F7(国际)-2015年12月问题.pdf
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1、Fundamentals Level Skills ModuleTime allowed Reading and planning:15 minutes Writing:3 hoursThis question paper is divided into two sections:Section A ALL 20 questions are compulsory and MUST be attemptedSection B ALL THREE questions are compulsory and MUST be attemptedDo NOT open this question pape
2、r until instructed by the supervisor.During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor.Do NOT record any of your answers on the question paper.This question paper must not be removed from the examin
3、ation hall.Paper F7Financial ReportingSeptember/December 2015The Association of Chartered Certified AccountantsSection B ALL THREE questions are compulsory and MUST be attemptedPlease write your answers to all parts of these questions on the lined pages within the Candidate Answer Booklet.1The follo
4、wing trial balance extracts (i.e. it is not a complete trial balance) relate to Moston as at 30 June 2015:$000$000 Revenue (note (i)113,500 Cost of sales 88,500 Research and development costs (note (ii)7,800 Distribution costs3,600 Administrative expenses (note (iv)6,800 Loan note interest and divid
5、ends paid (notes (iv) and (vii)5,000 Investment income300 Equity shares of $1 each (note (vii)30,000 5% loan note (note (iv)20,000 Retained earnings as at 1 July 20146,200 Revaluation surplus as at 1 July 20143,000 Other components of equity9,300 Property at valuation 1 July 2014 (note (iii)28,500 P
6、lant and equipment at cost (note (iii)27,100 Accumulated depreciation plant and equipment 1 July 20149,100 Financial asset equity investments at fair value 1 July 2014 (note (v)8,800The following notes are relevant:(i)Revenue includes a $3 million sale made on 1 January 2015 of maturing goods which
7、are not biological assets. The carrying amount of these goods at the date of sale was $2 million. Moston is still in possession of the goods (but they have not been included in the inventory count) and has an unexercised option to repurchase them at any time in the next three years. In three years t
8、ime the goods are expected to be worth $5 million. The repurchase price will be the original selling price plus interest at 10% per annum from the date of sale to the date of repurchase.(ii)Moston commenced a research and development project on 1 January 2015. It spent $1 million per month on resear
9、ch until 31 March 2015, at which date the project passed into the development stage. From this date it spent $16 million per month until the year end (30 June 2015), at which date development was completed. However, it was not until 1 May 2015 that the directors of Moston were confident that the new
10、 product would be a commercial success.Expensed research and development costs should be charged to cost of sales.(iii) Non-current assets:Mostons property is carried at fair value which at 30 June 2015 was $29 million. The remaining life of the property at the beginning of the year (1 July 2014) wa
11、s 15 years. Moston does not make an annual transfer to retained earnings in respect of the revaluation surplus. Ignore deferred tax on the revaluation.Plant and equipment is depreciated at 15% per annum using the reducing balance method.No depreciation has yet been charged on any non-current asset f
12、or the year ended 30 June 2015. All depreciation is charged to cost of sales.(iv) The 5% loan note was issued on 1 July 2014 at its nominal value of $20 million incurring direct issue costs of $500,000 which have been charged to administrative expenses. The loan note will be redeemed after three yea
13、rs at a premium which gives the loan note an effective finance cost of 8% per annum. Annual interest was paid on 30 June 2015.(v)At 30 June 2015, the financial asset equity investments had a fair value of $96 million. There were no acquisitions or disposals of these investments during the year.(vi)
14、A provision for current tax for the year ended 30 June 2015 of $12 million is required, together with an increase to the deferred tax provision to be charged to profit or loss of $800,000.2(vii) Moston paid a dividend of 20 cents per share on 30 March 2015, which was followed the day after by an iss
15、ue of 10 million equity shares at their full market value of $170. The share premium on the issue was recorded in other components of equity.Required:(a)Prepare the statement of profit or loss and other comprehensive income for Moston for the year ended 30 June 2015.(11 marks)(b) Prepare the stateme
16、nt of changes in equity for Moston for the year ended 30 June 2015.(4 marks)Note: The statement of financial position and notes to the financial statements are NOT required.(15 marks)3P.T.O.2Xpand is a public company which has grown in recent years by acquiring established businesses. The following
17、financial statements for two potential target companies are shown below. They operate in the same industry sector and Xpand believes their shareholders would be receptive to a takeover. An indicative price for 100% acquisition of the companies is $12 million each.Statements of profit or loss for the
18、 year ended 30 September 2015KandidKovert $000 $000 Revenue25,00040,000 Cost of sales(19,000)(32,800) Gross profit6,0007,200 Distribution and administrative expenses(1,250)(2,300) Finance costs(250)(900) Profit before tax4,5004,000 Income tax expense(900)(1,000) Profit for the year3,6003,000Statemen
19、ts of financial position as at 30 September 2015Non-current assets Propertynil3,000 Owned plant 4,8002,000 Leased plantnil5,300 4,80010,300 Current assets Inventory1,6003,400 Trade receivables2,1005,100 Bank1,100200 4,8008,700 Total assets9,60019,000Equity and liabilities Equity Equity shares of $1
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