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Shuswap

Exam focus point. This question provides excellent practise of the knowledge and skills required to tackle long questions that may appear in Section B of the paper-based exam. However, the question is slightly longer, and the mark allocations lower, than a typical 15 mark exam question. Use this question to practise the techniques required to score well in longer Section B financial statement questions.

he draft statement of financial position shown below has been prepared for Shuswap, a limited liability company, as at 31

December 20X4：



The following further information is available:

1?It has been decided to revalue the land and buildings to $12,000,000 at 31 December 20X4.

2?Trade receivables totalling $200,000 are to be written off.

3?During the year there was a contra settlement of $106,000 in which an amount due to a supplier was set off against the amount due from the same company for goods sold to it. No entry has yet been made to record the set-off.

4?Some inventory items included in the draft statement of financial position at cost $500,000 were sold after the reporting date for $400,000, with selling expenses of $40,000.

5?The suspense account is made up of two items：

53

【簡(jiǎn)答題】

The proceeds of issue of 4,000,000 50c shares at $1.10 per share, credited to the suspense account from the cash book.

The balance of the account is the proceeds of sale of some plant on 1 January 20X4 with a carrying amount at the date of sale of $700,000 and which had originally cost $1,400,000. No other accounting entries have yet been made for the disposal apart

from the cash book entry for the receipt of the proceeds. Depreciation on plant has been charged at 25% (straight line basis)

in preparing the draft statement of financial position without allowing for the sale. The depreciation for the year relating to the

plant sold should be adjusted for in full.

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Exam focus point. This question provides excellent practise of the knowledge and skills required to tackle long questions that may appear in Section B of the paper-based exam. However, the question is slightly longer, and the mark allocations lower,

than a typical 15 mark exam question. Use this question to practise the techniques required to score well in longer Section B

financial statement questions.

You are presented with the following trial balance of Malright, a limited liability company, at 31 October 20X7.


55

【簡(jiǎn)答題】

Closing inventory has been counted and is valued at $75,000.

The items listed below should be apportioned as indicated.?

?Cost of?Distribution?Administrativesales?costs?expenses

?????????????????????????????????????????? ? %???????????????????? ?%????????????????????????? ?%

Discounts received??????????????-???????????????????????? -???????????????????????? 100

Energy expenses????????????? ?40???????????????????? ?20??????????????????????????40

Wages?????????????????????????????? ?40??????????????????????25???????????????????????? ?35

Directors' remuneration????? -????????????????????? ?-??????????????????????????? ?100

An invoice of $15,000 for energy expenses for October 20X7 has not been received.

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The following information has been extracted from the draft financial statements of Snowdrop, a limited liability company.

SNOWDROP

STATEMENTS OF FINANCIAL POSITION AS AT 31 MAY


58

【簡(jiǎn)答題】

The statement of profit or loss for the year ended 31 May 20X5 shows the following.

?????????????????????????????????? ??$'000

Operating profit????? ? ?? ?1,042

Interest payable???????? ? (10)

Profit before taxation? ??1,032

Taxation????????????????????? ?(180)

Profit for financial year ? 852


Based on the above information, what figure should appear in A's statement of profit or loss for the year ended 30 November

20X3 for purchases?

A

$283,760

B

$325,840

C

$329,760

D

$331,760

A sole trader fixes her prices by adding 50 per cent to the cost of all goods purchased. On 31 October 20X3 a fire destroyed a considerable part of the inventory and all inventory records.Her trading account for the year ended 31 October 20X3 included

the following figures:

Sales????????????????????????????????????????????? $?????????????????????????$??????????????????????????

Opening inventory at cost?????? ? 183.600????????????? 281,250

Purchases??????????????????????????????? ?249,200

Closing inventory at cost???????? ? 432,800??????????? ?228,200

Gross profit??????????????????????????????? 204.600????????????? 53,050

Using this information, what inventory loss has occurred?

A

$61,050

B

$87,575

C

$40,700

D

$110,850

A fire on 30 September 20X2 destroyed some of a company's inventory and its inventory records. The following information is available:??????????????????????????????????????????????????????????????????????????????? $

Inventory 1 September 20X2???????????????????????????????????????????????318.000

Sales for September 20X2????????????????????????????????????????????????? 612.000

Purchases for September 20X2??????????????????????????????????????????412.000

Inventory in good condition at 30 September 20X2????????????214.000?

Standard gross profit percentage on sales is 25%

Based on this information, what is the value of the inventory lost?

A

$96,000

B

$271,000

C

?$26,400

D

?$57,000

?A business's bank balance increased by $750,000 during its last financial year. During the same period it issued shares of

$1 million and repaid a loan note of $750,000. It purchased non-current assets for $200,000 and charged depreciation of $

100,000. Working capital (other than the bank balance) increased by $575,000.

What was its profit for the year?

A

$1,175,000

B

$1,275,000

C

$1,325,000

D

?$1,375,000