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COURSE CODE: ACC311
COURSE TITLE: INTERMEDIATE FINANCIAL ACCOUNTING I
CREDIT UNIT: 3
TIME ALLOWED: 2 HOURS 30 MINUTES
Instructions:
QUESTIONS
Dr Cr
₦’000 ₦’000
Freehold land 25,000
Short-term deposits 50,000
Sundry debtors 60,820
Cash and bank 100,862
Furniture and fittings- cost 44,720
Accumulated depreciation 11,180
Machinery and equipment- cost 164,000
Accumulated depreciation 32,800
Stock at 1 May 2013 20,000
Sundry creditors 39,420
Bank overdraft 25,000
Wages 87,000
Postages and telephone 2,100
General expenses 6,060
Bad debts written-off 560
Auditors’ remuneration 2,000
Distribution expenses 2,000
Insurance 2,060
Bank interest paid and received 6,000 5,000
Electricity 3,800
Salaries (including directors remuneration N2m) 76,850
Rates 1,580
Purchases 282,388
Turnover720,000
Dividends (interim) 98,000
Profit and loss account 2,400
Share capital 200,000
1,035,8001,035,800
The following adjustments are necessary for the year ended 30/4/2015:
You are required to prepare the profit and loss account for the year ended 30 April, 2015 and balance sheet as at 30 April, 2015 in a form suitable for publication. Notes to the accounts are not required but you should show your workings.
2008 2007
₦’000 ₦’000
Turnover 8,074,458 5,201,750
Cost of sales (5,015,397)(3,021,246)
Gross profit 3,059,061 2,180,513
Distribution costs (520,162) (364,475)
Administrative costs (1,366,742)(681,787)
Trading profit 1,172,157 1,134,251
Interest payable (net) (386,079)(235,739)
Profit before exceptional items & taxation 786,078 898,512
Exceptional items 113,169 -
672,909 898,512
Taxation (314,138)(335,520)
Profit after taxation 358,771 562,992
Proposed dividend (351,000)(234,000)
Retained profit 7,771 328,992
The following notes are relevant:
₦’000 ₦’000
Income tax 34,982 314,479
Educational tax 17,117 21,041
Deferred tax 262,039 -
314,138335,520
Required:
Prepare the statement of value added of the company for the year ended 31 December, 2008 as it will appear in its published financial statements.
Financial year ended 31 December 2006 with turnover of ₦200,000.
Fire takes place 1 June- 1November.
Period of indemnity is 6 months
Net profit ₦12,000; plus insured charges ₦24,000
Sum insured ₦36,300
Uninsured standing charges ₦2,000
Standing turnover; that is, corresponding months (1 June – 1 November 2006 is ₦75,000).
Turnover in the period of interruption is ₦22,500.
Annual turnover for twelve months preceding the fire (1 June – 3 May 2007) is ₦220,000.
Increase in cost of working ₦4,000, during the period of interruption (with a saving of insured standing charges N1,500).
Reduced turnover avoided, through increase in cost of working ₦10,000 (that is) but for this expenditure, the turnover after the fire would have been only ₦12,500.
Owing to reserves acceptance to the insurer, the “special” circumstances clause stipulates for:
(ii) Increase of rate of gross profit by 2%.
You are required to compute the consequential loss claim
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