Question 1 (30 marks)
W] 2 5. Q: FA1-Internal Assessment 7 - 2021 (1) - Word (Product Activation Failed) ? 6 X FILE HOME INSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW VIEW ! agrippa nuujoma - A * Cut 21 T Le Copy Times New Ro - 8 - A K Aa- BIU - abe X, X A aby-A 11 No Spac... Heading 1 Heading 2 Subtle Em... Emphasis # Find - aac Replace Select Paste E 1 Normal Title Subtitle Format Painter Clipboard Font Editing Paragraph 4.15.1 .6 6:17 7. Styles 13 | 14 | 15 | 16 | 17 1:: L 1:1 2.1.3.1 10 819 8 11 | 12 | 18 ! 20 TIL!!!!!!!!!!!!!!! Question 1 (30 marks) Below are extracts from the financial statements of Thai Thai Ltd: Statement of profit or loss for the year ended 31 March 2020 P 30,650 Revenue Cost of sales (26,000) 4,650 Gross profit Distribution costs Administrative expenses (900) (500) 3,250 Profit from operations Investment income Finance costs 680 (400) Profit before tax Income tax expense 3,530 (300) Profit for the period 3,230 Statements of financial position 31 March 2020 P 31 March 2019 P. P. 1211, 101191118 P Assets Non-current assets Property, plant and equipment Investments 2.280 850 2,500 2,500 03 - 2021 4,780 3,350 Current assets Inventories ENGLISH (UNITED STATES) 1,000 1,950 PAGE 1 OF 2 473 WORDS DE + 100% W] 0 Q- FA1-Internal Assessment 7-2021 (1) - Word (Product Activation Failed) ? 6 X FILE HOME INSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW VIEW ! agrippa nuujoma - A Cut 21 T Le Copy Times New Ro - 8 - A A A Aa BIU - albe x, x* Aaly - A 1 No Spac... Heading 1 Heading 2 Subtle Em... Emphasis # Find - aac Replace Select- Paste , 1 Normal Title Subtitle Format Painter Clipboard Font Editing Paragraph 415 16 17 7. Styles 13 | 14 | 15 | 16 | 17 L 1:: 1.12.13 8:1:19:10 11 | 12 | 18 ! 20 Statements of financial position 31 March 2020 P 31 March 2019 P P. P P Assets Non-current assets Property, plant and equipment Investments 2,280 850 2.500 2.500 4,780 3,350 16, 15.1.14., 13, 121.11.1.10 1.9. 1,950 Eff Date: 16-03-2021 Current assets Inventories Trade and other receivables Cash and cash equivalents Window Snip 1,000 1,900 410 1.200 160 3,310 3,310 Total assets 8,090 6,660 Equity and liabilities Capital and reserves Share capital Share premium Retained earnings 1,000 500 900 350 3,410 1,300 4,910 2,630 2,300 1,040 22 121 120 1191 - ASM-001 Rev 005 Non-current liabilities Long term borrowings (including leases) Current liabilities Trade and other payables Interest payable Taxation 250 230 400 1,890 100 1,000 - - 880 2,990 Total equity and liabilities 8,090 6,660 Additional information: ENGLISH (UNITED STATES) PAGE 1 OF 2 474 WORDS DE + 100% W] 0 Q- FA1-Internal Assessment 7-2021 (1) - Word (Product Activation Failed) ? 6 X FILE HOME INSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW VIEW ! agrippa nuujoma - Times New Ro - 11 - A K A A Aa A. Ee Cut Copy Format Painter 1 No Spac... Heading 1 Heading 2 Subtle Em... Emphasis # Find - aac Replace Select- Paste BIU - abe x, X A-aly - A , 1 Normal Title Subtitle Clipboard Editing Font 11 1 Paragraph 11:12:13 | .4 | .5 | 6 L 12 Styles 13 | 14 | 15 | 16 | 17 | 18 1: 2,0.30 1.7. 18:19 | 10 11 4,910 20 2,300 1,040 Non-current liabilities Long term borrowings (including leases) Current liabilities Trade and other payables Interest payable Taxation 250 230 400 1,890 100 1,000 QP-ASM-001 Rev 00 880 2,990 Total equity and liabilities 6,660 Snip Additional information: Profit from operations is after charging depreciation on the property, plant and equipment of P450. . During the year ended 31 March 2020, plant and machinery costing P80 and with accumulated depreciation of P60, was sold for P20. Page 1 of 2 13:1:2:1:1:11.1 . During the year ended 31 March 2020, the company acquired property, plant and equipment costing P1.900, of which P900 was acquired by means of lease. Cash payments of P1.000 were made to purchase property, plant and equipment. P90 was paid under the lease. The receivables at the end of 2020 includes P100 of interest receivable. There was no equivalent balance at the beginning of the year. Investment income of P680 is made up of P300 interest receivable and P380 dividends received. ENGLISH (UNITED STATES) PAGE 2 OF 2 475 WORDS DE + 100% W] ? 6 FA1-Internal Assessment 7-2021 (1) - Word (Product Activation Failed) MAILINGS REVIEW VIEW FILE HOME INSERT DESIGN PAGE LAYOUT REFERENCES ! agrippa nuujoma Cover Page Blank Page Page Break TT Equation 12 Symbol Table Comment SmartArt Store W Hyperlink | Chart Bookmark Pictures Online Shapes Pictures Screenshot My Apps - Wikipedia Online Video Cross-reference Illustrations Add-ins Media Links 11:12:13 14 15 16 17 18 19 | 10 Header E Quick Parts Signature Line Footer 4 WordArt - Date & Time Text Page Number Box Object Header & Footer Text 13 | 14 | 15 | 16 | 17 | 18 | A 20 A Drop Cap Pages Tables Symbols Comments 11 | 12 L . During the year ended 31 March 2020, the company acquired property, plant and equipment costing P1.900, of which P900 was acquired by means of lease. Cash payments of P1.000 were made to purchase property, plant and equipment. P90 was paid under the lease. The receivables at the end of 2020 includes P100 of interest receivable. There was no equivalent balance at the beginning of the year. Investment income of P680 is made up of P300 interest receivable and P380 dividends received. Dividends paid during the year were P1.200. Required: Prepare a statement of cash flows for Poochie Ltd for the year ended 31 March 2020 in compliance with IAS 7 Statement of Cash Flows. Question 2 (20) a) On Dec year 4, entity His half way through an eight year operating lease on its factory when it moves to the new factory. Annual lease payments are M60.000. It can not cancel the lease or sub-lease the factory. Required: Consider whether or not the conditions for making provision are met, and at what amount if any provision should be made? (10) 13 12 11 10 19.1.8.1 b) Entity G has a financial year ending on December. On 15 December year 1, an employee was injured in the work place and has sued the entity under the current health and safety legislation. Entity G solicitors believe that the employee claim has a 60% chance of success. And the solicitors estimate that if successful, the claim should be M20.000. Required: Consider whether or not entity G should provide for the claim at 31 December year 1, and if so, what amount? (10) 16-03-2021 PAGE 2 OF 2 475 WORDS DE ENGLISH (UNITED STATES) 100%
