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Final AssessmentKAPLAN PUBLISHING Page 1 of 10
ACCA FINAL ASSESSMENT
CorporateReporting
JUNE 2009QUESTION PAPERDo not open this paper until instructed by the supervisor This question paper must not be removed from the examinationhall
Time allowed Reading time:
15 minutes
Writing time:
3 hours
This paper is divided into two sectionsSection A
This question is compulsory and MUST beanswered
Section B
TWO questions ONLY to be answered
Kaplan Publishing/Kaplan Financial
ACCA P2 (INT) Corporate Reporting© Kaplan Financial Limited, 2008All rights reserved. No part of this examination may be reproduced or transmitted in any formor by any means, electronic or mechanical, including photocopying, recording, or by anyinformation storage and retrieval system, without prior permission from Kaplan Publishing.Page 2 of 10 KAPLAN PUBLISHING
Final Assessment
SECTION AThis question is compulsory and MUST be answered
QUESTION 1
East is an entity incorporated in Asia. East has a subsidiary, West, that is located in Africaand prepares its financial statements under local accounting standards. West prepares itsfinancial statements in African Francs (AFr). Financial information relating to the two entitiesfor the financial year ended 30 September 2007 is given below:
Statements of Financial Position at 30 September 2007
East West
$000 $000 AFr000 AFr000
Assets
Non-current assetsProperty, plant and equipment (Note 1) 8,040 12,000Financial assets:Investments (Note 2) 2,700 –Other (Note 3) 1,960 ______ ______ 12,700 12,000Current assetsInventories 3,000 5,000Receivables 4,500 6,000Other financial assets (Note 4) 1,000Cash and bank balances 1,500 ______ – ______ 10,000 ______ 11,000 ______ 22,700 ______ 23,000 ______
Equity and liabilities
Equity
Share capital ($1/AFr1 shares) 7,500 6,000Retained earnings 5,200 ______ 3,300 ______ 12,700 9,300
Non-current liabilities
Long-term borrowings 5,000 6,000Deferred tax 1,500 ______ 1,200 ______ 6,500 7,200
Current liabilities
Trade and other payables 3,500 4,500Short-term borrowings
−
______ 2,000 ______ 3,500 ______ 6,500 ______ 22,700 ______ 23,000 ______ KAPLAN PUBLISHING Page 3 of 10
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P2 - Final
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