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					FINANCIAL
REPORTING
Mock Paper (F7)
22-MAR-12


TIME ALLOWED:
    Planning & Reading    15 minutes
    Writing              3 hours


Total Marks    100


    All questions are compulsory
Prepared By;
         MUAZZAM ASLAM
        1.      Popington
0n 1 May 20x2 P0pington purchased 75% of the equity shares in
southhall.The acquisition was through a share exchange of one share in
Popington for every 3 shares in south hall.
On 1 May 20x2 Popington also acquired 30% equity shares in Aldburgh.
At the year end Popington had 400m equity shares.
The summarized income statement of three companies for the year ended
31 December 20x2 are as follows:


                                       Popington southalL Aldburg
                                       $000      $000       $000
Revenue                               470,000    220,000    6500
Cost of sales                         (10,000)   (20,000)    (500)
Gross profit                          460,000    200,000     6000
Distribution cost                       -          -           -
Administrative expenses                  -             -       -
Finance cost                            -              -       -
Profit/loss for the year                xxx         xxx        xxx


The following information is relevant:
  i.         The fair value of the net assets of the southall at the date of
             acquisition 50,000 million.
  ii.        After the acquisition popington sold goods to southall for $1250, 000
             on which popington make a gross profit 25%.
 iii.        The policy of the group is to measure non-controlig interest at
             acquisition at fair value.
 iv.         Impairment loss is $5 million.
  v.         All the item in above income statement can be assumed to accure
             evenly over the year.
Required:
   a. Prepare the consolidated statement of comprehensive income of
      popington:
   b.
        ( i)    Calculate the goodwill
          (ii) Calculate the non-controlling interest
                  figure:
                                                          (25 marks)
                        (Note you should work nearest $ 000.)


   2.          Crane
               The following trial balance relates to crane.



                                                       $ 000      $000
               Revenue (i)                            80850      12000
               Cost of sale (ii)                      1500       1100
               Administrative expenses (iii)           1200       1199
               Loan interest paid ( iv)                2200        4500
               Income tax paid (v)                     7666       5655


The following notes are relevant:
                  i.     The inventory count at 31 March 20x7 included food items
                         with a cost of 8250,000.
                 ii.     On 30 September 20x6 the company paid the dividend 3.5
                         cents per share.
                 iii.    The loan notes was issued 1 October 20x6 at 6%.
                iv.      3.5 million administrative expenses incurred during the year.
                 v.      Bonus issue from retained earnings of 1 share for every 5.
Required:
   a. Prepare the statement of comprehensive income.
   b. Prepare the statement of financial position as at 31 March 20x7.
                                                                       (25   marks)
3.Gunhill:
               Answers the following short questions.and explain all,
                i. What is Assets ,Current assets.
            ii.     Explain the “IAS 23’’ .




           iii.     Define the “IAS 7’’ Statement of cashflows.




           iv.      Define “IAS 20’’ Goodwill.




           v.       Define “IAS 17’’ Leases.




4. Select the correct option :
     i.           Which IAS deals with Gudwill
                     a. IAS 37
                     b. IAS 40
                     c. IAS 23
                     d. IAS 20
     ii.          Accounting is an art of recording analaysing
                  business transactions.
                     a. Summarising
                     b. Recognising
                     c. Multiplication
    iii.          Contigent Liabilties deals IAS .
                     a. IAS 28
                     b. IAS 27
                     c. IAS 37
                     d. IAS 7



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