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) 本部分内容设定了隐藏,需要回复后才能看到 |
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发布于:2012-02-21 18:29
很感谢楼主提供的习题。
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