AccAF3练习.docx

AccAF3练习.docx

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AccAF3练习

1.AttheyearendofTDown&Co,animbalanceinthetrialbalancewasrevealedwhichresultedinthecreationofasuspenseaccountwithacreditbalanceof$1,040.

Investigationsrevealedthefollowingerrors.

（1）Asalesofgoodsoncreditfor$1,000hadbeenomittedfromthesalesaccount.

（2）Deliveryandinstallationcostsof$240onanewitemofplanthadbeenrecordedasarevenueexpense.

（3）Cashdiscountof$150onpayingasupplier,JW,hadbeentaken.eventhoughthepaymentwasmadeoutsidethetimelimit.

（4）Inventoryofstationeryattheendoftheperiodof$240hadbeenignored.

（5）Apurchaseofrawmaterialsof$350hadbeenrecordedinthepurchasesaccountas$850.

（6）Thepurchasereturneddaybookincludedasalescreditnotefor$230whichhadbeenenteredcorrectlyintheaccountofthecustomerconcerned,butincludedwithpurchasereturnsinthenominalledger.

Required:

Preparejournalentriestocorrecteachoftheaboveerrors.Narrativesarenotrequired.

Openasuspenseaccountandshowthecorrectionstobemade.

2.Beforepreparinghisfirm'stradingandincomeandexpenseaccountfortheyearended31March20X3,A

Millerneedstomakeanumberofadjustments.

（a）Depreciateplantandmachineryby$12,000.

（b）AMillerhasdrawnoutgoodsforhisownuseamountingto$220ofwhichthereisnorecordinthebooks.

（c）Rentaccruedamountsto$400.

（d）Theaccountofcarriageinwardsincludes$160paidonthepurchaseofnewmachinery.

（e）Theallowanceforreceivablesistobeincreasedby$3,500.

Required:

Preparethejournalentriesnecessarytoimplementtheaboveadjustments.（Narrativesarenotrequired.）

1ThefollowingitemshavebeenextractedfromthetrialbalanceofCronos,alimitedliabilitycompany,asat30September2002:

Referencetonotes

$$

Openinginventory186,400

Purchases1,748,200

Carriageinwards38,100

Carriageoutwards247,250

Sales3,210,000

Tradereceivables318,000

Wagesandsalaries2and3694,200

Sundryadministrativeexpenses2381,000

Allowancefordoubtfuldebts,asat

1October2001418,200

Baddebtswrittenoffduringtheyear414,680

Officeequipmentasat1October2001:

Cost5214,000

Accumulateddepreciation588,700

Officeequipment:

additionsduringyear548,000

Officeequipment:

proceedsofsale

ofitemsduringyear512,600

Interestpaid230,000

Notes

（1）Closinginventoryamountedto$219,600

（2）Prepaymentsandaccruals

PrepaymentsAccruals

$$

Carriageoutwards1,250

Wagesandsalaries5,800

Sundryadministrativeexpenses4,90013,600

Interestpayable30,000

（3）Wagesandsalariescostistobeallocated:

–costofsales10%

–distributioncosts20%

–administrativeexpenses70%

（4）Furtherbaddebtstotaling$8,000aretobewrittenoff,andtheclosingallowancefordoubtfuldebtsistobeequalto5%ofthefinaltradereceivablesfigure.Thebadanddoubtfuldebtexpenseistobeincludedinadministrativeexpenses.

（5）Officeequipment:

Depreciationistobeprovidedat20%perannumonthestraightlinebasis,withafullyear’schargeintheyearofpurchaseandnoneintheyearofsale.

Duringtheyearequipmentwhichhadcost$40,000,withaccumulateddepreciationof$26,800,wassoldfor$12,600.

Required:

Preparethecompany’sincomestatementinaccordancewithIAS1.Notestotheincomestatementarenotrequired.

2.ThesummarisedaccountsoftheEmmaCofortheyearended31December20X8areasfollows:

20X820X7

$'000$'000$'000$'000

Non-currentassets

Property,plantandequipment628514

Currentassets:

Inventories214210

Tradereceivables168147

Cash7

389357

1,017871

Capitalandreserves

Sharecapital（$1ords）250200

Sharepremiumaccount7060

Revaluationreserve110100

Accumulatedprofits314282

744642

Non-currentliabilities

10%debentures8050

Currentliabilities

Tradepayables136121

Incometaxpayable3928

Dividendspayable1816

Overdraft14

193179

1,017871

Incomestatementfortheyearended31December20X8

$'000

Revenue600

Costofsales319

Grossprofit281

Otherexpenses（includingdepreciationof$42,000）186

Financecost（interestpaid）8

Profitbeforetax87

Incometax31

Netprofitfortheyear56

Statementofchangesinequity（extract）Accumulated

profits

$000

Balanceat31December20X7282

Netprofitfortheyear56

Dividends（24）

Balanceat31December20X8314

Youareadditionallyinformedthattherehavebeennodisposalsofproperty,plantandequipmentduringtheyear.Newdebentureswereissuedon1January20X8.

Required：

ProduceacashflowstatementforEmmaCofortheyearended31December20X8inaccordancewithIAS7.

1.ThedirectorsofAluki,afashionwholesaler,arereviewingthecompany’sdraftfinancialstatementsfortheyearended30September2003,whichshowaprofitof$900,000beforetax.

Thefollowingmattersrequireconsideration:

（a）Theclosinginventoryincludes:

（i）3,000skirtsatcost$40,000.Sincethebalancesheetdatetheyhaveallbeensoldfor$65,000,withsellingexpensesof$3,000.

（ii）2,000jacketsatcost$60,000.Sincethebalancesheetdatehalfthejacketshavebeensoldfor$25,000（sellingexpenses$1,800）andtheremainderareexpectedtosellfor$20,000withsellingexpensesof$2,000.

（b）AnemployeedismissedinAugust2003begananactionfordamagesforwrongfuldismissalinOctober2003.

Sheisclaiming$100,000indamages.Alukiisresistingtheclaimandthecompany’slawyershaveadvisedthattheemployeehasa30%chanceofsuccessinherclaim.

Thefinancialstatementscurrentlyincludeaprovisionforthe$100,000claim.

（c）InOctober2003afiredestroyedpartofthecompany’swarehouse,withanuninsuredlossofinventoryworth$180,000anddamagetothebuilding,alsouninsured,of$228,000.Thegoingconcernstatusofthecompanyisnotaffected.

Thefinancialstatementscurrentlymakenomentionofthefirelosses.

Required:

Explaintothedirectorshowthesemattersshouldbetreatedinthefinancialstatementsfortheyearended30September2003,statingtherelevantaccountingstandards.

2.Required:

Explaintheextent,ifany,towhichthefollowingassetsshouldbedepreciated/amortized.

（a）Landandbuildingsthathavebeenrevaluedupwardssinceacquisition.

（b）Capitaliseddevelopmentexpenditureonaprojectexpectedtobegincommercialproductionintwoyears’time.

（c）Aholdingofquotedequityshares.

1.ThedirectorsofAluki,afashionwholesaler,arereviewingthecompany’sdraftfinancialstatementsfortheyearended30September2003,whichshowaprofitof$900,000beforetax.

Thefollowingmattersrequireconsideration:

（a）Theclosinginventoryincludes:

（i）3,000skirtsatcost$40,000.Sincethebalancesheetdatetheyhaveallbeensoldfor$65,000,withsellingexpensesof$3,000.

（ii）2,000jacketsatcost$60,000.Sincethebalancesheetdatehalfthejacketshavebeensoldfor$25,000（sellingexpenses$1,800）andtheremainderareexpectedtosellfor$20,000withsellingexpensesof$2,000.

（b）AnemployeedismissedinAugust2003begananactionfordamagesforwrongfuldismissalinOctober2003.

Sheisclaiming$100,000indamages.Alukiisresistingtheclaimandthecompany’slawyershaveadvisedthattheemployeehasa30%chanceofsuccessinherclaim.

Thefinancialstatementscurrentlyincludeaprovisionforthe$100,000claim.

（c）InOctober2003afiredestroyedpartofthecompany’swarehouse,withanuninsuredlossofinventoryworth$180,000anddamagetothebuilding,alsouninsured,of$228,000.Thegoingconcernstatusofthecompanyisnotaffected.

Thefinancialstatementscurrentlymakenomentionofthefirelosses.

Required:

Explaintothedirectorshowthesemattersshouldbetreatedinthefinancialstatementsfortheyearended30September2003,statingtherelevantaccountingstandards.

2.Required:

Explaintheextent,ifany,towhichthefollowingassetsshouldbedepreciated/amortized.

（a）Landandbuildingsthathavebeenrevaluedupwardssinceacquisition.

（b）Capitaliseddevelopmentexpenditureonaprojectexpectedtobegincommercialproductionintwoyears’time.

（c）Aholdingofquotedequityshares.

1Thedebitsideofatrialbalancetotals$800morethanthecreditside.

Whichoneofthefollowingerrorswouldfullyaccountforthedifference?

A$400paidforplantmaintenancehasbeencorrectlyenteredinthecashbookandcreditedtotheplantassetaccount.

BDiscountreceived$400hasbeendebitedtodiscountallowedaccount.

CAreceiptof$800forcommissionreceivablehasbeenomittedfromtherecords.

DThepettycashbalanceof$800hasbeenomittedfromthetrialbalance.

2Acompanyreceivesrentfromalargenumberofproperties.Thetotalreceivedintheyearended31October2002was$481,200.

Thefollowingweretheamountsofrentinadvanceandinarrearsat31October2001and2002:

31October200131October2002

$$

Rentreceivedinadvance28,70031,200

Rentinarrears（allsubsequentlyreceived）21,20018,400

Whatamountofrentalincomeshouldappearinthecompany’sincomestatementfortheyearended31October2002?

A$486,500

B$460,900

C$501,500

D$475,900

3Acompanyreceivesrentforsublettingpartofitsofficeblock.

Rent,receivablequarterlyinadvance,isreceivedasfollows:

DateofreceiptPeriodcovered$

1October20013monthsto31December20017,500

30December200131March20027,500

4April200230June20029,000

1July200230September20029,000

1October200231December20029,000

Whatfigures,basedonthesereceipts,shouldappearinthecompany’sfinancialstatementsfortheyearended30Novembe