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COURSE CODE: ACC419
CREDIT UNIT: 3
COURSE TITLE: ADVANCED FINANCIAL ACCOUNTING
TIME ALLOWED: 21/2 HOURS
INSTRUCTIONS:
1. Attempt Question One (1) and any other three (3) questions
2. Question 1 carries 25 marks, while the other questions carry 15 marks each.
3. Present all points in coherent and orderly manner
QUESTION 1
The following balances remained in the books of Lacuna Plc. at December 31st, 2017 after determining the gross profit:
N’000
Share capital, authorized and issued:
200,000,000 ordinary shares of N1 each 200,000
Cash at bank and in hand 500
Inventory at December 31, 2014 61,200
Trade receivables 18,005
Trade payables 15,009
Gross profit at December 31, 20x7 128,942
Retained earnings 25,000
Salaries & wages 28,430
Prepayments 600
Bad debts 500
Accrued expenses 526
Director’s account (credit) 2500
Finance cost on loan note (1/2 year to June 30, 2014) 600
Sundry expenses 4,100
Rates & insurance 1,520
6 % loan notes 20,000
Lighting & cooling 1,310
Postage, telephone and telegrams 800
Motor vehicle (cost N25 million) 15,000
Office fittings and equipment (cost N65.5million) 42,350
Profit at January 1, 2014 22,300
Land and building at cost 239,362
The following additional information is relevant:
Directors’ fees N6,000,000
Audit fees N2,500,000
Required:
QUESTION 2
|
Equity shares held |
Non-equity shares held |
Beverage Co |
80% |
Nil |
Pastries Co |
25% |
80% |
Beefie Co |
45% |
25% |
Snax Co also appointed five (5) of the seven (7) directors of Beefie Co
Required: Consider each investment by Snax Co in turn and determine where control exists in each. (10 marks)
QUESTION 3
Pyramid Plc Hexagon Plc
N’000 N’000
Share capital
Ordinary share at N1.00 each 180,000 60,000
Accumulated reserves 48,000 24,000
228,000 84,000
The entire share capital of Hexagon Plc was acquired when the accumulated reserves was N18 million. Cost of acquisition was N88 million.
Required: Calculate the goodwill (10 marks)
QUESTION 4
The Statement of Financial position of Cradle & Saddle Ltd as at 31st Dec. 20X5 were as follows:
Cradle Ltd N’000 Saddle Ltd N’000
Non-Current assets 40,000 32,000
Investment at cost 76,000 -
Current assets 60,000 48,000
176,000 80,000
Share capital
Ordinary shares of N1.00 each 120,000 40,000
Accumulated reserves 32,000 16,000
152,000 56,000
Current Liability 24,000 24,000
176,000 80,000
The entire share capital of Saddle Ltd was acquired when the accumulated reserves was N12 million.
Required: Show the consolidated reserve of the group as at 31 Dec 20X5. (15 marks)
QUESTION FIVE
QUESTION 6
i) Bankruptcy (2.5 marks)
ii) Insolvency (explaining the two forms of insolvency) (5 marks)
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You can now use you matric number to login as your username and password in a lowercase.
https://elearn.nouedu2.net/login/
Note that you are to change your passw...
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