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PEL Balance Sheet as at 31 March 2015 (All Figures in '000) Fixed Assets: Accum. Deprectn NBV 66 154 Plant & Equipment: Motor Vehicles Fixtures & Fittings IT System At Cost 220 46 20 90 376 18 12 28 8 30 126 60 Total: 250 Current Assets: Petty Cash on hand Bank Debtors Prepayments (Rent & Rates) Stock: 147 923 12 288 1372 Less Current Liabilities: Creditors Revenue Commissioners Dividends payable Accruals 516 92 48 22 678 Net Current Assets: 694 Total Net Assets: 944 Financed by:- Share Capital: Profit & Loss Account. (Retained Profits). 10-year Bank Loan balance (See note below) Total Financing 500 324 120 944 Note: PEL had negotiated a 10-year 150k loan, repayable @ 15k per annum, which carries an annual fixed interest charge of 6k. PEL - Transactions for 12 months, ending 31 March 2016 (All Figures in '000) Sales (on Credit): 2,208. Cash Sales: 184; (160 lodged to Bank; balance held in Petty Cash). Purchases for re-sale (all on Credit): 1,340. Carriage costs on above purchases: 23 paid by cheque. 4 paid ex Petty Cash. Rent and Rates paid as follows: o For July 2014 to June 2015 incis. paid 1st July 2014 - 48. o For July 2015 to June 2016 incls.paid 1st July 2015 - 52. Net Wages & Salaries paid to employees: 262. (i.e. after deduction of PAYE). Admin Expenses (all paid in full): 480. Motor Expenses: Paid by Cheque: 48. Paid ex Petty Cash: 5. Sales delivery costs: 46 (paid in full). Paid interest on Bank Loan in full. Sundry Expenses; all paid ex Petty Cash: 14. Debtor payments received: 1,770. Paid dividends 48. Creditor payments made: 866. Paid to Revenue Commissioners: 75. Paid annual Bank Loan repayment. Outstanding Accruals at 31 March 2015 were all paid in full. Depreciation is charged as follows: o Plant & Equip. and Fixtures & Fittings: Straight line method @ 10% of cost p.a. o Motor Vehicles: Reducing Balance Method @ 25% p.a. O IT System: Reducing Balance Method @ 33.3% p.a. On 1st of January, PEL entered an IT service contract @ 72 /p.a., but the paperwork has not been finalised, and no charges have been received from the IT Company, and no payments have been made. The IT maintenance services however began on 1st of January as agreed. Dividends for the year 2015 - 2016 to be provided at 25% of NPBT. The CPT Rate is 12.5%. PAYE deducted from gross wages and salaries: 68. (Ignore PRSI, USC, etc.). Stock on hand at end of March 2016 was 352. There were no other transactions for the period. (Assume all payments are made to or from the Bank Account - except those specified as Petty Cash items) MEEN 30140 Professional Engineering (Finance) CIA 1 Continuous Assessment 1 for 2018 - 2019 (5% Weighting) Please CIRCLE the right answer ONLY of the following questions Section one: Process Electronics Ltd Year ending 31 March 2016 1- IF PEL had acquired a new motor vehicle during the financial year for 36,000, what would the total motor depreciation charge be for the year? a. 16,000 b. 20,500 c. 9,000 d. 7,000 What is the total figure in the Balance Sheet for Accumulated Depreciation? a. 187,000 b. 181,000 c. 179.000 d. 177,000 3- What is the total NBV for 'Fixed Assets'? a. 200,000 b. 203,000 c. 189,000 d. 199,000 4- What is the Rent & Rates Prepayment figure to be shown in the Balance Sheet? a. 39,000 b. 52.000 c. 12,000 d. 13,000 5- What is the Balance Sheet entry for Bank'? a. (26,000) b. 125,000 c. 130,000 d. 134.000 6- What is the charge for Rent & Rates for the year? a. 49,000 b. 50,000 c. 51,000 d. 52,000 7- What is the Gross Profit? a. 1,089,000 b. 1,116,000 c. 905.000 d. 932,000 What is the Balance Sheet entry for 'Revenue Commissioners'? a. 90,000 b. 95,000 c. 17,000 d. 22,000 9- What is the Balance Sheet Entry for Debtors'? a. 1,161,000 b. 1,321,000 c. 1.361.000 d. 923,000 MEEN 30140 Professional Engineering (Finance) CIA 1 PEL Balance Sheet as at 31 March 2015 (All Figures in '000) Fixed Assets: Accum. Deprectn NBV 66 154 Plant & Equipment: Motor Vehicles Fixtures & Fittings IT System At Cost 220 46 20 90 376 18 12 28 8 30 126 60 Total: 250 Current Assets: Petty Cash on hand Bank Debtors Prepayments (Rent & Rates) Stock: 147 923 12 288 1372 Less Current Liabilities: Creditors Revenue Commissioners Dividends payable Accruals 516 92 48 22 678 Net Current Assets: 694 Total Net Assets: 944 Financed by:- Share Capital: Profit & Loss Account. (Retained Profits). 10-year Bank Loan balance (See note below) Total Financing 500 324 120 944 Note: PEL had negotiated a 10-year 150k loan, repayable @ 15k per annum, which carries an annual fixed interest charge of 6k. PEL - Transactions for 12 months, ending 31 March 2016 (All Figures in '000) Sales (on Credit): 2,208. Cash Sales: 184; (160 lodged to Bank; balance held in Petty Cash). Purchases for re-sale (all on Credit): 1,340. Carriage costs on above purchases: 23 paid by cheque. 4 paid ex Petty Cash. Rent and Rates paid as follows: o For July 2014 to June 2015 incis. paid 1st July 2014 - 48. o For July 2015 to June 2016 incls.paid 1st July 2015 - 52. Net Wages & Salaries paid to employees: 262. (i.e. after deduction of PAYE). Admin Expenses (all paid in full): 480. Motor Expenses: Paid by Cheque: 48. Paid ex Petty Cash: 5. Sales delivery costs: 46 (paid in full). Paid interest on Bank Loan in full. Sundry Expenses; all paid ex Petty Cash: 14. Debtor payments received: 1,770. Paid dividends 48. Creditor payments made: 866. Paid to Revenue Commissioners: 75. Paid annual Bank Loan repayment. Outstanding Accruals at 31 March 2015 were all paid in full. Depreciation is charged as follows: o Plant & Equip. and Fixtures & Fittings: Straight line method @ 10% of cost p.a. o Motor Vehicles: Reducing Balance Method @ 25% p.a. O IT System: Reducing Balance Method @ 33.3% p.a. On 1st of January, PEL entered an IT service contract @ 72 /p.a., but the paperwork has not been finalised, and no charges have been received from the IT Company, and no payments have been made. The IT maintenance services however began on 1st of January as agreed. Dividends for the year 2015 - 2016 to be provided at 25% of NPBT. The CPT Rate is 12.5%. PAYE deducted from gross wages and salaries: 68. (Ignore PRSI, USC, etc.). Stock on hand at end of March 2016 was 352. There were no other transactions for the period. (Assume all payments are made to or from the Bank Account - except those specified as Petty Cash items) MEEN 30140 Professional Engineering (Finance) CIA 1 Continuous Assessment 1 for 2018 - 2019 (5% Weighting) Please CIRCLE the right answer ONLY of the following questions Section one: Process Electronics Ltd Year ending 31 March 2016 1- IF PEL had acquired a new motor vehicle during the financial year for 36,000, what would the total motor depreciation charge be for the year? a. 16,000 b. 20,500 c. 9,000 d. 7,000 What is the total figure in the Balance Sheet for Accumulated Depreciation? a. 187,000 b. 181,000 c. 179.000 d. 177,000 3- What is the total NBV for 'Fixed Assets'? a. 200,000 b. 203,000 c. 189,000 d. 199,000 4- What is the Rent & Rates Prepayment figure to be shown in the Balance Sheet? a. 39,000 b. 52.000 c. 12,000 d. 13,000 5- What is the Balance Sheet entry for Bank'? a. (26,000) b. 125,000 c. 130,000 d. 134.000 6- What is the charge for Rent & Rates for the year? a. 49,000 b. 50,000 c. 51,000 d. 52,000 7- What is the Gross Profit? a. 1,089,000 b. 1,116,000 c. 905.000 d. 932,000 What is the Balance Sheet entry for 'Revenue Commissioners'? a. 90,000 b. 95,000 c. 17,000 d. 22,000 9- What is the Balance Sheet Entry for Debtors'? a. 1,161,000 b. 1,321,000 c. 1.361.000 d. 923,000 MEEN 30140 Professional Engineering (Finance) CIA 1