QUESTION 2 TOMAH Limited is a public listed manufacturing company. Its draft summarised financia statements for the year ended 30 September 2018 (and 2017 comparatives) are: Statements of profit or loss and other comprehensve 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) Robe 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) Le Profit for the year 1,800 5,600 1,300 1,000 Other comprehensive income - Total comprehensive income 500 6,600 2017 GH&'000 GH4000 havady Statements of financial position as at 30 September 2018 GH&'000 GH&'000 Assets Non-current assets Property, plant and equipment 26,700 Investment properties 30,800 Current assets Coperty aty Inventory 2,300 Trade receivables 3,000 Bank 0 5.300 Total assets 36.100 - 4,100 25,200 5,000 30,200 3,100 3,400 300 6,800 37.000 Equity and liabilities Equity Equity shares of GH1 each Revaluation reserve- Retained earnings 17,200 1,200 7,700 26,100 17,000 2,500 8.700 28,200 Nos-current liabilities 12% loan notes 5,000 3,000 Current liabilities Trade payables Accrued finance costs Bank overdraft Current tax payable 4,200 100 200 500 3.900 50 0 1.850 5,000 - 36.100 5,800 37,000 The following information is relevant: On 1 July 2018, TOMAH Limited acquired a new investment property at a cost of GHOJ.CO. On this date, it also transfered one of its other investment properties to property, plant and equipment at its fair value of GHZ, 600,000 as it became owner- occupied on that date. TOMAH adopts the fair value model for is investment properties. 11) TOMAH also has a policy of revaluing its other properties (included as property, plant and equipment to market value at the end of each year. Other comprehensive income and the revaluation reserve both relate to these properties. ps QUESTION 2 TOMAH Limited is a public listed manufacturing company. Its draft summarised financia statements for the year ended 30 September 2018 (and 2017 comparatives) are: Statements of profit or loss and other comprehensve 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) Robe 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) Le Profit for the year 1,800 5,600 1,300 1,000 Other comprehensive income - Total comprehensive income 500 6,600 2017 GH&'000 GH4000 havady Statements of financial position as at 30 September 2018 GH&'000 GH&'000 Assets Non-current assets Property, plant and equipment 26,700 Investment properties 30,800 Current assets Coperty aty Inventory 2,300 Trade receivables 3,000 Bank 0 5.300 Total assets 36.100 - 4,100 25,200 5,000 30,200 3,100 3,400 300 6,800 37.000 Equity and liabilities Equity Equity shares of GH1 each Revaluation reserve- Retained earnings 17,200 1,200 7,700 26,100 17,000 2,500 8.700 28,200 Nos-current liabilities 12% loan notes 5,000 3,000 Current liabilities Trade payables Accrued finance costs Bank overdraft Current tax payable 4,200 100 200 500 3.900 50 0 1.850 5,000 - 36.100 5,800 37,000 The following information is relevant: On 1 July 2018, TOMAH Limited acquired a new investment property at a cost of GHOJ.CO. On this date, it also transfered one of its other investment properties to property, plant and equipment at its fair value of GHZ, 600,000 as it became owner- occupied on that date. TOMAH adopts the fair value model for is investment properties. 11) TOMAH also has a policy of revaluing its other properties (included as property, plant and equipment to market value at the end of each year. Other comprehensive income and the revaluation reserve both relate to these properties. ps
