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2uestion 1 (Samson plc) The following trial balance of Samson Pic (Samson) is available as of 30 Sentemher 2021 The following further information is provided 1. Samson sold goods on 1 October 2020 for E400,000 with a one-year interest-free credit period and the full amount was included in sales and trade receivables. Samson normally offers credit terms to customers at a rate of 5%pa. 2. Samson launched new software in November 2020. The sale of this is outsourced to Peterson Plc who pays Samson 15% royalties on all sales. Peterson sends monthly reports of the sales transactions to Samson who then records the royalties as investment Income. Samson recelved the September sales reports on 30 September 2021 which showed total sales of E96,000 for the month of September 2021. Samson is yet to record this in their books of accounts. BUSI2150-E1 3 BUSI2150-E1 3. Samson revalued its equipments on 31 March 2021 and found that one of its equipments had become defective. The equipment was purchased on 1 October 2018 for 76,800. The review on 30 September 2021 showed that if the equipment were to be retained it would generate future cash flows with a present value of 20,000. If the equipment were to be sold it would realise E22,000 and the selling costs would amount to E3,000. If Samson decided to replace the equipment with a new one, the purchase price of the new equipment would cost Samson 112,000. Samson has not recorded this change as at 30 September 2021. Samson depreciates all equipments at 30% reducing balance method and charges it to Cost of Sales. 4. During the Samson spent year 456,000 on research and development of two new products, Alpha and Beta. On 1 October 2020 Alpka was considered to be commercially viable and was launched on 1 April 2021. So far Aplha has been popular among the customers. The estimated useful life of Alpha is two (2) years. Costs incurred on Alpha between 1 October 2020 and 31 March 2021 included E52,000 on researching the product; 236,000 on development activities; 19,200 on pre-launching activities and 11,800 on staff training. Beta is comparatively new and has not yet been launched although Samson has spent 137,000 on developing the product. At this stage Samson is unsure whether or not 5. Samson invested in patents during 2020 which had a useful life of two (2) years. A patent that cost E6,000 on 1 May 2020 was sold on 30 April 2021 at its carrying amount. Cash received on this was credited to cost of sales. Patents in the trial balance had a cost of E118,000 and accumulated amortisation of E23,200. All expenses related to patents will be charged to administration expenses 6. Inventories were valued at 551,000 on 30 September 2021 . 7. On 1 September 2021 Samson issued further 100,000E1 equity shares at E1.2 per share. The accountant of Samson Plc had not recorded this entry as of 30 September 2021. 8. On 1 October 2020 a legal claim was made against Samson for poor quality of products by one of its customers. Based on the claims made by the customer, it seems that Samson will have to pay a heavy penalty. However, the lawyers of Samson are attempting an out of court settlement which is estimated at E240,000. The provision in trial balance pertains to this potential settlement and the costs were debited to other operating costs. Due to cashflow issues, it is expected that this amount will be settled after October 2022. The appropriate discount rate is 7%. 9. The income tax liability for the year ended 30 September 2021 has now been estimated at 34,000. The amount shown in the trial balance is the baiance remaining after paying the llability at 30 September 2020 , which was settled at less than originally estimated. Requirement You are required to prepare a Statement of Profit or Loss and other comprehensive income, Statement of changes in equity and Statement of financial position as at 30 September 2021. Include the disclosures necessary with reference to the respective Accounting Standards (IAS/IFRS). 2uestion 1 (Samson plc) The following trial balance of Samson Pic (Samson) is available as of 30 Sentemher 2021 The following further information is provided 1. Samson sold goods on 1 October 2020 for E400,000 with a one-year interest-free credit period and the full amount was included in sales and trade receivables. Samson normally offers credit terms to customers at a rate of 5%pa. 2. Samson launched new software in November 2020. The sale of this is outsourced to Peterson Plc who pays Samson 15% royalties on all sales. Peterson sends monthly reports of the sales transactions to Samson who then records the royalties as investment Income. Samson recelved the September sales reports on 30 September 2021 which showed total sales of E96,000 for the month of September 2021. Samson is yet to record this in their books of accounts. BUSI2150-E1 3 BUSI2150-E1 3. Samson revalued its equipments on 31 March 2021 and found that one of its equipments had become defective. The equipment was purchased on 1 October 2018 for 76,800. The review on 30 September 2021 showed that if the equipment were to be retained it would generate future cash flows with a present value of 20,000. If the equipment were to be sold it would realise E22,000 and the selling costs would amount to E3,000. If Samson decided to replace the equipment with a new one, the purchase price of the new equipment would cost Samson 112,000. Samson has not recorded this change as at 30 September 2021. Samson depreciates all equipments at 30% reducing balance method and charges it to Cost of Sales. 4. During the Samson spent year 456,000 on research and development of two new products, Alpha and Beta. On 1 October 2020 Alpka was considered to be commercially viable and was launched on 1 April 2021. So far Aplha has been popular among the customers. The estimated useful life of Alpha is two (2) years. Costs incurred on Alpha between 1 October 2020 and 31 March 2021 included E52,000 on researching the product; 236,000 on development activities; 19,200 on pre-launching activities and 11,800 on staff training. Beta is comparatively new and has not yet been launched although Samson has spent 137,000 on developing the product. At this stage Samson is unsure whether or not 5. Samson invested in patents during 2020 which had a useful life of two (2) years. A patent that cost E6,000 on 1 May 2020 was sold on 30 April 2021 at its carrying amount. Cash received on this was credited to cost of sales. Patents in the trial balance had a cost of E118,000 and accumulated amortisation of E23,200. All expenses related to patents will be charged to administration expenses 6. Inventories were valued at 551,000 on 30 September 2021 . 7. On 1 September 2021 Samson issued further 100,000E1 equity shares at E1.2 per share. The accountant of Samson Plc had not recorded this entry as of 30 September 2021. 8. On 1 October 2020 a legal claim was made against Samson for poor quality of products by one of its customers. Based on the claims made by the customer, it seems that Samson will have to pay a heavy penalty. However, the lawyers of Samson are attempting an out of court settlement which is estimated at E240,000. The provision in trial balance pertains to this potential settlement and the costs were debited to other operating costs. Due to cashflow issues, it is expected that this amount will be settled after October 2022. The appropriate discount rate is 7%. 9. The income tax liability for the year ended 30 September 2021 has now been estimated at 34,000. The amount shown in the trial balance is the baiance remaining after paying the llability at 30 September 2020 , which was settled at less than originally estimated. Requirement You are required to prepare a Statement of Profit or Loss and other comprehensive income, Statement of changes in equity and Statement of financial position as at 30 September 2021. Include the disclosures necessary with reference to the respective Accounting Standards (IAS/IFRS)