Q2.

3 – Malahar Ltd
Q2.4 – Eff Ltd

(c) Not Required.

Q2.22 – Enn Ltd

Q2.22 - Enn Ltd ASE20104 2018 Mar Q1

(a) Note 1: Property, plant and equipment (C.V.) $
Bank 2000000-500000+150000 1,650,000
Suppliers
Note 2: Trade and other receivables
(b) Trade receivables 618,950
ROCE Less: Allowance for doubtful debts 15,000
Profit margin 603,950

(c） Note 3: Statement of Changes in Equity

Share Share Revaluation General Retained
Enn Ltd capital premium Reserve Reserve earnings Total
Statement of Financial Position 1/1/2017 600,000 300,000 65,000 35,000 847,000 1,847,000
As at 31 December 2017 Bonus issue 300,000 (300,000) -
Non-current Assets Note $ $ Revlauation 150,000 150,000
Property, plant and equipment 1 1,650,000 Transfer 50,000 (50,000) -
Dividend paid (75,000) (75,000)
Current Assets Profit for the year 142,200 142,200
Closing inventory 745,350 31/12/2017 900,000 - 215,000 85,000 864,200 2,064,200
Trade and other receivables 2 603,950
Cash and cash equivalents 25,000 1,374,300
Total Assets 3,024,300
Note 4: Trade and other payables $
Equity and Liabilities Trade payables 410,350
Equity 3 Bank loan interest owing 500000*6%/2 15,000
Share capital 900,000 425,350
Share premium -
Revaluation Reserve 215,000
General Reserve 85,000
Retained earnings 864,200
Total Equity 2,064,200

Non-current Liabilities
6% Bank loan (2020) 500,000

Current Liabilities
Trade and other payables 4 425,350
Tax payables 34,750 460,100
Total Equity and Liabilities 3,024,300
Q2.29 – Washington Machine Ltd

Q2.29 - Washington Machine Ltd Notes to financial statements:

(a) Note 1: Revenue $000

Washington Machine Ltd Revenue 966.00

Statement of Profit or Loss Less: Returns inwards (20.00)
For the year ended 31 December 2015 946.00
Note $000
Revenue 1 946.00 Note 2： Cost of sales $000
Cost of sales 2 (190.00) Purchases 200.00
Gross profit 756.00 Less: Closing inventory 12-2 (10.00)
Other income 3 150.00 Cost of sales 190.00
906.00
Distribution costs 4 (306.50) Note 3: Other income $000
Administrative expenses 4 (421.00) Rent received 80.00
Profit from operations 178.50 Commission received 70.00
Finance costs 5 (8.00) 150.00
Profit before tax 170.50
Tax - Note 4: DC AE
Profit for the year after tax 170.50 $000 $000
Legal fees 5.00
Directors Remuneration 100.00
Depreciation - Off equ (500-30)*10% 47.00
Commission paid 100.00
Salaries and payroll (1/2) 140.00 140.00
Warehouse rent 10.00
Carriage outwards 30.00
Office exp 41-1 40.00
Rent exp 80.00
Repairs and maintenance 18.00 2.00
Discount allowed 10.00
Discount received (8.00)
Loss on disposal of off equ (15-30-10) 5.00
Depreciation - shop buildings (400+20+5)*2% 8.50
306.50 421.00

Note 5: Finance costs

Interest on loan (10% due 2028) 320x10%x3/12 8.00
 Washington Machine Ltd Note 6: Property, plant and equipment
Shop
Statement of Financial Position Land buildings Off equ Total
As at 31 December 2015 Opening cost 150.00 400.00 500.00 1,050.00
Non-current Assets Note $000 $000 Disposal (30.00) (30.00)
Property, plant and equipment 6 699.50 Additions 25.00 25.00
Closing cost 150.00 425.00 470.00 1,045.00
Current Assets
Inventory 7 10.00 Opening Acc. Dep - - 300.00 300.00
Trade and other receivables 8 1.00 Disposal - - (10.00) (10.00)
Cash and cash equivalents 9 19.00 30.00 Dep for the year - 8.50 47.00 55.50
Total Assets 729.50 Closing Acc.Dep - 8.50 337.00 345.50

Equity and Liabilities Closing C.V. 150.00 416.50 133.00 699.50

Equity Open.C.V. 150.00 400.00 200.00 750.00
$1.50 ordinary share capital 90.00
General reserve 50.00 Note 7: Inventory $000
Retained earnings 10 240.50 Original 12.00
Total Equity 380.50 Damaged (2.00)
10.00
Non-current Liabilities Note 8: Trade and other receivables:
Loan (10% due 2028) 320.00 Other receivables 1.00

Current Liabilities Note 9 : cash and cash equivalents

Trade and other payables 2.00 Opening cash 4.00
Bank overdraft 11 27.00 29.00 Proceeds from sale of off equ 15.00
Total Equity and Liabilities 729.50 Closing 19.00

Note 10: Retained earnings 只有 RE 有改，無必要做 SOCE

Opening balance 120.00
Profit for the year 170.50
Dividends paid (50.00)
Closing balance 240.50

Note 11: Bank overdrft

Openinng balance (7.00)
Payments to buildings (20.00)
Closing balance (27.00)
Q2.30 – Watsons Food Ltd
Q2.30 - Watsons Food Ltd Notes to Financial Statements:
Watons Food Ltd Note 1: Cost of sales
Statement of Profit or Loss Opening inventory 15,000
For the year ended 31 December 2015 Add: Purchases 500,000
Note $ Less: Returns outwards (4,500)
Revenue 1,078,300 510,500
Cost of sales 1 (487,700) Less: Closing inventory 25000-2000-2500+2800-500 (22,800)
Gross Profit 590,600 Cost of sales 487,700
Other Income 2 15,400
606,000 Note 2: Other income
Distribution costs 3 (192,580) Commission revenue 3,400
Administrative expense 3 (97,400) Rent received 12,000
Profit from operations 316,020 15,400
Finance Income 4 4,000 Note 3:
Finance Costs 5 (4,800) DC AE
Profit before tax 315,220 Dep - equi 32,000
Income tax (60,000) Auditors fees 8,000
Profit for the year after tax 255,220 Legal fees 12,000
Carriage outwards 17,000
Warehouse rent 6500-6500/13 6,000
Office stationerry 1,200
Dep - MV 99,060
Operating exp +1200 72,720 48,480
Decrease in all for dds (5,280)
Irrecoverable debts 1,000
Gain on disposal - MV (2,200)
192,580 97,400

Note 4: Finance Income

Interest received 4,000

Note 5: Finance Costs

Interest on 8% loan 4,800
 Watons Food Ltd Note 6: Property, plant and equipment
Statement of Financial Position Equipment Land Delivery vehicle Total
As at 31 December 2015 Opening cost 320,000 250,000 380,000 950,000
Assets Note $ Revaluation 50,000 50,000
Property, plant and equipment 6 779,140 Disposal (20,000) (20,000)
Current Assets Additions -
Inventory 22,800 Closing cost 320,000 300,000 360,000 980,000
Trade and other receivables 7 72,280
Cash and cash equivalents 8 7,000 Opening AD. 40,000 - 40,000 80,000
102,080 Disposal (10,200) (10,200)
Total Assets 881,220 Dep for the year 32,000 - 99,060 131,060
Closing AD. 72,000 - 128,860 200,860
Equity and Liabilities
Equity Closing C.V. 248,000 300,000 231,140 779,140
$0.8 Ordianry share capital 200,000 Opening C.V. 280,000 250,000 340,000 870,000
Revaluation reserve 50,000
Retained earnings 9 425,220 Note 7: Trade and other receivables
Total Equity 675,220 Trade receivables 74,000
Non-current Liabilities Less: All for dds (2,220)
8% Loan 60,000 Other receivables 500
72,280
Current Liabilities
Trade and other payables 10 86,000 Note 8: Cash and cash equivalents: 12000-5000=7000
Tax payable 60,000
146,000 Note 9: Retained earnings: 只有 RE 有改，無必要做 SOCE
Total Equity and Liabilities 881,220 Opening 195,000
Profit for the year 255,220
Dividend paid (25,000)
425220

Note 10: Trade and other payables

Trade payables 80,000
Other payables 6,000
86,000