statement of profit and loss and other comprehensive income (working 1)

revenue 377600 cost of plant

cost of sales -61100 direct mate 3000
direct labo 4000
gross profit 316500 production 3000
distribution cost -14200
administration cost -22400 cost of pla 10000
factory overheads -77000
production labour -120000 reducing relevant expenses
material p 3000
investment income 800 production 4000
production 3000
profit before interest 83700
finance cost -350 depreciation on plant 1000
(cos)
profit before tax 83350
tax expense -26100 NBV 9000 (sofp)

profit after tax 57250 other plant and equipment

add : other comprehensive income plant cost 44500

less : accumulate -14500
revaluation gain 5600
net book va 30000
total comprehensive 62850
depreciati 6000 (cos)
Statement of changes in equity as at 30 sep 2001
NBV 24000 (sofp)
ordinary s share pre revaluationretained e total
Property
balance as 50000 - 0 15600 65600
right issue 0- 0 0 0 property c 50000
bonus issu 0- 0 0 0 less : accumulate -10000
total comp 0- 5600 57250 62850
ordinary di 0- 0 -24000 -24000 Net book v 40000
transfer 0- 0 0 0 revalued 48000

balance as 50000 0 5600 48850 104450 revalued b 8000

depreciation on revalued amount

statement of financial position as at 30 sep 2001
revalued 48000
ASSETS remaining 16

Non-current assets depreciati 3000 (cos)

plant and equipment 33000 NBV as at 30 sep 200 45000
property 45000
deferred tax liabilitiy on revaluation reserve
Current assets revluation 2400
deferred tax liability 2400
trade recievables 31150
inventory 56600 revaluation 5600

TOTAL ASSETS 165750

LIABILITIES AND EQUITY

Capital and reserves

Ordinary share capita 50000

revaluation reserve 5600
retained earnings 48850

Liabilities

Non-current liabilities

deferred tax 6900

Current liabilities

Current tax 24300

trade payables 27800
Bank 2300

TOTAL EQUITY AND LIABILTIIES 165750

(working 2)

ordinary sh 50000
PAR VALUE 0.2
# of shares 250000

entry made debit credit

admin exp 24000

cash 24000

should made
retained e 24000
cash 24000

correcting entry
retained e 24000
admin expense 24000

(working 3)

cost of sales

opening in 46700
add : purchases 61000
less : closing inv 56600

51100
adjustments
depreciatio 7000
depreciati 3000

adjusted co 61100

working 4

current yea 24300 (cl)

deferred t 1800

income tax 26100

deferred tax

opening ba 2700
revaluatio 2400
 balancing f -1800 (p&l)

ation reserve closing bal 6900 (ncL)

statement of profit and loss and other comprehensive income for the y/e 31 march 20 (working 1)

revenue 350000 Right issue

cost of sales -309800
# of shares issued
gross profit 40200 right issue shares
distribution cost -16100
admin expense -29900 suspense
share capital
loss before interest and -5800 share premium
finance cost -2600
in this way suspense account balance
loss before tax -8400
(working 2)
tax credit 1800
Leased property
loss after tax -6600
leased prop
ADD : other comprehensive income less : accumulate

revaluation gain 4000 net book va

revalued
total comprehensive in -2600
revalued b
statement of changes in equity as at 31 march 2002
Depreciation on leased property
ordinary shashare pre revaluationretained e Total revalued
remaining l
opening bala 45000 5000 0 5100 55100
prior period error adjustment -1000 -1000 depreciatio

updated am 45000 5000 0 4100 54100 excess depreciation

depreciati
right issue 9000 4500 0 0 13500 depreciatio
bonus issue 0 0 0 0 0
total compr 0 4000 -6600 -2600 excess dep
ordinary div 0 0 0 0 0
transfer 0 -500 500 0 NBV leased property

balance as 54000 9500 3500 -2000 65000 Lease agreement

Right of us
Lease obligation

lease oblig
cash
Lease amortisation schedule

Date

1-Apr-01
###
###

Depreciation of right of use

other plant and equipment deprecia

plant & eq
less : accumulated

net book v

depreciati

net book v
 (working 3)

bad debts 3000

trade recievables 3000
90000
18000 opening re 1000
trade recievables 1000
13500
share capital 9000 (working 4)
share premium 4500
current year tax provi -2400 (ca)
y suspense account balance will be closed udner provision 800
deferred tax credit -200

income tax credit -1800

deferred tax liability

48000
-16000 opening ba 3200

32000 balancing f 200

36000
closing bal 3000 (ncl)
4000 (socie)
(working 5)
tion on leased property
36000 value as pe 6000
8 fair value 7200 (sofp)

4500 (cos) increase in 1200

investment 1200
4500 profit and loss 1200
-4000

500 (socie) cost of sales

31500 (sofp) as per TB 298700

depreciatio 4500
depreciatio 5000
depreciati 2800
25000
Lease obligation 25000
adjusted co 311000
2000
2000
ortisation schedule

rentals finance cosdecrease inbalance in obligation

(fc) 23000
6000 2300 3700 19300
6000 1930 4070 15230 (NCL)
(cl)

tion of right of use

right of us 25000
lease term 5

depreciati 5000 (cos)

Net book v 20000 (sofp)

nt and equipment depreciation

47500
-33500

14000

2800 (cos)

11200 (sofp)
statement of profit and loss and other comprehensive income (working 1)
for the year ended 31 march 2003
entry made
revenue 540000 cash 10000
cost of sales -420600 sales 10000

gross profit 119400 cost of sal 7000

admin expense -36300 inventory 7000
distribution cost -21500
should made
profit before interest 61600 cash 10000
loan 10000
finance cost -1200
profit before tax 60400 interest on loan
interest e 500
tax expense -29200 loan 500

profit after tax 31200 correcting entry

sales 10000
add : other comprehensive income loan 10000

revaluation gain 7000 interest e 500

loan 500
total comprehensive 38200
inventory 7000
cost of sales 7000
Statement of changes in equity as at 31 march 2003
(working 2)
ordinary shshare pre revaluationretained e total
plant held for sale
balance as 50000 0 0 11200 61200
right issue 0 0 0 0 0 plant cost 9000
bonus issu 0 0 0 0 0 less : accumulated -5000
total comp 0 0 7000 31200 38200
ordinary di 0 0 0 0 0 net book va 4000
transfer 0 0 0 0 0 depreciati -400 (cos)

balance as 50000 0 7000 42400 99400 net book va 3600 (CA)

statement of financial position as at 31 march 2003 other plant and equipments

plant cost 85500
ASSETS accumulated -19500

Non-current assets net book va 66000

depreciati 13200 (cos)
land and building 44500
plant and equipment 52800 net book v 52800 (sofp)
Current assets
Land & building
Trade recievables 42200 land & buld 60000
inventory 50700 less : accumulate -20000
NCA held for sale 3600
net book va 40000
TOTAL ASSETS 193800 revalued 47000

EQUITY AND LIABILITIES revalued b 7000 (oci)

Capital and reserves depreciaton on building

Building 35000
ordinary share capital 50000
retained earnings 42400 depreciati 2500 (cos)
revaluation reserve 7000
net book va 44500 (sofp)
Liabilities

Non-current liabilities

deferred tax 9400

loan of repurchase a 10500

Current liablities

trade payables 35100

current tax 27200
bank o/d 6800
Provison for bonus 5400

TOTAL EQUITY AND LIABILITIES 193800

(working 3)

director`s bonus provision

sales 540000

bonus @ 1 5400

bonus exp 5400

provision 5400

(working 4)

current year tax provi 27200 cl

over-provision -1200
deferred tax charge 3200

income tax expense 29200

deferred tax liability

opening ba 6200

balancing f 3200

closing bal 9400 ncl

Cost of sales

as per TB 411500
depreciation on plan 13600
depreciation on build 2500
repurchase sales -7000

adjusted cost of sales 420600

 (working 1)
statement of profit and loss and other comprehensive income for the year ended 31 march 2004
amortised costing
revenue 400000
cost of sales -306100 A.C b/f

gross profit 93900 ### 19500

distribution cost -26400
administration cost -33700
issue cost
investment income 2700 entry made
admin exp
profit before interest 36500 cash
finance cost -2150 should made
loan
profit before tax 34350 cash
income tax expense -8800 correcting entry
loan
profit after tax 25550 admin expense

statement of changes in equity as at 31 march 2004 (working 2)

Ordinary shshare pre revaluationretained e Total as at 1 october 2003, the leasehold pro

balance as a 40000 20000 0 38400 98400 Leasehold property

right issue 0 0 0 0 0
bonus issue 0 0 0 0 0 leaseHold
total comprehensive income 25550 25550 less : accumulated
transfer 0
ordinary dividends paid -10000 -10000 net book va
less : deprecatio
balance as 40000 20000 0 53950 113950
net book va
Statement of financial position as at 31 march 2004 fair value l

ASSETS impairemen

Non-current assets Plant and equipment

leasehold property 33500 plant and

plant and equipment 37400 less : accumulate

Current assets net book v

investment 28000 depreciati

inventory 48000
trade recievables 40700 net book v
bank 15500

Total assets 203100

LIABILITIES AND EQUITY

Capital and reserves

Ordinary share capital 40000

share premium 20000
retained earnings 53950

Liabilities

Non-current liabilities

5% loan notes 20450

deferred tax 4200

Current liabilities

current tax 12000

accrued interest 500
trade payables 52000

Total equity and liabiltiies 203100

 (working 3)

investment 26500
fair value 28000 (sofp)
interest e interest paA.c C/f
increase 1500 (cos) reduce
1950 1000 20450
FC NCL
(working 4)

Debit Credit current yea 12000 cl

500 less : overprovis -1400
500 deferred ta -1800

500 income tax 8800 pnl

500
deferred tax liability
500
admin expense 500 opening ba 6000

balancing f 1800

tober 2003, the leasehold property will be classified as closing bal 4200 ncl

45000
-6000

39000
-1500 (cos)

37500
33500 (sofp)

4000 (cos)

equipment

67500
-23500

44000

6600 (cos)

37400 (sofp)
retained earnings as 53250 (working 1)

adjustments total estimated profit

contract pr 2000
depreciatio -2400 total contr 25000
finance cos -2930 less : total estim -20000
depreciati -7000
operating 150 estimated p 5000
income tax -1400
finance cos -4000 as the contract is in profit therefore. Profi
according to stages of completion
adjusted r 37670
stages of completion

work certif 10
statement of financial position as at 30 sep 2003 total contr 25

ASSETS stages of 40%

Leased plant 21000 profit and loss extract

Land & building 52000
revenue re 10000
Current assets less : cost incurr -8000

Inventory 56600 profit 2000 (p&l)

trade recievables 38500
contract asset 3000 sofp extract
revenue re 10000
TOTAL ASSETS 171100 less : amount inv -7000

EQUITY AND LIABILITIES contract as 3000 (sofp)

Capital and reserves (working 2)

ordinary shares 27000 land & buil 60000

revaluation reserve 3300 less : accumulate -10000
retained earnings 37670 net book va 50000

Liabilities revalued 54400

Non-current liabilities revalued b 4400

Lease-liability 16133 Debit Credit

deferred tax 7100 land & buil 4400
Loan notes 44000 revaluation reserve 4400

Current liabilities depreciation on building

trade payables 18300 revalued a 38400
lease liability 6897 remaining u 16
bank O/d 7300
current tax 3400 depreciati 2400 (cos)

171100 net book value of lan 52000 (sofP)

deferred tax on revaluation

revaluation 1100
deferred tax liability 1100
Leased plant

Lease amortisation schedule

date rentals finance cosdec in obli balance in obligation

1-Oct-01 35000
30-Sep-02 9200 3500 5700 29300
30-Sep-03 9200 2930 6270 23030
30-Sep-04 9200 2303 6897 16133 (ncl)
(cl)

depreciation on ROU 7000

ROU carrying value as 21000

(sofp)

(working 3)

entry made
debit credit
operating 400
provision 400

correcting entry
provision 400
operating expense 400

entry made
provision 250
cash 250

correct entry
operating 250
cash 250

correcting entry
operating 250
provision 250

(working 4)

current yea 3400 cl

(oci) deferred ta -2000

income tax 1400

 deferred tax liability

opening ba 8000
revaluation 1100

balancing f 2000

closing bal 7100 ncl

working 5

amortised costing

A.C b/f interest e interest paA.C c/f

40000 4000 0 44000

ncl
(working 1)