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Question Two [Total 19 Marks] Shown below is the statement of financial position dated 31 December 2020 for Ndiyepano Ltd, a metal fabrication company. ASSETS K K Non-current assets Factory 6,750,000 Machinery 1,250,000 8,000,000 Current assets Inventories 850,000 Trade receivables 250,000 Cash 400,000 1,500,000 9,500,000 2,500,000 1,800,000 870,000 5,170,000 2,000,000 1,500,000 3,500,000 340,000 300,000 190,000 830,000 4,330,000 9,500,000 Total assets EQUITY AND LIABILITIES Issued ordinary shares of K5. Other reserves: Share premium account Revaluation reserve Retained earnings Total equity Non-current liabilities 8% Convertible loan stock 2025 10% Debentures 2029 Current liabilities Trade payables Bank loan Tax payable Total liabilities Total equity and liabilities During 2021, the following occurred: K sales 5,550,000 increase in inventories 170,000 purchases of raw materials 1,120,000 staff costs 850,000 electricity costs 910,000 advertising and delivery costs 590,000 cash payments received 4,470,000 increase in trade payables 250,000 dividends paid 120,000 tax paid 130,000 390,000 increase in cash You are also given the following information: (a) The company repaid its bank loan on 5 January 2021. (b) The factory was originally purchased in December 2009. In 2020 it was revalued and its remaining life estimated to be 10 years at which time it would be worth zero. The annual depreciation charge for 2020 was based on the revalued figure and the revaluation of the factory was included in the 2020 revaluation reserve. The machinery was purchased in 20120 for a price of K1,500,000. It is being depreciated to zero over a period of six years. (c) The first conversion date for the 8% CULS was 15 December 2015. K1,000,000 nominal was converted. The conversion terms were 2 shares for every K50 nominal of convertible stock. Interest was paid before conversion took place. (d) The directors were concerned about the level of trade receivables and decided to set up a provision for bad debts equal to 10% of the trade receivables outstanding at the end of the accounting year. Assuming a tax rate of 20%, draw up the statement of comprehensive income for 2021 and the statement of financial position dated 31 December 2021 in a form suitable for publication. [19 marks] END OF TUTORIAL........... 1,000,000 800,000 Question Two [Total 19 Marks] Shown below is the statement of financial position dated 31 December 2020 for Ndiyepano Ltd, a metal fabrication company. ASSETS K K Non-current assets Factory 6,750,000 Machinery 1,250,000 8,000,000 Current assets Inventories 850,000 Trade receivables 250,000 Cash 400,000 1,500,000 9,500,000 2,500,000 1,800,000 870,000 5,170,000 2,000,000 1,500,000 3,500,000 340,000 300,000 190,000 830,000 4,330,000 9,500,000 Total assets EQUITY AND LIABILITIES Issued ordinary shares of K5. Other reserves: Share premium account Revaluation reserve Retained earnings Total equity Non-current liabilities 8% Convertible loan stock 2025 10% Debentures 2029 Current liabilities Trade payables Bank loan Tax payable Total liabilities Total equity and liabilities During 2021, the following occurred: K sales 5,550,000 increase in inventories 170,000 purchases of raw materials 1,120,000 staff costs 850,000 electricity costs 910,000 advertising and delivery costs 590,000 cash payments received 4,470,000 increase in trade payables 250,000 dividends paid 120,000 tax paid 130,000 390,000 increase in cash You are also given the following information: (a) The company repaid its bank loan on 5 January 2021. (b) The factory was originally purchased in December 2009. In 2020 it was revalued and its remaining life estimated to be 10 years at which time it would be worth zero. The annual depreciation charge for 2020 was based on the revalued figure and the revaluation of the factory was included in the 2020 revaluation reserve. The machinery was purchased in 20120 for a price of K1,500,000. It is being depreciated to zero over a period of six years. (c) The first conversion date for the 8% CULS was 15 December 2015. K1,000,000 nominal was converted. The conversion terms were 2 shares for every K50 nominal of convertible stock. Interest was paid before conversion took place. (d) The directors were concerned about the level of trade receivables and decided to set up a provision for bad debts equal to 10% of the trade receivables outstanding at the end of the accounting year. Assuming a tax rate of 20%, draw up the statement of comprehensive income for 2021 and the statement of financial position dated 31 December 2021 in a form suitable for publication. [19 marks] END OF TUTORIAL........... 1,000,000 800,000