Question#421 MOUSTON
Statement Of Profit & Loss + Other Comprehensive Income
For The Year 20x3
$ooo
Revenue 113500
COS -97700
Gp 15800
Distribution exp -2800
Admin exp -6300
Operating Profit 6700
investment income 300
Profit Before Finance cost & tax 7000
Finance cost -1560
Profit before tax 5440
Tax -2000
Profit From Continued Operation 3440
Other comprehensive Income
Revenue Gain 2400
Net Profit 5840
STATEMENT OF PROFIT AND LOSS
FOR THE YEAR 30 JUNE 20X2
$
Revenue 97,400
COST OF SALES (63,910)
GROSS PROFIT 33,490
Distribution exp (7,200)
Admin exp (32,945)
Operating Profit (6,655)
investment income -
Profit Before Finance cost & tax (6,655)
Finance cost (750-350) (400)
Profit before tax (7,055)
Tax INCOME 2,530
Profit From Continued Operation (4,525)
Other comprehensive Income
Revenue Gain -
Net Profit (4,525)
TEST YOUR UNDERSTANDING 1
STATEMENT OF PROFIT AND LOSS
FOR THE YEAR 321 MARCH 20X7
$OOO
REVENUE 1300
COST OF SALES -388
GROSS PROFIT 912
DISTRIBUTION EXPENSE(240+6) -246
ADMIN EXPENSE(170+6-15) -161
OPERATING PROFIT 505
INVESTMENT INCOME 0
PROFIT BEFORE FINANCE COST AND TAX 505
FINANCE COST -8
PROFIT BEFORE TAX 497
TAX EXPENSE(10+135) -145
PROFIT AFTER TAX 352
WORKINGS $OOO
W1 OPENING INVENTORY 150
PURCHASES 470
CLOSING INVENTORY -250
DEPRECIATION 18
388
W2 FINANCE COST 80
8
W3 PPE (125-75-25) 25
BUILDING(100-48-5) 47
W4 INTEREST EXPENSE(80*10%) 8
PAID PER TB -5
3
her Comprehensive Income
QUESTION 428 PRINT CO
STATEMENT OF FINANCIAL POSITION
AS AT 20X3
ASSETS
NON CURRENT ASSET
PLANT PROPERTY AND EQUIPMENT
CURRENT ASSET
INVENTORY(5700-140)
TRADE RECEIVABLE
TAX REFUNDABLE
CASH
HELD FOR SALE ASSET
TOTAL ASSETS
EQUITIES AND LIABILITIES
SHARE CAPITAL(29600+7000)
SHARE PREMIUM(15500+7000)
RETAINED EARNING(11470-4525-DIVIDEND)
NON CURRENT LIABILITIES
BANK LOAN(30000-14000)
PROVISION FOR ONEROUS CONTRACT
CURRENT LIABILITIES
TRADE PAYABLE(4170-350)
PROV FOR ONEROUS CONTRACT
TOTAL EQUITY AND LIABILITIES
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH
ASSETS
CURRENT ASSETS
PLANT PROPERTY AND EQUIPMENT
LAND
BUILDING
NON CURRENT ASSETS
INVENTORY
RECEIVABLES
CASH
TOTAL ASSETS
EQUITY AND LIABILITIES
EQUITY
SHARE CAPITAL
RETAINED EARNINGS(270+352-6)
NON CURRENT LIABILITIES
LOAN
WARRANTY FOR PROVISION(90-15)
CURRENT LIABILITIES
PAYABLES(60+3)
TAX
TOTAL EQUITY AND LIABILITIES
Opening
new issue
Revalue
Dividend
Profit for the year
Workings (monetary figures in brackets in $000)
(W1) Cost of sales
Per trial balance
Depreciation of property (28,500/15 years
Depreciation of plant and equipment ((27,100 – 9,100) × 15%)
Research and development expenses (see below)
(W2) Loan interest
5% loan note ((20,000 – 500) × 8%
(W3) Dividend paid and share issue
Dividend paid (20 million × 20¢)
50,340
5,560
25,010
2,530
4,700
1,100
89,240
36,600
22,500
6,945
16,000
2,250
3,820
1,125
89,240
25
110
47
250
728
9
1169
200
616
80
75
63
135
1169
FINANCIAL REPORTING
MOUSTON
For The Year 20x3
Statement Of changes In Equity
Retained Revaluation
Share Capital Share Premium Earnings Surplus
$OOO $OOO $OOO $OOO
20000 6200
10000 7000
2400
-4000
3440
30000 7000 5640 2400
$OOO
88,500
1900
2700
4600
97,700
$OOO
1560
$OOO
4,000
Other
components Of
Equity Total
$OOO $OOO
26200
2300 19300
2400
-4000
3440
2300 47340
STATEMENT OF PROFIT AND LOSS STATEMENT OF FINANCIAL POSITION
FOR THE YEAR 31 MARCH 20X1 AS AT 31 MARCH 20X1
$OOO ASSETS $OOO
REVENUE 5300 NON CURRENT ASSETS
COST OF SALES(W1) -1350 PROPERTY,PLANT AND EQUIPMENT
GROSS PROFIT 3950 CURRENT ASSETS
DISTRIBUTION EXPENSES -370 INVENTORY 114
ADMIN EXPENSES -490 TRADE RECEIVABLES 418
OTHER OPERATING EXPENSES 0 CASH AND CASH EQUIVALENTS 12
OPERATING PROFIT 3090 SHORT TERM INVESTMENTS 2700
INVESTMENT INCOME 210 PREPAYMENTS 25
PROFIT BEFORE FINANCE COST AND TAX 3300 TOTAL ASSETS
FINANCE COST -190 EQUITY AND LIABILITIES
PROFIT BEFORE TAX 3110 SHARE CAPITAL 1500
TAX EXPENSE -470 SHARE PREMIUM 800
PROFIT FOR THE PERIOD 2640 RETAINED EARNINGS 3413
OTHER COMPREHENSIVE INCOME 0 LIABILITIES
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD 2640 NON CURRENT LIABILITIES
LONG TERM LOAN 1200
WORKINGS CURRENT LIABILITIES
W1 TRADE PAYABLES 136
COST OF SALES TAX CHARGE 470
OPENING TOTAL EQUITY AND LIABILITIES
PURCHASES
CLOSING
TEST YOUR UNDERSTANDING 2
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR 31 MARCH 20X1
$OOO SHARE CAPITAL SHARE PREMIUM
$OOO $OOO
4250 OPENING 1500 800
TOTAL COMPREHENSIVE INCOME
DIVIDEND PAID
1500 800
7519
7519
REVALUATION SURPLUS RETAINED EARNINGS TOTAL
$OOO $OOO $OOO
1163 3463
2640 2640
-390 -390
0 3413 5713
STATEMENT OF PROFIT AND LOSS STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR 31 DECEMBER X5 FOR THE YEAR 31 DECEMBER 20X5
$OOO $OOO $OOO
REVNUE SHARE CAPITAL SHARE PREMIUM
COST OF SALES OPENING
GROSS PROFIT
DISTRIBUTION EXPENSE
ADMIN EXPENSE
OTHER OPERATING EXPENSE
OPERATING PROFIT
INVESTMENT INCOME
LOSS BEFORE FINANCE COST AND TAX
FINANCE COST
LOSS BEFORE TAX
TAX EXPENSE
LOSS FOR THE YEAR
QUESTION NO 426 MIMS CO
ES IN EQUITY
$OOO $OOO $OOO
REVALUATION SURPLUS RETAINED EARNINGS TOTAL
