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Questions and Answers of Accounting

On 1 October year 1, RPS plc issued one million £1 5% redeemable preference shares. The shares were issued at a discount of £50,000 and are due to be redeemed on 30 September Year 5. Dividends are
October 20X1, Little Raven plc issued 50,000 debentures, with a par value of Â£100 each, to investors at Â£80 each. The debentures are redeemable at par on 30 September 20X6 and have a coupon
On 1 January 2009 Henry Ltd issued a convertible debenture for €200 million carrying a coupon interest rate of 5%. The debenture is convertible at the option of the holders into 10 ordinary shares
George plc adopted IFRS for the first time on 1 January 2008 and has three different instruments whose accounting George is concerned will change as a result of the adoption of the standard. The
Isabelle Limited borrows £100,000 from a bank on the following terms:(i) Arrangement fees of £2,000 are charged by the bank and deducted from the initial proceeds on the loan;(ii) Interest is
A company borrows on a floating rate loan, but wishes to hedge against interest variations so swaps the interest for fixed rate. The swap should be perfectly effective and has zero fair value at
Charles plc is applying IAS 32 and IAS 39 for the first time this year and is uncertain about the application of the standard. Charles plc balance sheet is as follows:Note1. The forward contracts
KathrynKathryn plc, a listed company, provides a defined benefit pension for its staff, the details of which are given below.Pension schemeAs at the 30 April 2004, actuaries valued the company’s
Donna IncDonna Inc operates a defined benefit pension scheme for staff. The pension scheme has been operating for a number of years but not following IAS 19. The finance director is unsure of which
The following information (in £m) relates to the defined benefit scheme of Basil plc for the year ended 31 December 20X7:Fair value of plan assets at 1 January 20X7 £3,150 and at 31 December 20X7
C plc wants to reward its directors for their service to the company and has designed a bonus package with two different elements as follows. The directors are informed of the scheme and granted any
The following information is available for the year ended 31 March 20X6 (values in $m):Present value of scheme liabilities at 1 April 20X5 $1,007; Fair value of plan assets at 1 April 20X5 $844;
(a) IAS 19 Employee Benefits was amended in December 2004 to allow a choice of methods for the recognition of actuarial gains and losses.Required:Explain the treatments of actuarial gains and losses
On 1 October 2005 Omega granted 50 employees options to purchase 500 shares in the entity.The options vest on 1 October 2007 for those employees who remain employed by the entity until that date. The
On 1 January 20X1 the company obtained a contract in order to keep the factor y in work but had obtained it on a very tight profit margin. Liquidity was a problem and there was no prospect of
In your capacity as chief assistant to the financial controller, your managing director has asked you to explain to him the differences between tax planning, tax avoidance and tax evasion.He has also
A fixed asset (a machine) was purchased by Adjourn plc on 1 July 20X2 at a cost of £25,000. The company prepares its annual accounts to 31 March in each year. The policy of the company is to
The move from the preparation of accounts under UK GAAP to the users of IFRS by United Kingdom quoted companies for years beginning 1 January 2005 had an effect on the level of profits reported. How
Discuss the arguments for and against discounting the deferred tax charge.
Austin Mitchell MP proposed an Early Day Motion in the House of Commons on 17 May 2005 as follows: That this House urges the Government to clamp down on artificial tax avoidance schemes and end the .
Dee For has recently qualified as a pilot and is now intending to set up a private company in the near future to run small charter passenger flights from her home town. Most of her business plan has
The following information is given in respect of Unambitious plc:(a) Non-current assets consist entirely of plant and machinery. The net book value of these assets as at 30 June 2010 is Â£100,000
(a) Discuss why IAS 40 Investment Property was produced.(b) Universal Entrepreneurs plc has the following items on its PPE list:(i) £1,000,000 – the right to extract sandstone from a particular
MercuryYou have been given the task, by one of the partners of the firm of accountants for which you work, of assisting in the preparation of a trend statement for a client.Mercury has been in
In the year to 31 December 20X9, Amy bought a new machine and made the following payments in relation to it:Required:(a) State and justify the cost figure which should be used as the basis for
The finance director of the Small Machine Parts Ltd company is considering the acquisition of a lease of a small workshop in a warehouse complex that is being redeveloped by City Redevelopers Ltd at
Simple SA has just purchased a roasting/salting machine to produce roasted walnuts. The finance director asks for your advice on how the company should calculate the depreciation on this
(a) IAS 16 Property, Plant and Equipment requires that where there has been a permanent diminution in the value of property, plant and equipment, the carrying amount should be written down to the
Infinite Leisure Group owns and operates a number of pubs and clubs across Europe and South East Asia. Since inception the group has made exclusive use of the cost model for the purpose of its annual
The Blissopia Leisure Group consists of three divisions: Blissopia 1, which operates mainstream bars; Blissopia 2, which operates large restaurants; and Blissopia 3, which operates one hotel – the
Cryptic plc extracted its trial balance on 30 June 20X5 as follows:The following information is relevant:(i) The company discontinued a major activity during the year and replaced it with another.
On 1 January 20X8, Grabbit plc entered into an agreement to lease a widgeting machine for general use in the business. The agreement, which may not be terminated by either party to it, runs for six
(a) When accounting for finance leases, accountants prefer to overlook legal form in favour of commercial substance.Required:Discuss the above statement in the light of the requirements of IAS 17
The Mission Company Ltd, whose year-end is 31 December, has acquired two items of machinery on leases, the conditions of which are as follows:Item Y: Ten annual instalments of £20,000 each, the
X Ltd entered into a lease agreement on the following terms:Cost of leased asset ........... £100,000Lease term ............... 5 yearsRentals six-monthly in advance ...... £12,000Anticipated
At 1 January 20X5 Bridge Finance plc agreed to finance the lease of machinery costing $37,200 to Rapid Growth plc at a lease cost of $10,000 per annum payable at the end of the year, namely 31
Alpha entered into an operating lease under which it was committed to five annual payments of £50,000 per year. It was subsequently decided to treat the lease as a Right-of-use asset reported on the
Construction first provides finance and financial solutions to companies in the construction industry. On 1 January 2007 the company agreed to finance the lease of equipment costing $145,080 to Bodge
Environmental Engineering plc is engaged in the development of an environmentally friendly personal transport vehicle. This will run on an electric motor powered by solar cells, supplemented by
As chief accountant at Italin NV, you have been given the following information by the director of research:Project Luca €000Costs to date (pure research 25%, applied
Oxlag plc, a manufacturer of pharmaceutical products, has the following research and development projects on hand at 31 January 20X2:(A) A general survey into the long-term effects of its sleeping
International Accounting Standards IFRS 3 and IAS 38 address the accounting for goodwill and intangible assets.Required:(a) Describe the requirements of IFRS 3 regarding the initial recognition and
The brands debateUnder IAS 22, the depletion of equity reserves caused by the accounting treatment for purchased goodwill resulted in some companies capitalising brands on their statements of
Brands plc is preparing its accounts for the year ended 31 October 20X8 and the following information is available relating to various intangible assets acquired on the acquisition of countrywide
IAS 38 – Intangible Assets – was primarily issued in order to identify the criteria that need to be present before expenditure on intangible items can be recognised as an asset. The standard also
(a) Explain what is meant by €˜component depreciation€™ and its status under inter national accounting standards.(b) Trin, a limited liability company, owns its business premises.
Sunhats Ltd manufactures patent hats. It carries inventor y of these and sells to wholesalers and retailers via a number of salespeople. The following expenses are charged in the profit and loss
Purchases of a certain product during July were:Units sold during the month were:Required:Assuming no opening inventories:(i) Determine the cost of goods sold for July under three different valuation
Alpha Ltd makes one standard article. You have been given the following information:1. The inventor y sheets at the year-end show the following items:Raw materials:100 tons of steel:Cost £140 per
Beta Ltd commenced business on 1 January and is making up its first year€™s accounts. The company uses standard costs. The company owns a variety of raw materials and components for use in
The statement of comprehensive income of Bottom, a manufacturing company, for the year ending 31 January 20X2 is as follows:Bottom$000Revenue ......... 75,000Cost of sales ...... (38,000)Gross profit
Agriculture is a key business activity in many parts of the world, particularly in developing countries. Following extensive discussions with, and funding from, the World Bank, the International
MACTAR have a series of contracts to resurface sections of motor ways. The scale of the contract means several years’ work and each motor way section is regarded as a separate
At 31 October 20X0, Lytax Ltd was engaged in various contracts including five long-term contracts, details of which are given below:It is not expected that any customers will default on their
During its financial year ended 30 June 20X7 Beavers, an engineering company, has worked on several contracts. Information relating to one of them is given below:Contract X201Date commenced
Newbild SA commenced work on the construction of a block of flats on 1 July 20X0.During the period ended 31 March 20X1 contract expenditure was as follows:
Good Progress SpA entered into a contract on 1.1.20X0 at a contract price of 1,000,000 and an estimated total profit of 250,000. The contract was due for completion on 31.12.20X4.The following
(a) A concession company, WaterAway, has completed the construction of a wastewater plant. The plant will be transferred to the public sector unconditionally after 25 years. The public sector (the
Quickbuild Ltd entered into a two-year contract on 1 January 20X7 at a contract price of 250,000. The estimated cost of the contract was 150,000. At the end of the first year the following
(a) During 2006, Jack Matelot set up a company, JTM, to construct and refurbish marinas in various ports around Europe. The companyâ€™s first accounting period ended on 31 October 2006 and
(a) Assume that on 1 January 20X7 Parent Ltd acquired all the ordinary shares in Daughter Ltd for £10,800 cash. The fair value of the net assets in Daughter Ltd was their book value.(b) The
(a) On 1 January 20X7 Parent Ltd acquired all the ordinary shares in Daughter Ltd for £16,200 cash. The fair value of the net assets in Daughter Ltd was their book value.(b) The purchase
(a) On 1 January 20X7 Parent Ltd acquired all the ordinary shares in Daughter Ltd for £16,200 cash. The fair value of the net assets in Daughter Ltd was £12,000.(b) The purchase
On 1 January 20X7 Parent Ltd acquired all the ordinary shares in Daughter Ltd for £6,000 cash. The fair value of the net assets in Daughter Ltd was their book value.Required:Prepare the
On 1 January 20X7 Parent Ltd acquired 75% of the ordinary shares in Daughter Ltd for £9,000 cash. The fair value of the net assets in Daughter Ltd was their book value. Assume in each case that
The following accounts are the consolidated statement of financial position and parent company statement of financial position for Alpha Ltd as at 30 June 20X2.Notes:(i) There was only one subsidiary
Rouge plc acquired 100% of the common shares of Noir plc on 1 January 20X0 and gained control. At that date the statements of financial position of the two companies were as follows:Required: Prepare
Ham plc acquired 100% of the common shares of Burg plc on 1 January 20X0 and gained control. At that date the statements of financial position of the two companies were as follows:Notes:1 The fair
Set out below is the summarized statement of financial position of Berlin plc at 1 January 20X0. £000ASSETS Non-current
Bleu plc acquired 80% of the common shares of Verte plc on 1 January 20X0 and gained control. At that date the statements of financial position of the two companies were as follows:Note: The fair
Base plc acquired 60% of the common shares of Ball plc on 1 January 20X0 and gained control. At that date the statements of financial position of the two companies were as follows:Note:The fair value
On 1 January 20X0 Hill plc purchased 70% of the ordinary shares of Valley plc for £1.3 million. The fair value of the non-controlling interest at that date was £0.5 million. At the date
Sweden acquired 100% of the equity shares of Oslo on 1 March 20X1 and gained control. At that date the balances on the reserves of Oslo were as follows:The Revaluation reserve â€“ Kr10
Summer plc acquired 60% of the common shares of Winter Ltd on 30 September 20X1 and gained control. At the date of acquisition, the balance of retained earnings of Winter was Â£35,000. At 31
On 30 September 20X0 Gold plc acquired 75% of the equity shares, 30% of the preferred shares and 20% of the bonds in Silver plc and gained control. The balance of retained earnings on 30 September
Prop and Flap have produced the following statements of financial position as at 31 October 2008:The following information is relevant to the preparation of the financial statements of the Prop
Bill plc acquired 80% of the common shares and 10% of the preferred shares in Ben plc on 31 December three years ago when Ben€™s accumulated retained profits were £45,000. During the
Morn Ltd acquired 90% of the shares in Eve Ltd on 1 January 20X1 for £90,000 when Eve Ltd€™s accumulated profits were £50,000. On 10 January 20X1 Morn Ltd received a dividend of
River plc acquired 90% of the common shares and 10% of the 5% bonds in Pool Ltd on 31 March 20X1. All income and expenses are deemed to accrue evenly through the year. On 31 January 20X1 River sold
The statements of financial position of Mars plc and Jupiter plc at 31 December 20X2 are as follows:Statements of comprehensive income for the year ended 31 December 20X2Mars acquired 80% of the
The statements of financial position of Red Ltd and Pink Ltd at 31 December 20X2 are as follows:Statements of comprehensive income for the year ended 31 December 20X2Red Ltd acquired 75% of the
Alpha has owned 80% of the equity shares of Beta since the incorporation of Beta. On 1 July 20X6 Alpha purchased 60% of the equity shares of Gamma. The statements of comprehensive income and
H Ltd has one subsidiary, S Ltd. The company has held a controlling interest for several years. The latest financial statements for the two companies and the consolidated financial statements for
The following are the financial statements of White and its subsidiary Brown as at 30 September 20X9The following information is also available:(i) White purchased its ordinary shares in Brown on 1
Hyson plc acquired 75% of the shares in Green plc on 1 January 20X0 for £6 million when Green plc€™s accumulated profits were £4.5 million. At acquisition, the fair values of
Forest plc acquired 80% of the ordinary shares of Bulwell plc some years ago. At acquisition, the fair values of the assets of Bulwell plc were the same as their carrying value. Bulwell plc
The following are the financial statements of the parent company Swish plc, a subsidiary company Broom and an associate company Handle.Statement of comprehensive income for the year ended 31
Set out below are the financial statements of Ant Co., its subsidiary Bug Co. and an associated company Nit Co. for the accounting year-end 31 December 20X9.Statements of comprehensive income for
Alpha has owned 75% of the equity shares of Beta since the incorporation of Beta. Therefore, Alpha has prepared consolidated financial statements for some years. On 1 July 20X6 Alpha purchased 40%
The following are the statements of comprehensive income of four companies for the year ended 31 October 2006, the end of their most recent financial year.The following additional information is
The statements of comprehensive income for Continent plc, Island Ltd and River Ltd for the year ended 31 December 20X9 were as follows:Continent plc acquired 80% of Island Ltd for ‚¬27,500
The statements of comprehensive income for Highway plc, Road Ltd and Lane Ltd for the year ended 31 December 20X9 were as follows:Highway plc acquired 80% of Road Ltd for $160,000 on 1.1.20X6 when
The following are the financial statements of the parent company Alpha plc, a subsidiary company Beta and an associate company Gamma.On 1 January 20X5 Alpha plc acquired 80% of Beta plc for
The following are the statements of financial position of Garden plc, its subsidiary Rose Ltd and its associate Petal Ltd:On 1 January 20X3 Garden plc acquired 75% of Rose Ltd for £300,000 when
Fr y Ltd has the following foreign currency transactions in the year to 31/12/20X0:15/11 Buys goods for $40,000 on credit from Texas Inc15/11 Sells goods for $60,000 on credit to Alamos Inc20/11
Alpha plc had an issued share capital of 2,000,000 ordinary shares at 1 January 20X1. The nominal value was 25p and the market value £1 per share. On 30 September 20X1 the company made a rights
Beta Ltd had the following changes during 20X1:1 January 1,000,000 shares of 50c each31 March 500,000 shares of 50c each issued at full market price of $5 per share30 April Bonus issue made of 1 for
The computation and publication of earnings per share (EPS) figures by listed companies are governed by IAS 33 Earnings per Share.Notes:1 Called-up share capital of Nottingham Industries plc:In issue
The following information relates to Simrin plc for the year ended 31 December 20X0:Simrin plc had 100,000 ordinary shares of £1 each in issue throughout the year. Simrin plc has in issue
Gamma plc had an issued share capital at 1 April 20X0 of:● £200,000 made up of 20p shares.● 50,000 £1 convertible preference shares receiving a dividend of £2.50 per share:– These shares

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