CIMA—F1练习题(3)

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CIMA—F1练习题（3）

1.

EZ trial balance at 31 March 2010 is shown below:

Additional information provided:

(i) Land is carried in the financial statements at market value. The market value of the land at 31 March 2010 was $675,000. There were no purchases or sales of land during the year.

(ii) The tax due for the year ended 31 March 2010 is estimated at $18,000. Deferred tax is estimated to decrease by $10,000.

(iii) During the year EZ disposed of old equipment for $2,000. No entry has been made in the accounts for this transaction except to record the cash received in the cash book and in the suspense account. The original cost of the equipment sold was $37,000 and its book value at 31 March 2009 was $7,000.

(iv) Property, plant and equipment is depreciated at 10% per year straight line. Depreciation of property, plant and equipment is considered to be part of cost of sales. EZ’s policy is to charge a full year’s depreciation in the year of acquisition and no depreciation in the year of disposal.

(v) During the year EZ paid a final dividend of $92,000 for the year ended 31 March

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2009.

(vi) EZ issued 200,000 equity shares on 30 September 2009 at a premium of 50%. (vii) Long term borrowings consist of a loan taken out on 1 April 2009 at 4% interest per year. No loan interest has been paid at 31 March 2010.

(viii) On 22 April 2010 EZ discovered that ZZZ, its largest customer, had gone into liquidation. EZ has been informed that it is very unlikely to receive any of the $125,000 balance outstanding at 31 March 2010.

(ix) On 1 April 2009 EZ acquired additional vehicles on a 2½ year (30 months) operating lease. The lease included an initial 6 months rent-free period as an incentive to sign the lease. The lease payments were $2,500 per month commencing on 1October 2009.

Required:

Prepare EZ’s statement of comprehensive income and statement of changes in equity for the year to 31 March 2010 and a statement of financial position at that date, in a form suitable for presentation to the shareholders and in accordance with the requirements of International Financial Reporting Standards.

Notes to the financial statements are not required, but all workings must be clearly shown. Do not prepare a statement of accounting policies. 2.

AX holds shares in two other entities, AS and AA.

AX purchased 100% of AS shares on 1 April 2009 for $740,000, when the fair value was $75,000 more than book value. The excess of fair value over book value was attributed to land held by AS.

At 1 April 2009 the retained earnings of AS showed a debit balance of $72,000. AX purchased 120,000 ordinary shares in AA on 1 April 2009 for $145,000 when AA’s

retained earnings were $49,000. AX is able to exercise significant influence over all aspects of AA’s strategic and operational decisions. At 1 April 2009 the fair values of AA’s assets were the same as their net book value.

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2

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The draft summarised financial statements for the three entities as at 31 March 2010 are given below.

Draft Summarised Statement of Financial Position as at 31 March 2010

Required:

(a) Calculate the estimated amount of corporate income tax that AX will be due to pay for the year ended 31 March 2010 and any required adjustment to the provision for deferred tax at that date.

(b) Prepare a Consolidated Statement of Comprehensive Income for the AX Group of entities for the year ended 31 March 2010 and a Consolidated Statement of Financial Position as at that date.

Notes to the financial statements are not required but all workings must be shown.

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