AC1104 516 QUESTION 4 Googh plc is a quoted company. Details for this company are as follows: Googh plc trial balance as at 30/6/2x13 200 Administrative charges Bank Purchases Opening stock Creditors Debtors Distribution expenses Interest 5t Loans (repayable 2x18) Retained profit at 1/7/2x12 Directors' remuneration Revaluation reserve Sales El Ordinary Shares Share premium Land at valuation Plant - net book value at 1/7/2x12 Taxation 200 209 135 650 400 200 900 The revaluation reserve amount above, represents a revaluation of land on 1/7/2X06. A revaluation of the land on 30/6/2X13 assessed the value to be 980 million. Adjustments to incorporate this revaluation should be made Plant that cost 40 million on 1/7/2X12 has been included in administrative charges. Depreciation is charged at 10% p.a. on the reducing balance basis. The balance on the tax account represents the amount remaining after settling corporation tax for the year to 30/6/2x12. The estimated corporation tax charge for the year to 30/6/2x13 is 24 million. The directors propose a final dividend of 50 million for this year. Interim dividends paid of 100 million have been debited to administrative charges. Goods costing 40 million were in stock at 30/6/2x13. 15 million of these goods will require remedial work amounting to 2 million. After completion of that work they are expected to be sold for e7 million. REQUIREMENT : Prepare Googh ple's draft 30/6/2X13 : comprehensive income statement, statement of changes in equity and statement of financial position. These should be in accordance with IASI & in a form suitable for publication Pull workings for land & plant should be included in the answer. (50 marks) AC1104 516 QUESTION 4 Googh plc is a quoted company. Details for this company are as follows: Googh plc trial balance as at 30/6/2x13 200 Administrative charges Bank Purchases Opening stock Creditors Debtors Distribution expenses Interest 5t Loans (repayable 2x18) Retained profit at 1/7/2x12 Directors' remuneration Revaluation reserve Sales El Ordinary Shares Share premium Land at valuation Plant - net book value at 1/7/2x12 Taxation 200 209 135 650 400 200 900 The revaluation reserve amount above, represents a revaluation of land on 1/7/2X06. A revaluation of the land on 30/6/2X13 assessed the value to be 980 million. Adjustments to incorporate this revaluation should be made Plant that cost 40 million on 1/7/2X12 has been included in administrative charges. Depreciation is charged at 10% p.a. on the reducing balance basis. The balance on the tax account represents the amount remaining after settling corporation tax for the year to 30/6/2x12. The estimated corporation tax charge for the year to 30/6/2x13 is 24 million. The directors propose a final dividend of 50 million for this year. Interim dividends paid of 100 million have been debited to administrative charges. Goods costing 40 million were in stock at 30/6/2x13. 15 million of these goods will require remedial work amounting to 2 million. After completion of that work they are expected to be sold for e7 million. REQUIREMENT : Prepare Googh ple's draft 30/6/2X13 : comprehensive income statement, statement of changes in equity and statement of financial position. These should be in accordance with IASI & in a form suitable for publication Pull workings for land & plant should be included in the answer. (50 marks)
