RP. 10,000

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Preparing Financial Statements (International Stream) June 2003 Answers Section A
12 A 3,000 + 9,000 – 3,460 – 5,600 – 500 = 2,440
24 D
23 D 210 + 160 – 72 – 32 – 21 = 245
22 A 20% x 260 = 52
21 C 180 – 152 – 21 = 7
20 D 980 – 40 – 130 + 100 + 80 = 990
19 A
18 B Share capital 50 + 25 + 30 Share premium 180 – 25 + 18
17 B 12,000 + 240 + 6,000 + 4,000 = 22,240
16 C
15 A
14 A
13 C
11 D
1 B 8 months at 90,000 per year, 4 months at 120,000 per year; accrual 1 month
10 D
9 A 300 @ 230 + 500 @ 220 + 50 @ 190 = 188,500
8 A 284,700 – (32,000 – 28,500) = 281,200
7 B
12
x 51,000) x 20% = 82,150
9 /
12 x 30,000 +
9 /
6 A (350,000 +
5 D 38,000 – (50,000 – 36,200) = 24,200
4 D 8,200 + 34,600 + 3,200 – 3,600 – 9,300 = 33,100
3 B 180 + 190 + 3·3 – 228 – 8 – 4·2 – 1·5 – 2·4 = 129·2
2 C (8,950 – 4,080 – 380) – (4,140 + 40) = 310
25 A 22/500 = 4·4%
Income statement for the year ended 31 March 2003 \$ \$
Sales Revenue 448,700
Cost of sales: Opening inventory 15,600 Purchases 184,600
———— 200,200
Less
: Closing inventory 21,400 ———— (178,800)
———— Gross profit
269,900
Less
: Expenses: Salaries 88,000 Rent (30,000 + 11,000) 41,000 Insurance (4,000 – 1,500) 2,500 Sundry expenses 39,400
7,100 Depreciation (35,500 × 20%) Bad and doubtful debts
(2,400 – 500) 1,900 ———— (179,900)
———— Net profit
90,000 ————
Division of profit Alamute Brador Total \$ \$ \$
Net profit 90,000
Interest on capital 2,500 2,500 (5,000) ————
85,000 Balance of profit 60:40 51,000 34,000 (85,000)
———— ———— ————
– 53,500 36,500 ———— ———— ————
(b) Current Accounts
Balance 2,600 Balance 3,800 Drawings 48,400 36,900 Share of profit 53,500 36,500 Balance 8,900 Balance 3,000––––––– ––––––– ––––––– ––––––– 57,300 39,500 57,300 39,500 ––––––– ––––––– ––––––– ––––––– Cash flow statement for the year ended 31 March 2003 \$ \$
Net cash inflow from operating activities 746,000 Interest paid
(72,000) ———— 674,000
Cash flows from investing activities Purchase of non-current assets (W1) (1,400,000) Proceeds from sale of non-current assets 280,000
————— Net cash used in investing activities (1,120,000) Cash flows from financing activities
Proceeds from issuance of share capital 200,000 Proceeds from long-term borrowings 400,000 Dividends paid (260,000 – 110,000) (150,000)
————— Net cash from financing activities 450,000
———— Increase in cash
4,000 Cash at 31 March 2002
14,000 ————
Cash at 31 March 2003 18,000
———— Workings
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RP. 10,000

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Acca F1 F2 F Acca Financial Management Acca Paper F