份ACCA考试真题F7.docx
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份ACCA考试真题F7.docx
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份ACCA考试真题F7
2022年12月份ACCA考试真题(F7)
1On1June2022,Premieracquired80%oftheequitysharecapitalofSanford.Theconsiderationconsistedoftwoelements:
ashareexchangeofthreesharesinPremierforeveryfiveacquiredsharesinSanfordandtheissueofa$1006%loannoteforevery500sharesacquiredinSanford.TheshareissuehasnotyetbeenrecordedbyPremier,buttheissueoftheloannoteshasbeenrecorded.AtthedateofacquisitionsharesinPremierhadamarketvalueof$5eachandthesharesofSanfordhadastockmarketpriceof$350each.Belowarethesummariseddraftfinancialstatementsofbothcompanies.
Statementsofcomprehensiveincomefortheyearended30September2022
Statementsoffinancialpositionasat30September2022
Thefollowinginformationisrelevant:
(i)Atthedateofacquisition,thefairvaluesofSanford‘sassetswereequaltotheircarryingamountswiththeexceptionofitsproperty.Thishadafairvalueof$12millionbelowitscarryingamount.Thiswouldleadtoareductionofthedepreciationcharge(incostofsales)of$50,000inthepost-acquisitionperiod.Sanfordhasnotincorporatedthisvaluechangeintoitsentityfinancialstatements.
Premier‘sgrouppolicyistorevalueallpropertiestocurrentvalueateachyearend.On30September2022,thevalueofSanford’spropertywasunchangedfromitsvalueatacquisition,butthelandelementofPremier‘spropertyhadincreasedinvalueby$500,000asshowninothercomprehensiveincome.
(ii)SalesfromSanfordtoPremierthroughouttheyearended30September2022hadconsistentlybeen$1millionpermonth.Sanfordmadeamark-uponcostof25%onthesesales.Premierhad$2million.(atcosttoPremier)ofinventorythathadbeensuppliedinthepost-acquisitionperiodbySanfordasat30September2022.
(iii)PremierhadatradepayablebalanceowingtoSanfordof$350,000asat30September2022.ThisagreedwiththecorrespondingreceivableinSanford‘sbooks.
(iv)Premier‘sinvestmentsincludesomeavailable-for-saleinvestmentsthathaveincreasedinvalueby$300,000duringtheyear.Theotherequityreserverelatestotheseinvestmentsandisbasedontheirvalueasat30September2022.Therewerenoacquisitionsordisposalsofanyoftheseinvestmentsduringtheyearended30September2022.
(v)Premier‘spolicyistovaluethenon-controllinginterestatfairvalueatthedateofacquisition.ForthispurposeSanford’ssharepriceatthatdatecanbedeemedtoberepresentativeofthefairvalueofthesharesheldbythenon-controllinginterest.
(vi)Therehasbeennoimpairmentofconsolidatedgoodwill
Required:
(a)PreparetheconsolidatedstatementofcomprehensiveincomeforPremierfortheyearended30September2022.
(b)PreparetheconsolidatedstatementoffinancialpositionforPremierasat30September2022.Thefollowingmarkallocationisprovidedasguidanceforthisquestion:
(a)9marks
(b)16marks
(25marks)
2ThefollowingtrialbalancerelatestoCavernasat30September2022:
Thefollowingnotesarerelevant:
(i)Cavernhasaccountedforafullysubscribedrightsissueofequitysharesmadeon1April2022ofonenewshareforeveryfourinissueat42centseach.Thecompanypaidordinarydividendsof3centspershareon30November2022and5centspershareon31May2022.Thedividendpaymentsareincludedinadministrativeexpensesinthetrialbalance.
(ii)The8%loannotewasissuedon1October2022atitsnominal(face)valueof$30million.Theloannotewillberedeemedon30September2022atapremiumwhichgivestheloannoteaneffectivefinancecostof10%perannum.
(iii)Non-currentassets:
Cavernrevaluesitslandandbuildingattheendofeachaccountingyear.At30September2022therelevantvaluetobeincorporatedintothefinancialstatementsis$418million.Thebuilding‘sremaininglifeatthebeginningofthecurrentyear(1October2022)was18years.Caverndoesnotmakeanannualtransferfromtherevaluationreservetoretainedearningsinrespectoftherealisationoftherevaluationsurplus.Ignoredeferredtaxontherevaluationsurplus.
Plantandequipmentincludesanitemofplantboughtfor$10millionon1October2022thatwillhavea10-yearlife(usingstraight-linedepreciationwithnoresidualvalue).Productionusingthisplantinvolvestoxicchemicalswhichwillcausedecontaminationcoststobeincurredattheendofitslife.Thepresentvalueofthesecostsusingadiscountrateof10%at1October2022was$4million.Cavernhasnotprovidedanyamountforthisfuturedecontaminationcost.Allotherplantandequipmentisdepreciatedat125%perannumusingthereducingbalancemethod.
Nodepreciationhasyetbeenchargedonanynon-currentassetfortheyearended30September2022.Alldepreciationischargedtocostofsales.
(iv)Theavailable-for-saleinvestmentsheldat30September2022hadafairvalueof$135million.Therewerenoacquisitionsordisposalsoftheseinvestmentsduringtheyearended30September2022.
(v)Aprovisionforincometaxfortheyearended30September2022of$56millionisrequired.Thebalanceoncurrenttaxrepresentstheunder/overprovisionofthetaxliabilityfortheyearended30September2022.At30September2022thetaxbaseofCavern‘snetassetswas$15millionlessthantheircarryingamounts.Themovementondeferredtaxshouldbetakentotheincomestatement.TheincometaxrateofCavernis25%.
Required:
(a)PreparethestatementofcomprehensiveincomeforCavernfortheyearended30September2022.
(b)PreparethestatementofchangesinequityforCavernfortheyearended30September2022.
(c)PreparethestatementoffinancialpositionofCavernasat30September2022.
Notestothefinancialstatementsarenotrequired.
Thefollowingmarkallocationisprovidedasguidanceforthisquestion:
(a)11marks
(b)5marks
(c)9marks
(25marks)
3Hardyisapubliclistedmanufacturingcompany.Itssummarisedfinancialstatementsfortheyearended30September2022(and2022comparatives)are:
Incomestatementsfortheyearended30September:
Statementsoffinancialpositionasat30September:
ThefollowinginformationhasbeenobtainedfromtheChairman”sStatementandthenotestothefinancialstatements:
”Marketconditionsduringtheyearended30September2022provedverychallengingduelargelytodifficultiesintheglobaleconomyasaresultofasharprecessionwhichhasledtosteepfallsinsharepricesandpropertyvalues.Hardyhasnotbeenimmunefromtheseeffectsandourpropertieshavesufferedimpairmentlossesof$6millionintheyear.”
Theexcessoftheselossesoverprevioussurpluseshasledtoachargetocostofsalesof$15millioninadditiontothenormaldepreciationcharge.
”Ourportfolioofinvestmentsatfairvaluethroughprofitorlosshasbeen”markedtomarket”(fairvalued)resultinginalossof$16million(includedinadministrativeexpenses).”
Therewerenoadditionstoordisposalsofnon-currentassetsduringtheyear.
”Inresponsetothedownturnthecompanyhasunfortunatelyhadtomakeanumberofemployeesredundantincurringseverancecostsof$13million(includedincostofsales)andundertakencostsavingsinadvertisingandotheradministrativeexpenses.”
”Thedifficultyinthecreditmarketshasmeantthatthefinancecostofourvariableratebankloanhasincreasedfrom45%to8%.Inordertohelpcashflows,thecompanymadearightsissueduringtheyearandreducedthedividendpershareby50%.”
”Despitetheaboveeventsandassociatedcosts,theBoardbelievesthecompany”sunderlyingperformancehasbeenquiteresilientinthesedifficulttimes.”
Required:
AnalyseanddiscussthefinancialperformanceandpositionofHardyasportrayedbytheabovefinancialstatementsandtheadditionalinformationprovided.
Youranalysisshouldbesupportedbyprofitability,liquidityandgearingandotherappropriateratios(upto10marksavailable).
(25marks)
4(a)IAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorscontainsguidanceontheuseofaccountingpoliciesandaccountingestimates.
Required:
Explainthebasisonwhichthemanagementofanentitymustselectitsaccountingpoliciesanddistinguish,withanexample,betweenchangesinaccountingpoliciesandchangesinaccountingestimates.(5marks)
(b)ThedirectorsofTunshillaredisappointedbythedraftprofitfortheyearended30September2022.Thecompany”sassistantaccountanthassuggestedtwoareaswhereshebelievesthereportedprofitmaybeimproved:
(i)Amajoritemofplantthatcost$20milliontopurchaseandinstallon1October2022isbeingdepreciatedonastraight-linebasisoverafive-yearperiod(assumingnoresidualvalue).Theplantiswearingwellandatthebeginningofthecurrentyear(1October2022)theproductionmanagerbelievedthattheplantwaslikelytolasteightyearsintotal(i.e.fromthedateofitspurchase).Theassistantaccountanthascalculatedthat,basedonaneight-yearlife(andnoresidualvalue)theaccumulateddepreciationoftheplantat30September2022wouldbe$75million($20million/8yearsx3).Inthefinancialstatementsfortheyearended30September2022,theaccumulateddepreciationwas$8million($20million/5yearsx2).Therefore,byadoptinganeight-yearlife,Tunshillcanavoidadepreciationchargeinthecurrentyearandinsteadcredit$05million($8million–$75million)totheincomestatementinthecurrentyeartoimprovethereportedprofit.(5marks)
(ii)MostofTunshill”scompetitorsvaluetheirinventoryusingtheaveragecost(AVCO)basis,whereasTunshillusesthefirstinfirstout(FIFO)basis.ThevalueofTunshill”sinventory
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- ACCA 考试 F7
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