Carsten Berkau: Bilanzen Aufgaben zu Kapitel 4

Similar documents
Carsten Berkau: Bilanzen Aufgaben zu Kapitel 4

BODORP (Pty) Ltd's STATEMENT of FINANCIAL POSITION as at eoy 20X5

Carsten Berkau: Bilanzen Aufgaben zu Kapitel 4

Carsten Berkau: Bilanzen Aufgaben zu Kapitel 10

Carsten Berkau: Bilanzen Aufgaben zu Kapitel 7

Carsten Berkau: Bilanzen Aufgaben zu Kapitel 6

Exhibit 1: Trial balance. You are the accountant of GUGULETO Ltd. and have to make bookkeeping entries for the adjustments.

KUHLHOF Ltd. is a service provider. The company offers accounting service to companies.

Solution: (1) Establishment of the business on X5 DR Cash/Bank... 20, EUR CR Owner s Equity... 20, EUR

(1) Issue of 120,000 ordinary shares DR Cash/Bank , EUR CR Issued Capital , EUR

Carsten Berkau: Bilanzen Solution to Chapter 9

Task IM-8.10: Consolidated Financial Statements (based on CPUT materials, W. Lotter)

INVENTORY MOVEMENTS FOR KHAYELITSHA RETAIL Ltd. for 2/20X9

Income Revenue: Total Sales ( x 30% x 60%) x 100/ Subscription Fees ( x 12/15 x 100/114)

Final a/c s of Sole Trader Solutions

QUESTION 2 IAS 1 (CAF5 A15) Following is the summarised trial balance of Eagles Limited (EL) as at 30 June 2015: Debit Rs. in 000


FAC1502 Revision material

QUESTIONS NUMBER ONE. Sh. Million. Sh. Million 99

MIAQE AFAR SEPTEMBER 2016 SUGGESTED SOLUTION QUESTION 1

Baru Ltd., publishing and printing company, extracted the following trial balance as at 31 October 2005:

MARK SCHEME for the October/November 2011 question paper for the guidance of teachers 9706 ACCOUNTING

UNIT 3 Module 4. Fund Flow Statement. Practical Problems and Solutions

CASH FLOW MANAGEMENT

CHAPTER 3. Topics in Chapter. Analysis of Financial Statements

PRE-LEAVING CERTIFICATE EXAMINATION, 2012 MARKING SCHEME ACCOUNTING HIGHER AND ORDINARY LEVEL

FEEDBACK TUTORIAL LETTER ASSIGNMENT 2 FIRST SEMESTER 2017 FINANCIAL ACCOUNTING 3A [FAC311S]

NOVEMBER 2016 PROFESSIONAL EXAMINATION FINANCIAL ACCOUNTING (PAPER 1.1) CHIEF EXAMINER S REPORT, QUESTIONS AND MARKING SCHEME

Adjustments, Financial Statements and the Quality of Earnings

ACCOUNTANCY. Part B. Q17. State the significance of Analysis of Financial Statements to the Lenders. (1 mark)

Chapter 5. Solution 5.1. Donncha O Donoghue 1

Exam ID 322. Qualifications: Level 3 Certificate in Bookkeeping QCF (Accreditation number: 500/8479/3)

FINANCIAL STATEMENTS OF TRADING COMPANIES

SET A AFAR MARCH 2016 SET A MARCH Consolidated Statements of Profit and Loss and Other Comprehensive Income for the Year ended 31 December 2015

Net Profit Add: interest on drawings: Jane x Allen x 5

ACCA. Paper F7. Financial Reporting. December 2014 to June Interim Assessment Answers

Support Notes for 2015 F NET F NET. 10/5 DIM Ltd 91 CL 26,000 5,980 31,980 GL GL 1 ½ ½ ½. Analysed Cash Book of BRIGHT Ltd Debit Side (4½) Date 2015

Examination for the Bachelor s Degree

Workings. (40,000 x 45)- (40,000 x 4.5)-320,000 =1,300,000

Financials. Lecture 7

MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 9706 ACOUNTING

FINAL CA May 2018 Financial Reporting

Level 3 Certificate in Manual Bookkeeping QCF (Accreditation number: 500/9260/1)

CHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS

INTERMEDIATE EXAMINATION

Osborne Books Update. Final Accounts Preparation Tutorial. Amended pages 67 to 71 Case Study: ELECTROPARTS

CLASS XII SAMPLE PAPER ACCOUNTANCY

(Accrual and Prepayment)

Tiill now you have learnt about the financial

Therefore PHL should disclose, in aggregate, in respect of obtaining control of SPC as a subsidiary during the year each of the following:

MODULE III RATIO ANALYSIS. Dr. Manoj Shah, Principal Investigator, NMEICT, MHRD Delhi

FEEDBACK TUTORIAL LETTER 1ST SEMESTER 2017 ASSIGNMENT 1 FINANCIAL ACCOUNTING 201 FAC611S

FINANCIAL STATEMENTS Determining the profit or loss of a business

Suggested Answer_Syl12_Dec13_Paper 18 FINAL EXAMINATION GROUP - IV

Learning Module 5 Time Value of Money & Hodgepodge of Other Stuff

ACC100 Introduction to Accounting

FINAL EXAMINATION GROUP - IV (SYLLABUS 2012)

CHAPTER 3. Analysis of Financial Statements

IPCC MAY 2014 SUGGESTED ANSWERS Paper 1 ACCOUNTING

Osborne Books Tutor Zone. Advanced Bookkeeping. Practice assessment 1

SHREE GURU KRIPA S INSTITUTE OF MANAGEMENT Guideline Answers for November 2011 Financial Reporting

CHAPTER 6 FINAL ACCOUNTS WITH ADJUSTMENTS

FANLING LUTHERAN SECONDARY SCHOOL

Solution to Problem 31 Adjusting entries. Solution to Problem 32 Closing entries.

Manufacturing Accounts

GRADE 12 CLASS TEST COMPANY 70 minutes; 120 marks

7110 PRINCIPLES OF ACCOUNTS

Date of Homework assigned: 7 Apr 2014 Due date: 16 Apr 2014 Exercise book: Book 1

MIDTERM REVIEW

CHAPTER 12. Statement of Cash Flows. Study Objectives

SOLUTION FINANCIAL REPORTING MAY 2013

This question paper consists of 5 pages. PLEASE NOTE:

PARTNERSHIP ACCOUNTS

Kelley School of Business Example Application of the Cash Flow Identity, p.1 Prof. Durham

XI ACCOUNTING REGULAR / PRIVATE

BALANCE SHEET RATIO. o Current Ratio = Current Assets Current liabilities

HIRE PURCHASE ACCOUNTS

SIR MICHELANGELO REFALO

B.COM I ACCOUNTING REGULAR. S.Hussain

LEAVING CERTIFICATE 2009 MARKING SCHEME ACCOUNTING ORDINARY LEVEL

Level 3 Certificate in Manual Bookkeeping QCF. Level 3 Certificate in Applied Bookkeeping QCF

Sree Lalitha Academy s Key for CA IPC Accounting - Nov 2013

MARK SCHEME for the May/June 2011 question paper for the guidance of teachers 0452 ACCOUNTING. 0452/11 Paper 1, maximum raw mark 120

General Certificate of Education Advanced Level Examination June 2012

Anesu Daka CA(SA)- CAA

MARK SCHEME for the October/November 2009 question paper for the guidance of teachers

XII ACCOUNTING REGULAR / PRIVATE. S.Hussain

Additional integrated questions. Group Financial Reporting FAC3704. Department of Financial Accounting

ACCOUNTING. The Wonder of the Worksheet

Copyright Reserved Serial No. Institute of Certified Management Accountants of Sri Lanka. Operational Level May 2015 Examination

BUS210. Chapter 4 Sessions 4, 5, 6, & 7 Mechanics of Financial Information

NABTEB Past Questions and Answers - Uploaded online

LEAVING CERTIFICATE ACCOUNTING

PRINCIPLES OF ACCOUNTS 7110/22 Paper 2 Structured October/November 2016 MARK SCHEME Maximum Mark: 120. Published

Revisionary Test Paper_Final_Syllabus 2008_Dec2013

Financial Modeling Fundamentals Module 03 Accounting Interview Questions Quiz Questions

FINANCIAL STATEMENTS OF PARTNERSHIP. The following trial balance was extracted from A, B & Co. books on June 30, 2002.

Ch02 Solutions Manual pdf Ch02 Show.pdf

Coimisiún na Scrúduithe Stáit State Examinations Commission. Leaving Certificate Marking Scheme. Accounting. Higher Level

where the value of the transaction is

Transcription:

Aufgabe QR-4.8: Trial Balance (Trial Balance): WYNBERG Ltd. renders office services and was established on 1.01.20X8. The company is based on shares. On the first day it issued 50,000 shares 1.00 EUR each. Make the DR in the bank account. WYNBERG takes a bank loan (annuity) 30,000.00 EUR. The rate of interest is 6% per annum and the initial pay-off rate is 4% per annum. WYNBERG issued 10,000 preference shares at a face value 1.00 EUR/share. The issue price was 1.20 EUR. The preference dividend is 5 % of the face value per annum. WYNBERG buys material on cash 24,000.00 EUR (gross amount). At the end of the fiscal year still half of materials is in the raw materials inventory account. The fair value of material is 7,000.00 EUR at that stage. (See for valuation of inventories chapter 9, here it is only required to write them off.) WYNBERG bought office furniture, computer, printer and scanner 34,800.00 EUR (gross amount) on 3.04.20X8. It only pays 1/3 of the amount due. The remaining amount is to be paid in 20X9. Apply straight line method for depreciation. Useful lives are 4 years, there is no salvage value to be considered. The total revenue (paid) in 20X8 amounts to 220,000.00 EUR (net amount). Consider that VAT payments and payments for income taxation are to be paid in 20X9 for fiscal year 20X8. With regard to the appropriation of profit WYNBERG decided to pay a dividend at 40 % of the distributable amount. The remaining amount is carried forward to 20X9. Apply para 150 of the German companies act ( 150 AktG). Along that para a German company based on shares is supposed to put 5 % of the distributable amount to legal earnings reserves in case the total of legal earnings reserves and capital reserves is less than 10 % of issued share capital. Pls., note that preference shares are to be seen as equity because they are non-redeemable. Required: Make bookkeeping entries for WYNBERG or set up the accounts and set up a trial balance. Derive a set of financial statements which comprises the statement of financial position as at 31.12.20X8, a statement of comprehensive income, a statement of cash flows and a statement of changes in equity for 20X8. VAT rate is 20 % and total income tax rate is 30 %. Lösung (Solution) The bookkeeping entries are as follows: (1) Share issue (2) Bank loan DR Bank... 50,000.00 EUR CR SCap... 50,000.00 EUR DR Bank... 30,000.00 EUR CR IBL... 30,000.00 EUR 1

(3) Interest is 6 % 30,000 = 1,800.00 EUR: DR Interest... 1,800.00 EUR CR Bank... 1,800.00 EUR (4) Pay off is 4 % 30,000 = 1,200.00 EUR: DR IBL... 1,200.00 EUR CR Bank... 1,200.00 EUR (5) Preference share issue: DR Bank... 12,000.00 EUR CR SCap... 10,000.00 EUR CR Capital reserves... 2,000.00 EUR (6) Purchase of material: DR Purchase... 20,000.00 EUR DR VAT... 4,000.00 EUR CR Bank... 24,000.00 EUR (7) Transfer purchase to inventory: DR Inventory... 20,000.00 EUR CR Purchase... 20,000.00 EUR (8) Material expense DR Mat Exp... 10,000.00 EUR CR Inventory... 10,000.00 EUR (9) Impairment loss on material DR Other expenses... 3,000.00 EUR CR Inventory... 3,000.00 EUR (10) Acquisition of P, P, E: 34,800 / 120% = 29,000.00 EUR. DR P, P, E... 29,000.00 EUR DR VAT... 5,800.00 EUR CR Bank... 11,600.00 EUR CR Creditors... 23,200.00 EUR 2

(11) Depreciation on P, P, E = (9/12) 29,000/4 = 5,437,50 EUR. DR Depr... 5,437.50 EUR CR Acc. Depr.... 5,437.50 EUR (12) Posting revenue: 220,000 120% = 264,000.00 EUR. DR Bank... 264,000.00 EUR CR VAT... 44,000.00 EUR CR Revenue... 220,000.00 EUR After posting the bookkeeping entries WYNBERG sets up the trial balance, see below: WYNBERG Ltd's TRIAL BALANCE as at 31.12.20X8 Account Total of DRs Total of CRs Bank 317.400,00 SCap 60.000,00 IBL 28.800,00 Interest 1.800,00 Capital reserves 2.000,00 Purchase VAT 34.200,00 Inv RM 7.000,00 Material expenses 10.000,00 Impairment loss 3.000,00 P, P, E 29.000,00 Creditors 23.200,00 Depreciation 5.437,50 Accumulated depreciation 5.437,50 Revenue 220.000,00 Total 373.637,50 373.637,50 See for deriving P&L account the accounts below: Exhibit 1: Trial balance 3

D Bank C D SCap C D IbL C (1) 50.000,00 (3) 1.800,00 (1) 50.000,00 (4) 1.200,00 (2) 30.000,00 (2) 30.000,00 (4) 1.200,00 c/d 60.000,00 (5) 10.000,00 c/d 28.800,00 (5) 12.000,00 (6) 24.000,00 60.000,00 60.000,00 30.000,00 30.000,00 (12) 264.000,00 (10) 11.600,00 b/d 60.000,00 b/d 28.800,00 c/d 317.400,00 356.000,00 356.000,00 b/d 317.400,00 D Int C D Cap Res C D Purch C (3) 1.800,00 c/d 1.800,00 c/d 2.000,00 (5) 2.000,00 (6) 20.000,00 (7) 20.000,00 b/d 1.800,00 P&L 1.800,00 b/d 2.000,00 D VAT C D Inv RM C D Mat Exp C (6) 4.000,00 (12) 44.000,00 (7) 20.000,00 (8) 10.000,00 (8) 10.000,00 c/d 10.000,00 (10) 5.800,00 (9) 3.000,00 b/d 10.000,00 P&L 10.000,00 c/d 34.200,00 c/d 7.000,00 44.000,00 44.000,00 20.000,00 20.000,00 b/d 34.200,00 b/d 7.000,00 D IL C D PPE C D Creditors C (9) 3.000,00 c/d 3.000,00 (10) 29.000,00 c/d 29.000,00 c/d 23.200,00 (10) 23.200,00 b/d 3.000,00 P&L 3.000,00 b/d 29.000,00 b/d 23.200,00 R/E 500,00 c/d 77.833,50 R/E 54.133,50 77.833,50 77.833,50 b/d 77.833,50 D Depr C D Acc Depr C D Rev C (11) 5.437,50 c/d 5.437,50 c/d 5.437,50 (11) 5.437,50 c/d 220.000,00 (12) 220.000,00 b/d 5.437,50 P&L 5.437,50 b/d 5.437,50 P&L 220.000,00 b/d 220.000,00 D P&L C D TaxL C D R/E C Int 1.800,00 Rev 220.000,00 c/d 59.928,75 P&L 59.928,75 Cred 500,00 P&L 139.833,75 MatExp 10.000,00 b/d 59.928,75 c/d 139.333,75 IL 3.000,00 139.833,75 139.833,75 Depr 5.437,50 ERes 4.000,00 b/d 139.333,75 NP 199.762,50 D ERes C Cred 54.133,50 220.000,00 220.000,00 c/d 4.000,00 4.000,00 c/d 81.200,25 TaxL 59.928,75 NP 199.762,50 b/d 4.000,00 139.333,75 139.333,75 R/E 139.833,75 b/d 81.200,25 199.762,50 199.762,50 Exhibit 2: Accounts The adjusted trial balance under consideration of preference dividend and appropriation of profit looks as below: Preference dividend is 5% 10,000 = 500.00 EUR. DR R/E... CR Creditors (preference dividend).. 500.00 EUR 500.00 EUR The amount to be put to German legal reserves is 5% of 134,833.75 (before preference dividend) but is here only 4,000.00 EUR because there are capital reserves resulting from the share issue. Accordingly the bookkeeping entry is: DR R/E... 4,000.00 EUR CR Earnings reserves... 4,000.00 EUR 4

Dividend to ordinary shareholders is 40% (139,833.75 500 4,000) = 54,133.50 EUR. DR R/E... 54,133.50 EUR CR Creditors (ordinary dividend)... 54,133.50 EUR The amount for creditors is 23,200 + 500 + 54,133.50 = 77,833.50 EUR. The amount for P, P, E is 29,000 5,437.50 = 23,562.50 EUR. WYNBERG Ltd's ADJUSTED TRIAL BALANCE as at 31.12.20X8 Account Total of DRs Total of CRs Bank 317.400,00 SCap 60.000,00 IBL 28.800,00 Interest Capital reserves 2.000,00 Purchase VAT 34.200,00 Inv RM 7.000,00 Material expenses Impairment loss P, P, E 29.000,00 Creditors 77.833,50 Depreciation Accumulated depreciation 5.437,50 Revenue Retained earnings 81.200,25 Tax liabilities 59.928,75 Earnings reserves 4.000,00 Total 353.400,00 353.400,00 Exhibit 3: Adjusted trial balance STATEMENT of COMPREHENSIVE INCOME for 20X8 [EUR] Revenue 220.000 Raw materials used (10.000) Gross profit 210.000 Employee expense Depreciation (5.438) Other Expenses (3.000) Finance Costs (1.800) Profit before Taxes 199.763 Income Tax Expenses (59.929) Deferred Tax 0 Profit for the Period 139.834 Exhibit 4: Statement of comprehensive income 5

The amount for A/P is 77,833.50 + 34,200 = 112,033.50 EUR. A SFP as at 31.12.20X8 C,L Non-current assets [EUR] SHs' capital [EUR] P,P,E 23.563 Issued capital 60.000 Int. assets Other reserves 6.000 Financial assets R/E 81.200 Current assets Liabilities Inventory 7.000 Int. bear. liab. 28.800 A/R A/P 112.034 Prepaid exp. Provisions Cash 317.400 Def. income Tax liabilities 59.929 347.963 347.963 Exhibit 5: Statement of financial position STATEMENT of CFs for 20X8 20X8 [EUR] CF from operating activities Revenue 264.000,00 Purchases (24.000,00) Taxation 0,00 240.000,00 CF from investing activities Investment (11.600,00) (11.600,00) CF from financing activities Share capital 62.000,00 Interest and pay off (3.000,00) Bank loan 30.000,00 89.000,00 Total cash flow: 317.400,00 Exhibit 6: Statement of cash flows 6

STATEMENT OF CHANGES IN EQUITY for 20X8 Issued Capital Retained Earnings Reserves Total as at 1.01.20X8 0 0 0 0 Issue of ord. shares 50.000 50.000 Issue of pref. shares 10.000 2.000 12.000 Profit for 20X8 139.834 139.834 Earnings res. 150 AktG (4.000) 4.000 0 Pref. dividend (500) (500) Ord. dividend (54.134) (54.134) as at 1.01.20X9 60.000 81.200 6.000 147.200 Exhibit 7: Statement of changes in equity (SCap = Share capital, IbL. = Interest bearing liabilities, Int. = Interest, Cap. Res. = Capital reserves, Purch. = Purchase, VAT = Value added tax, Inv. RM. = Raw material inventory, Mat. Exp. = Material expenses, IL. = Impairment loss, PPE = Property, plant, and equipment, Depr. = Depreciation, Acc. Depr. = Accumulated depreciation, Rev. = Revenue, P&L = Profit and Loss, TaxL. = Tax liabilities, R/E = Retained earnings, ERes = Earnings reserves) 7