Question 2 only

700 go -) reducing in the product the Occid bad 2013 the asso their an The collection Non current The these property was realed Heel October 2017 There was no change in value of the land The big chementining life or so October 2017 Partanendedors per wing the method for bile Le the led to falling sales An impairment review was conducted on 1 April 2018 which concluded that, based on estimated future sales, the brand had a value in use or GHg36,000 and a remaining life of only three years. However, on the same date as the impairment review, Jubilee Led received an offer to purchase the brand for GH45,000. (1) Prior to the impairment review. it was being depreciated using the straight-line method over a 10 year life. No depreciation/amortisation has yet been charged on any non-current asset for the year ended 30 September 2018 Depreciation, amortisation and impairment charges are all charged to cost of sales. Required: a) Prepare the statement of profit or loss and other comprehensive income for Jubilee Ltd for the year ended 30 September 2018 b) Prepare the statement of changes in equity for Jubilee for the year ended 30 September 2018. c) Prepare the statement of financial position of Jubilee Ltd as at 30 September 2018 QUESTION 2 TOMAH Limited is a public listed manufacturing company. Its draft summarised financial statements for the year ended 30 September 2018 (and 2017 comparatives) are: Statements of profit or loss and other comprehensive income for the year ended 30 September: 2018 2017 GH"000 GH 000 Revenue 44.900 44,000 Cost of sales 31,300 29,000 Gross profit 13,600 15,000 Distribution costs (2,400) - (2.100) Administrative expenses (7,850) (5,900) Investment properties - rentals received 350 400 fair value changes (700) 500 Finance costs (600) (600) Profit before taxation 2,400 7,300 Income tax (600) (1,700 Profit for the year 1,800 5,600 Other comprehensive income 1,300 1,000 Revaluation loss OS0365 LIV 246 soou Top son 2017 GH'000 CA Statements of scial position as to September 2015 GI H GIA KHAI Assets Non-current sets Property, plant and equipment 26,700 Investment properties 30.800 Current Inventory 2.300 Trade receivables 3.000 Bank 0 5.300 Total assets 36,100 4,100 Hogy Prep CODE 3,100 3,400 300 OU A. 6 319 Equity and liabilities Equity Equity shares of Ghel each Revaluation reserve- Retained earnings 17 17,200 1.200 7.700 26,100 23, Non-current liabilities 12% loan notes 23 5,000 355 Current liabilities Trade payables Accrued finance costs Bank overdraft Current tax payable 4,200 100 200 500 3.900 SO 0 1,850 5,000 36,100 53 31.388. parch The following information is relevant: i) On 1 July 2018, TOMAH Limited acquired a new investment property at a cost of GH1.400.000. On this date, it also transferred one of its other investment properties to property, plant and equipment at its fair value of GH0,600,000 as it became owner occupied on that date. TOMAH adopts the fair value model for its investment properties. iiTOMAH also has a policy of revaluing its other properties (included as property, plan and equipment) to market value at the end of each year. Other comprehensive income and the revaluation reserve both relate to these properties 3 Goods and Goods into ancti doppio ? 8000 ) Headto co Bro st Depreciation of property, plant and equipment during the year was GH1,500,000. An item of plant with a carrying amount of GH2,300,000 was sold for GH1.800,000 during September 2018 Required: Prepare the statement of cash flows for TOMAH Ltd for the year ended 30 September 2018 in accordance with IAS 7 Statement of Cash Flows using the indirect method. (15 marks) QUESTION 3 4. Kwick Lid has a product line producing processed cocoa beans for export. The carrying amount of the net assets employed on the line as at 31 December 2012 was GHS572,000. There is an indication that the export market would be adversely affected in 2015 by 700 go -) reducing in the product the Occid bad 2013 the asso their an The collection Non current The these property was realed Heel October 2017 There was no change in value of the land The big chementining life or so October 2017 Partanendedors per wing the method for bile Le the led to falling sales An impairment review was conducted on 1 April 2018 which concluded that, based on estimated future sales, the brand had a value in use or GHg36,000 and a remaining life of only three years. However, on the same date as the impairment review, Jubilee Led received an offer to purchase the brand for GH45,000. (1) Prior to the impairment review. it was being depreciated using the straight-line method over a 10 year life. No depreciation/amortisation has yet been charged on any non-current asset for the year ended 30 September 2018 Depreciation, amortisation and impairment charges are all charged to cost of sales. Required: a) Prepare the statement of profit or loss and other comprehensive income for Jubilee Ltd for the year ended 30 September 2018 b) Prepare the statement of changes in equity for Jubilee for the year ended 30 September 2018. c) Prepare the statement of financial position of Jubilee Ltd as at 30 September 2018 QUESTION 2 TOMAH Limited is a public listed manufacturing company. Its draft summarised financial statements for the year ended 30 September 2018 (and 2017 comparatives) are: Statements of profit or loss and other comprehensive income for the year ended 30 September: 2018 2017 GH"000 GH 000 Revenue 44.900 44,000 Cost of sales 31,300 29,000 Gross profit 13,600 15,000 Distribution costs (2,400) - (2.100) Administrative expenses (7,850) (5,900) Investment properties - rentals received 350 400 fair value changes (700) 500 Finance costs (600) (600) Profit before taxation 2,400 7,300 Income tax (600) (1,700 Profit for the year 1,800 5,600 Other comprehensive income 1,300 1,000 Revaluation loss OS0365 LIV 246 soou Top son 2017 GH'000 CA Statements of scial position as to September 2015 GI H GIA KHAI Assets Non-current sets Property, plant and equipment 26,700 Investment properties 30.800 Current Inventory 2.300 Trade receivables 3.000 Bank 0 5.300 Total assets 36,100 4,100 Hogy Prep CODE 3,100 3,400 300 OU A. 6 319 Equity and liabilities Equity Equity shares of Ghel each Revaluation reserve- Retained earnings 17 17,200 1.200 7.700 26,100 23, Non-current liabilities 12% loan notes 23 5,000 355 Current liabilities Trade payables Accrued finance costs Bank overdraft Current tax payable 4,200 100 200 500 3.900 SO 0 1,850 5,000 36,100 53 31.388. parch The following information is relevant: i) On 1 July 2018, TOMAH Limited acquired a new investment property at a cost of GH1.400.000. On this date, it also transferred one of its other investment properties to property, plant and equipment at its fair value of GH0,600,000 as it became owner occupied on that date. TOMAH adopts the fair value model for its investment properties. iiTOMAH also has a policy of revaluing its other properties (included as property, plan and equipment) to market value at the end of each year. Other comprehensive income and the revaluation reserve both relate to these properties 3 Goods and Goods into ancti doppio ? 8000 ) Headto co Bro st Depreciation of property, plant and equipment during the year was GH1,500,000. An item of plant with a carrying amount of GH2,300,000 was sold for GH1.800,000 during September 2018 Required: Prepare the statement of cash flows for TOMAH Ltd for the year ended 30 September 2018 in accordance with IAS 7 Statement of Cash Flows using the indirect method. (15 marks) QUESTION 3 4. Kwick Lid has a product line producing processed cocoa beans for export. The carrying amount of the net assets employed on the line as at 31 December 2012 was GHS572,000. There is an indication that the export market would be adversely affected in 2015 by