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更多 发布于:2010-07-19 09:44
2 Below is the summarised draft statement of financial position of Dexon, a publicly listed company, as at 31 March
2008.
$’000 $’000 $’000
Assets
Non-current assets
Property at valuation (land $20,000; buildings $165,000 (note (ii)) 185,000
Plant (note (ii)) 180,500
Investments at fair value through profit and loss at 1 April 2007 (note (iii)) 12,500
––––––––
378,000
Current assets
Inventory 84,000
Trade receivables (note (iv)) 52,200
Bank 3,800 140,000
–––––––– ––––––––
Total assets 518,000
––––––––
Equity and liabilities
Equity
Ordinary shares of $1 each 250,000
Share premium 40,000
Revaluation reserve 18,000
Retained earnings – at 1 April 2007 12,300
– for the year ended 31 March 2008 96,700 109,000 167,000
––––––– –––––––– ––––––––
417,000
Non-current liabilities
Deferred tax – at 1 April 2007 (note (v)) 19,200
Current liabilities 81,800
––––––––
Total equity and liabilities 518,000
––––––––
The following information is relevant:
(i) Dexon’s income statement includes $8 million of revenue for credit sales made on a ‘sale or return’ basis. At
31 March 2008, customers who had not paid for the goods, had the right to return $2·6 million of them. Dexon
applied a mark up on cost of 30% on all these sales. In the past, Dexon’s customers have sometimes returned
goods under this type of agreement.
(ii) The non-current assets have not been depreciated for the year ended 31 March 2008.
Dexon has a policy of revaluing its land and buildings at the end of each accounting year. The values in the above
statement of financial position are as at 1 April 2007 when the buildings had a remaining life of fifteen years. A
qualified surveyor has valued the land and buildings at 31 March 2008 at $180 million.
Plant is depreciated at 20% on the reducing balance basis.
(iii) The investments at fair value through profit and loss are held in a fund whose value changes directly in proportion
to a specified market index. At 1 April 2007 the relevant index was 1,200 and at 31 March 2008 it was 1,296.
(iv) In late March 2008 the directors of Dexon discovered a material fraud perpetrated by the company’s credit
controller that had been continuing for some time. Investigations revealed that a total of $4 million of the trade
receivables as shown in the statement of financial position at 31 March 2008 had in fact been paid and the
money had been stolen by the credit controller. An analysis revealed that $1·5 million had been stolen in the
year to 31 March 2007 with the rest being stolen in the current year. Dexon is not insured for this loss and it
cannot be recovered from the credit controller, nor is it deductible for tax purposes.
(v) During the year the company’s taxable temporary differences increased by $10 million of which $6 million
related to the revaluation of the property. The deferred tax relating to the remainder of the increase in the
temporary differences should be taken to the income statement. The applicable income tax rate is 20%.

(vi) The above figures do not include the estimated provision for income tax on the profit for the year ended 31 March
2008. After allowing for any adjustments required in items (i) to (iv), the directors have estimated the provision
at $11·4 million (this is in addition to the deferred tax effects of item (v)).
(vii) On 1 September 2007 there was a fully subscribed rights issue of one new share for every four held at a price
of $1·20 each. The proceeds of the issue have been received and the issue of the shares has been correctly
accounted for in the above statement of financial position.
(viii) In May 2007 a dividend of 4 cents per share was paid. In November 2007 (after the rights issue in item (vii)
above) a further dividend of 3 cents per share was paid. Both dividends have been correctly accounted for in the
above statement of financial position.
Required:
Taking into account any adjustments required by items (i) to (viii) above
(a) Prepare a statement showing the recalculation of Dexon’s profit for the year ended 31 March 2008.
(8 marks)
(b) Prepare the statement of changes in equity of Dexon for the year ended 31 March 2008. (8 marks)
(c) Redraft the statement of financial position of Dexon as at 31 March 2008. (9 marks)
Note: notes to the financial


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