turnover Cost of sales Gross profit Distribution costs Administrative expenses Dividends received from Unsafey Ltd Profit on ordinary activities before interest Interest paid and similar charges Profit on ordinary activities before taxation Tax on profit on ordinary activities Profit on ordinary activities after taxation Dividends Retained profit for the financial year Further information: 32,412 (14,592) 17,820 (5,449) (3,167) 1,500 10,704 (1,960) 8,744 (2,623) 6,121 (3,500) 2,621 12,963 (5,576) 7,387 (1,307) (841) 5,239 (980) 4,259 (1,063) 3,196 (2,000) 1,196 Aswall plc owns 75% of the ordinary share capital of Unsafey Ltd. During the year Unsafey Ltd sold stock which had cost 1,200,000 to Aswall plc for 1,860,000. All of the stock had been sold by Aswall plc by the end of the year. All operations are continuing operations. Task 1.1 Using the pro-forma profit and loss account in your answer booklet, draft a consolidated profit and loss account for Aswall plc and its subsidiary undertaking for the year ended 31 March
5 DATA The directors of Aswall plc are considering acquiring another subsidiary undertaking. They have obtained the latest financial statements of the company they wish to purchase and have had some preliminary discussions with the directors of this company. They are unclear about some of the accounting treatments in the financial statements of the company and have asked you to come to a meeting to explain them. Task 1.2 Prepare notes for a meeting with the directors to explain the accounting treatment of the following issues. (a) The company owns the freehold of a building which they constructed for investment purposes. The building is currently rented to another company on commercial terms. The property is not recorded at its historical cost and has not been depreciated. (b) A note to the accounts states that there was a fire in the warehouse of the company that occurred after the year end and resulted in considerable losses of fixed assets and stocks. No adjustment for these losses appears to have been made in the year-end financial statements. (c) There is a provision for something called deferred taxation in the balance sheet of the company. Note: You should make reference, where appropriate, to relevant accounting standards. 5
6 PART B You should spend about 50 minutes on this part. DATA You have been asked to help prepare the financial statements of Burysane Ltd for the year ended 31 March The extended trial balance of the company as at 31March 2004 is shown on page 7. 6
7 BURYSANE LTD EXTENDED TRIAL BALANCE AS AT 31 MARCH 2004 DESCRIPTION TRIAL BALANCE ADJUSTMENTS Debit Credit Debit Credit PROFIT AND LOSS Debit Credit BALANCE SHEET Trade creditors 2,409 2,409 Prepayments Ordinary share capital 18,000 18,000 Stock 8,912 9,432 9,432 8,912 9,432 9,432 Share premium 6,000 6,000 Administration expenses 6, ,213 Distribution costs 9, ,544 Profit and loss account 15,411 15,411 Land - cost 14,000 14,000 Buildings - cost 12,068 12,068 Fixtures and fittings - cost 10,217 10,217 Motor vehicles - cost 18,548 18,548 Office equipment - cost 3,004 3,004 Sales 39,773 39,773 Trade debtors 1,359 1,359 Accruals Cash at bank Interest Long-term loan 10,000 10,000 Buildings - accumulated depreciation 2,603 2,603 Fixtures and fittings - accumulated depreciation 2,754 2,754 Motor vehicles - accumulated depreciation 5,621 5,621 Office equipment - accumulated depreciation Purchases 16,858 16,858 Interim dividend 2,160 2,160 Provision for doubtful debts Profit 5,118 5,118 TOTAL 103, ,591 10,001 10,001 49,205 49,205 69,298 69,298 Debit Credit
8 Further information: All of the operations are continuing operations. The authorised share capital of the company, all of which has been issued, consists of ordinary shares with a nominal value of 1. The company paid an interim dividend of 12p per share during the year, but has not provided for the proposed final dividend of 14p per share. The corporation tax charge for the year has been calculated as 2,822,000. Credit sales relating to March 2004 amounting to 3,200,000 had not been entered into the accounts at the year end. Interest on the long-term loan has been paid for the first six months of the year. No adjustment has been made for the interest due for the last six months of the year. Interest is charged on the loan at a rate of 8% per annum. The land has been revalued by professional valuers at 15,000,000. The revaluation is to be included in the financial statements for the year ended 31 March Task 1.3 Using the pro-forma in your answer booklet, make the necessary journal entries as a result of the further information given above. Dates and narratives are not required. Notes: 1. You must show any workings relevant to these adjustments. 2. Ignore any effect of these adjustments on the tax charge for the year given above. Task 1.4 (a) Using the pro-forma in your answer booklet, draft a profit and loss account for Burysane Ltd for the year ended 31 March (b) Using the pro-forma in your answer booklet, draft a balance sheet for Burysane Ltd as at 31 March Note: You do not need to prepare any of the notes to the financial statements that are required by FRS 3. 8
9 PART C You should spend about 30 minutes on this part. DATA You have been asked to prepare a cash flow statement for Scote Ltd for the year ended 31 March The profit and loss account and balance sheets of Scote Ltd are set out below and on page 10. Scote Ltd Profit and Loss Account for the year ended 31 March 2004 Turnover Cost of sales Gross profit Profit on the sale of fixed assets Distribution costs Administrative expenses Profit on ordinary activities before interest Interest payable and similar charges Profit on ordinary activities before taxation Tax on profit on ordinary activities Profit for the financial year Dividends Retained profit for the financial year 18,953 (9,841) 9, (3,133) (1,772) 4,572 (1,000) 3,572 (893) 2,679 (1,080) 1,599 9
10 Scote Ltd Balance sheet as at 31 March Fixed assets Current assets Stocks Trade debtors Cash Current liabilities Trade creditors Dividends payable Taxation Bank overdraft Net current assets Long term loan 4,017 1, ,833 (1,003) (810) (893) (2,706) 22,561 3,127 (10,000) 3,860 1,321-5,181 (827) (720) (643) (1,045) (3,235) 16,143 1,946 (8,000) 15,688 10,089 Capital and reserves Called up share capital Share premium Profit and loss account 9,000 2,000 4,688 6,000 1,000 3,089 15,688 10,089 Further information: A fixed asset costing 2,037,000 with accumulated depreciation of 1,432,000 was sold during the year. The total depreciation charge for the year was 4,120,000. All sales and purchases were on credit. Other expenses were paid for in cash. Task 1.5 Prepare a reconciliation of operating profit to net cash flows from operating activities for Scote Ltd for the year ended 31 March Task 1.6 Using the pro-forma in the answer booklet, prepare a cash flow statement for Scote Ltd for the year ended 31 March 2004 in accordance with the requirements of FRS 1 (Revised). Note: You do not need to provide any of the additional notes required by FRS 1. 10
11 TURN OVER FOR SECTION 2 11
12 SECTION 2 You should spend about 55 minutes on this section. DATA Maurice Sun plans to invest in Fieldsomer Ltd. This is a chain of shops. He is to meet his consultants to discuss the profitability of the company. To prepare for the meeting he has asked you to comment on the change in profitability and the return on capital of the company. He also has some questions about the company s balance sheet. He has given you Fieldsomer s profit and loss accounts and the summarised balance sheets for the past two years prepared for internal purposes. These are set out below and on page 12. Fieldsomer Ltd Summary Profit and Loss Accounts for the year ended 31 March Turnover Cost of sales Gross profit Distribution costs Administrative expenses Operating profit Interest payable and similar charges Profit on ordinary activities before taxation Tax on profit on ordinary activities Profit for the financial year Dividends Retained profit for the financial year ,420 (3,536) 4,884 (1,471) (1,224) 2,189 (400) 1,789 (465) 1,324 (720) ,595 (3,418) 4,177 (1,016) (731) 2,430 (480) 1,950 (569) 1,381 (600)
13 Fieldsomer Ltd Balance sheets as at 31 March Fixed assets Current assets Current liabilities Net current assets Total assets less current liabilities (net assets) Long-term loan ,624 (2,215) 15,132 2,409 17,541 5, ,912 (1,855) 13,880 2,057 15,937 6,000 Called up share capital: ordinary shares of 1each Share premium Profit and loss account 6,000 2,000 4,541 12,541 5,000 1,000 3,937 9,937 Capital employed 17,541 15,937 Task 2.1 Prepare a report for Maurice Sun that includes the following: (a) a calculation of the following ratios of Fieldsomer Ltd for each of the two years: (i) Return on capital employed (ii) Net profit percentage (iii) Gross profit percentage (iv) Asset turnover (based on net assets) (b) an explanation of the meaning of each ratio and a comment on the performance of Fieldsomer Ltd as shown by each of the ratios (c) a conclusion on how the overall performance has changed over the two years. TURN OVER FOR TASK
14 Task 2.2 Prepare notes for a meeting with Maurice that answers the following questions relating to the balance sheet of Fieldsomer Ltd. (a) What are the monetary values of the ownership interest, the assets and the liabilities in Fieldsomer Ltd as at 31 March 2004 and how are they related in the accounting equation? (b) Why is the final figure of retained profit for the year in the profit and loss account not the same figure that appears in the balance for the profit and loss account on the balance sheet of the company? What, if any, is the connection between the two figures? 14
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16 Association of Accounting Technicians 154 Clerkenwell Road, London EC1R 5AD, UK Tel: +44 (0) Fax: +44 (0)
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