ACCA 每日一练F7 (UK) 答案回复可见

2 Below is the summarised draft balance sheet of Dexon, a publicly listed company, as at 31 March 2008.
£’000 £’000 £’000
Fixed 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
Stock 84,000
Debtors (note (iv)) 52,200
Bank 3,800
––––––––
140,000
Creditors: amounts falling due within one year (81,800)
––––––––
Net current assets 58,200
Provisions for liabilities
Deferred tax – at 1 April 2007 (note (v)) (19,200)
––––––––
Net assets 417,000
––––––––
Share capital and reserves
Ordinary shares of £1 each 250,000
Share premium 40,000
Revaluation reserve 18,000
Profit and loss account – at 1 April 2007 12,300
– for the year ended 31 March 2008 96,700 109,000 167,000
––––––– –––––––– ––––––––
417,000
––––––––
The following information is relevant:
(i) Dexon’s profit and loss account for the year includes £8 million in turnover from 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 fixed 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
balance sheet 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 debtors
as shown in the balance sheet 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 timing differences increased by £10 million (capital allowances in excess of
carrying values) of which £6 million related to the revaluation of the property. Dexon has a firm commitment to
sell this property in the near future and has therefore been advised that a tax liability will arise on its sale. The
applicable corporation tax rate is 20%.

(vi) The above figures do not include the estimated provision for corporation tax on the profits 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 balance sheet.
(viii) In May 2007 a dividend of 4 pence per share was paid. In November 2007 (after the rights issue in item (vii)
above) a further dividend of 3 pence per share was paid. Both dividends have been correctly accounted for in
the above balance sheet.
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 a statement of the movements in the share capital and reserves of Dexon for the year ended
31 March 2008. (8 marks)
(c) Redraft the balance sheet of Dexon as at 31 March 2008. (9 marks)
Note: notes to the financial statements are NOT required.
(25 marks)
 
 
 

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