Question Tag: Statement of Financial Position

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AAA – Nov 2018 – L3 – Q2 – Regulatory Investigations and Disciplinary Actions

Assessment of joint audit advantages, agenda setup, and addressing regulatory issues in audit planning

Question

Yusuf Olatunji & Co., (Chartered Accountants) have been auditors to XBC Bank Limited. There has been some regulatory and compliance issues for which the bank was sanctioned and paid penalties to both the Central Bank of Nigeria and the Financial Reporting Council of Nigeria. At the board of directors meeting to consider the last annual report audited by the firm, some of the problems caused by the auditors were raised. Following the reoccurrence of such issues, it was proposed that another audit firm be engaged in addition to the present firm. To achieve their objective, a bigger firm that has international affiliation was considered to take a leading position in a joint audit arrangement and to ensure appropriate compliance.

Your firm has been approached for the appointment. A meeting was scheduled between your firm, Yusuf Olatunji & Co., and the executive management of the bank. In preparation for the meeting, you are informed that you will address the meeting on the advantages and disadvantages of joint audit, being an area some members of the management team have expressed concerns.

After the meeting, your firm was subsequently appointed, and the necessary formalities were properly followed. Your partner has directed that you liaise with Yusuf Olatunji & Co. to obtain the necessary materials for the preparation of the audit and that you review your firm’s audit manual with respect to the concerns of management on joint audit.

Your assessment of the documents obtained from the other auditor revealed the following, amongst others:

Part of the penalty was on improper disclosure relating to a material property, plant, and equipment (PPE) acquired during the previous year and a substantial loan above the limit authorised for a sector of the economy;
The classification of unresolved transactions as debit balances in the statement of financial position, resulting in an increase in operating profit and the payment of higher taxes than projected;
The IT operations of the bank had weak controls such that it was possible for some staff to over-ride some of them;
The net current assets have continued to fall and, in the preceding year, have fallen below industry average despite an increase in gross earnings.

Required:

a. Evaluate the advantages and disadvantages of joint audit. (8 Marks)

b. Prepare an agenda for the scheduled meeting between the two audit firms. (4 Marks)

c. Develop the appropriate audit approach to address each of the issues identified from the review of the documents obtained from Yusuf Olatunji & Co. (8 Marks)

Answer

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Tags: Audit risks, IT Controls, Joint Audit, PPE Disclosure, Regulatory Compliance, Statement of Financial Position
Level: Level 3

Topic: Regulatory Investigations and Disciplinary Actions

FR – Nov 2023 – L2 – Q7b – Presentation of Financial Statements (IAS 1)

Lists minimum line items for the statement of financial position and changes in equity as per IAS 1

Question

IAS 1- Presentation of Financial Statements provides a list of line items that, as a minimum, must be shown on the face of the statement of financial position.

Required:

i. Give FIVE examples of minimum line items to be shown on the face of the statement of financial position. (5 Marks)
ii. State FIVE items that should be accounted for in the statement of changes in equity. (5 Marks)

Answer

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Tags: Changes in Equity, Equity Components, IAS 1, Minimum Line Items, Statement of Financial Position
Level: Level 2

Topic: Presentation of Financial Statements (IAS 1)

FM – Nov 2017 – L3 – Q1 – Financial Planning and Forecasting

Prepare forecast financials for Lekki Plc and suggest divestment options for a poorly performing subsidiary.

Question

Despite the global recession, demand for the company’s products has recently increased and is expected to grow over the next two years.

As part of a recent strategic review, the directors made the following projections for the years ending March 31, 2018, and March 31, 2019:

An anticipated annual revenue increase of 8% for each year.
Operating costs (excluding depreciation) expected to rise by 4% per year.
Tax rate to remain at 21%, payable in the year liability arises.
The trade receivables/revenue and trade payables/operating costs ratios will stay the same.
Inventory levels to increase by 10% in the year ending March 31, 2018, and then remain stable.
Non-current assets, including Lekki Plc.’s headquarters and factory, are not depreciated, and capital allowances are negligible.
Dividend growth rate to remain at 6% annually, with dividends declared at the year-end and paid the following year.
Purchase of new machinery at N8 million, financed through existing overdraft facilities. Machinery to be depreciated straight-line over 8 years with a N1 million residual value; capital allowances will apply at 18% reducing balance.
Finance costs are projected to increase by 50% in the year ending March 31, 2018, and remain stable thereafter.

Financial Statement Extracts (March 31, 2017):

Income Statement:
- Revenue: N60,240,000
- Operating Costs: N49,500,000
- Operating Profit: N10,740,000
- Finance Costs: N800,000
- Profit before Tax: N9,940,000
- Tax: N2,286,000
- Profit after Tax: N7,654,000
Statement of Financial Position:
- Assets:
  - Non-current Assets: N28,850,000
  - Current Assets:
    - Inventories: N9,020,000
    - Trade Receivables: N9,036,000
    - Cash and Equivalents: N396,000
- Equity and Liabilities:
  - Ordinary Share Capital: N16,700,000
  - Retained Earnings: N12,482,000
  - Non-current Liabilities: N8,000,000 (6% Debentures)
  - Current Liabilities: N10,120,000 (Trade Payables, Dividends)

Assume today is April 1, 2017.

a. Prepare a Forecast Financial Statement (Income Statement, Statement of Financial Position, and Cash Flow Statement) for each of the years ending March 31, 2018, and March 31, 2019.
(24 Marks)

Note: All calculations should be rounded up to the nearest N’000.

b. Beyond March 31, 2019, the directors are considering the disposal of a smaller subsidiary due to poor performance. The Finance Director suggests avoiding liquidation to minimize industrial relations issues.

Required: Discuss three non-liquidation methods to divest the subsidiary.
(6 Marks)

Answer

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Tags: Cash Flow Statement, Divestment Options, Finance Strategy, Forecast Financial Statements, Income Statement, Statement of Financial Position, Subsidiary
Level: Level 3

Topic: Financial Planning and Forecasting
Series: NOV 2017

PSAF – Nov 2015 – L2 – Q4 – Public Sector Financial Statements

Prepare the financial statements of Egbin Electricity Board for 2014, including statement of financial performance and position.

Question

The following information has been extracted from the books of Egbin Electricity Board, a public sector-owned electricity generating company, for the year ended December 31, 2014:

Item	N’000
Accumulated Depreciation, January 1, 2014	45,224
Sale of Electricity	114,392
Purchase of Electricity	95,784
Meter reading, billing, and collection	1,624
Non-Current Assets Expenditure	84,102
Debtors for electricity consumption	12,006
Training and welfare	692
Stock and work-in-progress	1,234
Rents, Rates, and Insurance	2,126
Electricity Estimated unread consumption	7,222
Administration and General Expenses	1,476
Electricity Council Grant	21,556
Preparation of Electricity Council’s Expenses	362
Bank Balance and Cash	1,284
Depreciation for the year	3,634
Hire purchase and deferred payment	2,672
Interest and Financing Expenses	2,434
Creditors and accrued liabilities	13,926
Profit on contracting and sale of appliance poles	534
Reserves	23,116
Rental of Meters Application	556
Distribution cost	4,476
Customer Service	1,810

Required:

Prepare in vertical form the Statement of Financial Performance and Statement of Financial Position for Egbin Electricity Board for the year ended December 31, 2014.

Answer

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Tags: Financial Reporting, Public Sector Accounting, Statement of Financial Performance, Statement of Financial Position
Level: Level 2

Topic: Public Sector Financial Statements
Series: NOV 2015

FR – May 2024 – L2 – SA – Q2 – Conceptual Framework for Financial Reporting

Discusses the information needs of financial statement users, CAMA director report requirements, and deferred tax calculations.

Question

a. The Conceptual Framework for Financial Reporting sets out the concepts that underlie the preparation and presentation of financial statements and considers the various users of these financial statements.

Required:
Identify and discuss the information needs of the different users of financial statements. (10 Marks)

b. The Companies and Allied Matters Act (CAMA) 2020 is the primary source of company law that establishes the requirements for financial reporting by all companies in Nigeria.

Required:
Briefly explain FIVE issues that must be contained in a directors’ report in accordance with CAMA 2020. (5 Marks)

c. Babanriga Nigeria Limited acquired a factory machine for N10 million on January 1, 2019. The machine had an estimated life and residual value of 10 years and N2 million, respectively, and is depreciated on a straight-line basis. In lieu of depreciation, the tax authority allows a tax expense of 40% of the cost of this type of machine to be claimed against income tax in the year of purchase, with 25% per annum of its tax base subsequently on a reducing balance basis. The prevailing company income tax rate is 30%.

Required:
Calculate the deferred tax charge or credit which will be recorded in Babanriga Nigeria Limited’s Statement of Profit or Loss and Other Comprehensive Income for the year ended December 31, 2021, and the deferred tax balance in the Statement of Financial Position at that date. (5 Marks)

Answer

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Tags: CAMA, Conceptual Framework, Deferred Tax, Financial Reporting, Statement of Financial Position, Tax computation, User Needs
Level: Level 2

Topic: Conceptual Framework for Financial Reporting
Series: MAY 2023

FR – May 2022 – L2 – SA – Q1 – Preparation of Financial Statements

Prepare a statement of profit or loss, comprehensive income, changes in equity, and financial position for Endtime PLC.

Question

Endtime PLC is a company based in Benin with the following trial balance for the year ended December 31, 2020:

Additional Information:
(i) Finance costs include full year dividends on preference shares and ordinary share dividends of 2½ kobo paid at the end of the year. Allowances for 4 doubtful debts are no longer necessary as customers paid as at when due from time to time in the past 2 years.

(ii) Severely damaged inventories, which cost N790,000,000 were included in the inventories in the trial balance. This will need to be repaired at a cost of N440,000,000 before a knowledgeable buyer will be interested to pay N940,000,000 at arm’s length transaction.

(iii) As at December 31, 2020, a valuer based in Victoria Island in Lagos was contacted by the company to review its land and buildings. The land and buildings was revalued upward by N13,000,000,000 and a certificate was issued to this effect. The board of directors approved the valuation but it has
not yet been accounted for in the trial balance. The valuer advised that the remaining useful life of the asset is reasonably and reliably estimated to be 20 years. Depreciation is on straight-line basis.

(iv) Depreciation on plant and equipment is charged at 15% on reducing balance basis. The multi-users S&P and Sage was bought on September 30, 2020. The amortisation is at the rate of 12.5% annually. The amortisation is evenly distributed over the year. Besides, software installation, customisation and
handling cost of N800,000,000, training costs of N900,000,000, consultancy fee of N600,000,000 and other general overheads of N850,000,000 on the new software were included in administrative expenses. All depreciations are treated as administrative costs.

(v) On December 30, 2020, a chartered surveyor valued investment property at N14,000,000,000 and the company uses fair value model in IAS 40 – Investment Property.

(vi) Current income tax has been estimated for the year ended December 31, 2020 at N9,000,000,000 and deferred tax provision as at December 31, 2020 is to be adjusted in the income statement to reflect the tax base of the company’s net assets of N12,000,000,000 less than the carrying amounts. The current
company income tax rate is 30%.

vii) The plant held for sale is valued in the trial balance at its carrying amount. A broker is readily available to buy the plant for N6,000,000,000 at a fee of 6% of sales proceed. The sale would take place in January, 2021. Any necessary adjustment is to be treated as cost of sales.

You are required to prepare:
a. Statement of profit or loss and other comprehensive income for the year ended December 31, 2020. (13 Marks)
b. Statement of changes in equity for the year ended December 31, 2020. (4 Marks)
c. Statement of financial position as at December 31, 2020. (13 Marks)

Answer

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Tags: Comprehensive Income, Financial Statements, Profit and Loss Statement, Statement of Financial Position
Level: Level 2

Topic: Preparation of Financial Statements
Series: MAY 2022

FR – Nov 2019 – L2 – Q1b – Presentation of Financial Statements (IAS 1)

Prepare financial statements for Uchena Nigeria Plc, including profit or loss, changes in equity, and financial position.

Question

The Chief Accountant of Uchena Nigeria plc has just forwarded the trial balance of the company to you for review before the preparation of draft financial statements for the year ended December 31, 2018.

The trial balance is as follows:

Description	Debit (N’m)	Credit (N’m)
Ordinary share capital		43,200
Revenue		125,280
Staff cost	18,720
Leasehold building	21,600
Patent rights	4,320
Work-in-progress (Jan 1, 2018)	9,000
Accum. Depreciation on building (Jan 1, 2018)		4,320
Inventories of finished goods (Jan 1, 2018)	11,160
Consultancy fee	3,168
Directors’ salaries	25,920
Computer at cost (Hardware)	3,600
Accum. Depreciation on computer (Jan 1, 2018)		1,440
Retained earnings (Jan 1, 2018)		8,712
Dividend paid	9,000
Cash and bank	31,680
Trade receivables	30,240
Trade payables		6,624
Sundry expenses	21,168
Totals	189,576	189,576

Additional information:

On January 1, 2018, buildings were revalued to N25,920 million. This has not been reflected in the accounts.
Computer (hardware) is depreciated over five years. Buildings are now to be depreciated over 30 years.
The patent rights relate to a computer software with a 3-year life span.
An allowance for bad debts of 5% is to be created.
Closing inventories of finished goods are valued at N12,960 million. Work-in-progress has increased to N10,080 million.
There is an estimated liability for current tax of N8,640 million, which has not been recognized.

Required:

Prepare a draft statement of profit or loss (analyzing expenses by nature) for the year ended December 31, 2018. (6 Marks)
Prepare a statement of changes in equity for the year ended December 31, 2018. (4 Marks)
Prepare a statement of financial position as at December 31, 2018. (6 Marks)

Answer

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Tags: Financial Statements, IAS 1, Profit or Loss, Revaluation, Statement of Changes in Equity, Statement of Financial Position
Level: Level 2

Topic: Presentation of Financial Statements (IAS 1)
Series: NOV 2019

FA – Nov 2020 – L1 – SB – Q6b – Partnership Accounts

Prepare the revaluation account, partners' capital accounts, and the statement of financial position.

Question

b. Emeka has been in business as a Japan spare part dealer. The last statement of financial position of his business as at September 30, 2019, is given below:

	N’000	N’000
Equity
Capital	1,000
Retained earnings	130
	1,130
Drawings	(60)
	1,070
Non-current assets:
PPE		1,100
Current assets:
Inventories		190
Trade payables		40
Bank		45
	1,375	1,375

On October 1, 2019, he agreed with Bode to join him, and the new business will trade under the name and style EmBo Ventures.

Terms of the new business:

Bode is to contribute capital of N1,250,000 for an equal share of profits.
The firm will take over the assets and liabilities of Emeka at their book values, except for:
- PPE: N1,250,000
- Inventories: N175,000
The partners will maintain equal capital, and any shortfall in Emeka’s capital should be made good by credit from revaluation or through additional funds.

Required:

Prepare for EmBo Ventures: i. Revaluation account (5 Marks)
ii. Partners’ capital accounts (5 Marks)
iii. Statement of financial position as at October 1, 2019 (5 Marks)

(Total: 15 Marks)

Answer

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Tags: Capital Accounts, Partnership, Revaluation, Statement of Financial Position
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2020

FA – Nov 2020 – L1 – SA – Q13 – Elements of Financial Statements

Identifies a component that is not part of the financial statements as defined by IAS 1.

Question

Which of the following is NOT a component of financial statements under IAS 1?
A. Statement of financial position
B. Statement of profit or loss and other comprehensive income
C. Statement of equity
D. Statement of changes in equity
E. Statement of cash flows

Answer

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Tags: Financial Statements, IAS 1, Statement of Financial Position
Level: Level 1

Topic: Elements of Financial Statements
Series: NOV 2020

FR – Nov 2021 – L2 – Q1a – Presentation of Financial Statements (IAS 1)

Prepare the financial statements of United Nigeria PLC including comprehensive income, changes in equity, and financial position as of December 31, 2020.

Question

The trial balance for United Nigeria Plc as at December 31, 2020 is given below:

Additional information:

Inventories at the end of the year were N120,000,000. Included in the closing inventories was a damaged item with a cost of N30,000,000, which has a net realizable value of N18,000,000.
Additional ordinary shares of 50,000,000 were issued and fully paid for at 80 kobo per share, which is yet to be recorded.
Interest on 10% loan notes is outstanding and dividend on 12% preference shares were paid on December 31, 2020. Ordinary shareholders were also paid a dividend of 5 kobo per share.
Allowances for trade receivables are to be increased to 15% per annum. Depreciation is charged on plant and equipment at 15% on reducing balance.
N5,000,000 administrative expenses were outstanding, and N25,000,000 company income tax is estimated for the year. Depreciation is charged to administrative expenses.

You are required to prepare the following:

a. (i) Statement of Comprehensive Income for United Nigeria Plc for the year ended December 31, 2020. (10 Marks)
(ii) Statement of Changes in Equity for the year ended December 31, 2020. (5 Marks)
(iii) Statement of Financial Position as at December 31, 2020. (10 Marks)

Answer

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Topic: Presentation of Financial Statements (IAS 1)
Series: NOV 2021

FA – Mar 2023 – L1 – Q4 – Preparation of limited liability company financial statements

Prepares the Statement of Profit or Loss and Statement of Financial Position for a limited liability company, including depreciation and adjustments.

Question

Vemso Oil Ltd has been in business for the past ten years. The following trial balance was extracted from the books of Vemso Oil Ltd for the year ended 31 December 2021:

Account	GH¢’000	GH¢’000
Bank	46,200
Trade Payable		25,000
Petty Cash	4,000
Directors’ Current Account		320,000
Computer and Accessories	8,370
Computer and Accessories: Accumulated Depreciation		3,348
Furniture and Fittings	10,255
Furniture and Fittings: Accumulated Depreciation		2,050
Land and Building	214,000
Land and Building: Accumulated Depreciation		8,560
Office Equipment	12,250
Office Equipment: Accumulated Depreciation		2,450
Plant and Machinery	239,400
Plant and Machinery: Accumulated Depreciation		47,880
Inventory	1,900
Staff Loan	5,088
Payroll Liabilities		550
Taxation		3,003
Retained Earnings		49,282
Share Capital		10,000
Sales		574,145
Purchases	355,000
Bank Service Charges	1,300
Business Promotion	1,500
Communication	1,900
Insurance	1,660
Licenses and Permits	6,650
Medical expenses	155
Printing and Stationery	300
Professional Fees: Legal Fees	500
Repairs: Equipment Repairs	2,600
Salaries	23,050
Electricity	780
Water	280
Vehicle Running Expense	4,560
Totals	993,983	993,983

Additional information:
i) Closing inventory as at December 2021 amounts to GH¢48,500,000.
ii) The following assets were bought during the year 2021. However, this transaction was not recorded in the above trial balance:

Computer and Accessories: GH¢8,000,000
Fixtures and Fittings: GH¢5,000,000
Plant and Machinery: GH¢25,000,000
iii) The following are the rates of depreciation being used by the company, however, depreciation for 2021 is yet to be charged:
Land and Building: 1%
Computer and Accessories: 20%
Furniture and Fittings: 10%
Plant and Machinery: 20%
Office Equipment: 20%
iv) Electricity stated in the trial balance includes January 2022 electricity bill, while that of water represents six months’ payment for the year 2021.
v) Staff bonus amounting to GH¢15,000,000 was agreed on 31 December 2021 for staff. However, it was paid after the year-end.

Required:

a) Prepare the Statement of Profit or Loss for the year ended 31 December 2021. (10 marks)
b) Prepare the Statement of Financial Position as at 31 December 2021. (10 marks)

Answer

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Tags: Adjustments, Financial Statements, Profit and Loss, Statement of Financial Position, Trial Balance
Level: Level 1

Topic: Preparation of limited liability company financial statements
Series: MAR 2023

FA – Dec 2023 – L1 – Q4 – Inventory | Preparation of limited liability company financial statements

Prepares the Statement of Profit and Loss and the Statement of Financial Position for a limited liability company based on a trial balance and additional information.

Question

The trial balance for Odum Ltd. as at 31 December 2021 is as follows:

Account	Dr (GHȼ)	Cr (GHȼ)
Sales revenue		377,615
Purchases	130,006
Inventory as at 1 January 2021	60,890
Insurances	5,678
Salaries	61,600
Electricity	4,250
General expenses	8,663
Allowance for receivables		540
Land and Buildings at cost	80,000
Buildings accumulated depreciation		21,500
Machinery at cost	65,000
Machinery accumulated depreciation		12,400
Fixtures and fittings at cost	24,000
Fixtures and fittings accumulated depreciation		9,600
Trade receivables	64,500
Trade payables		14,062
Bank	20,110
Ordinary shares		50,000
Retained earnings as at 1 January 2021		15,480
10% Loan		25,000
Loan interest	1,500

(Dr Total: 526,197 GH¢ / Cr Total: 526,197 GH¢)

Additional Information:

Inventory at 31 December 2021 amounted to GHȼ80,000. Some goods sent out on a sale or return basis have been treated as credit sales. These goods cost GHȼ6,000 and had been invoiced to the customer for GHȼ7,500. The customer has informed the company that it now intends to return these goods.
The balance shown for salaries covers the 11 months to 30 November 2021. Salaries for December 2021 are due and unpaid. There have been no salary increases over the previous 12 months, and an equal amount is paid each month.
Insurances include GHȼ660 for the half-year ended on 31 March 2022.
Dividends paid during the year of GHȼ2,700 have been credited to bank and debited to General expenses.
The loan was obtained in August 2018 and is repayable in full during the financial year ended 31 December 2023.
Depreciation is to be provided on all machinery at 15% per annum using the reducing balance method. Machinery costing GHȼ15,000 was purchased on 1 July 2021, and this is included in the balance shown for machinery. Depreciation is calculated for each proportion of the year for which machinery is held. There were no disposals of machinery during the year.
All the fixtures and fittings were purchased for GHȼ24,000 on 1 January 2019. Depreciation is to be charged using the straight-line method.
Buildings are to be depreciated by GHȼ3,500 for the year. Land is not depreciated.
Allowance for receivables is to be provided as GHȼ2,400 for a specific debt, plus 4% on the remainder of receivables.
Taxation for the year is estimated as GHȼ42,012.

(Note: Revenue and expenses are deemed to accrue evenly throughout the year)

Required:
Prepare, for Odum Ltd, the following statements in accordance with International Financial Reporting Standards (IFRS).

a) The Statement of Profit and Loss for the year ended 31 December 2021. (10 marks)
b) The Statement of Financial Position as at 31 December 2021. (10 marks)

Answer

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Tags: Adjustments, Financial Statements, Profit and Loss, Statement of Financial Position, Trial Balance
Level: Level 1

Topic: Inventory, Preparation of limited liability company financial statements
Series: DEC 2023

FA – Dec 2023 – L1 – Q2 – Non-current assets and depreciation | Preparation of Partnership accounts

Calculates the cost of an asset under IAS 16 and prepares the Profit and Loss account, current accounts, and Statement of Financial Position for a partnership.

Question

a) Emma Ltd purchased an item of Property, Plant, and Equipment to be used in its new factory site. The following costs were incurred:

Item	GH¢’000
Machine cost	12,800
Delivery cost	1,280
Installation cost	1,600
Trade discount granted	640
Cost of site preparation	2,560
Architect’s fees	192
Administration expenses	1,920
Test run cost	960

Additional information:

i) The test run was to ensure that the asset was installed and working correctly without causing any air pollution. Items of inventories valued at GH¢128,000 were produced during the test run.
ii) The appropriate government agency has granted the company a license to operate the asset on the condition that the company will remove the asset at the end of the project and return the site to its former condition. This will cost the company GH¢3,200,000.

Required:
Calculate the cost of the asset in accordance with the provisions of IAS 16: Property, Plant, and Equipment. (5 marks)

b) Kojo and Owusu have been in partnership for some years as estate agents. The partnership agreement states that they share profits and losses in the ratio 3:2. Interest on capital is payable at the rate of 4% per annum; whilst interest on drawings is charged at the rate of 5% per annum. A salary of GHȼ15,000 is paid to Kojo and a salary of GHȼ10,000 is paid to Owusu.

The following Trial Balance has been extracted from the books at 31 July 2021:

Account	Dr (GH¢)	Cr (GH¢)
Sales commission received		139,100
Electricity	7,000
Wages and salaries	16,500
Repairs	9,800
General expenses	20,000
Capital accounts: Kojo		60,000
Capital accounts: Owusu		50,000
Current accounts: Kojo	2,500
Current accounts: Owusu		5,000
Office Premises	60,000
Provision for depreciation of premises		15,200
Office equipment	44,000
Provision for depreciation of office equipment		13,500
Receivables	45,000
Payables		32,000
Bank	65,000
Drawings: Kojo	20,000
Drawings: Owusu	25,000

(Dr Total: 314,800 GH¢ / Cr Total: 314,800 GH¢)

Additional information:

Electricity owing at 31 July 2021 amounted to GHȼ1,200.
Included in the general expenses is an item of office equipment purchased during the year for GHȼ5,000. This item has not yet been included in the office equipment account.
Repairs include an amount of GHȼ9,000 which relates to the extension of office premises.
Wages and salaries of GHȼ16,500 include an error of GHȼ2,000 salary paid to Kojo and GHȼ1,000 salary paid to Owusu.
Depreciation is to be provided as follows:
- Office equipment: 10% per annum on cost using the straight line method. A full year’s depreciation is provided on all office equipment held on 31 July 2021, regardless of the date of purchase.
- Office Premises: 2% per annum by the straight line method. The rate applies to the cost value at the year end, regardless of the date of any additions during the year.

Required:

i) Prepare the Statement of Profit and Loss (Profit and Loss and Appropriation Account) for the year ended 31 July 2021. (6 marks)
ii) Prepare the Current Accounts for the year ended 31 July 2021. (4 marks)
iii) Prepare the Statement of Financial Position as at 31 July 2021. (5 marks)

Answer

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Tags: IAS 16, Partnership, Plant and Equipment, Profit and Loss Account, Property, Statement of Financial Position
Level: Level 1

Topic: Non-current assets and depreciation, Preparation of Partnership accounts
Series: DEC 2023

FA – April 2022 – L1 – Q4 – Accruals and prepayments | Bad and doubtful debt | Non-current assets and depreciation | Preparation of financial statements of a sole trader

Preparation of the Statement of Profit or Loss and Statement of Financial Position for a sole trader, including adjustments for depreciation, doubtful debts, and prepayments.

Question

The following trial balance was extracted from the books of Nsaa Zolko, a sole trader, on 31 December 2020:

Account	Debit (GHȼ)	Credit (GHȼ)
Land	251,200
Equipment	202,220
Accumulated depreciation on equipment		62,830
Inventory	49,620
Receivable and Payable	124,200	104,350
Value Added Tax (refund due)	10,320
Deposit on rented premises (security deposit)	17,900
Bank and Cash balances	15,640
Allowance for doubtful debt		11,250
Tax Liability		7,420
Business Rent	30,000
Sales		804,500
Purchases	390,200
Returns	8,300	7,500
Discount	4,300	6,240
Distribution and Advertising	8,900
Power	4,200
Communication	1,540
Insurance	22,500
Wages and Salaries	164,380
Employers Social Security contribution	16,560
4% Long term loan		182,500
Long term loan interest	3,520
Bad debt	2,240
Drawings	10,580
Retained Earnings		44,820
Capital		103,710
Suspense		3,200
Total	1,338,320	1,338,320

Additional Information: i) The inventory count as at 31 December 2020 showed closing inventory value at GHȼ42,390. ii) Nsaa Zolko has agreed an annual rent of GHȼ40,000 with his landlord. iii) Included in insurance above is an amount of GHȼ18,000 paid to insure the equipment. The policy year ends 28 February 2021. iv) Nsaa Zolko has specific concerns over GHȼ5,120 of receivables balance and wishes to set up a specific provision with respect to these balances. The general provision on the remaining receivable balance should be at 5%. v) Depreciation is to be charged as follows:

Land: No Provision
Equipment: 15% reducing balance method (Depreciation should be calculated to the nearest whole number). vi) The suspense account balance above relates to sales of GHȼ1,600 which was recorded as purchases in error. The receivables and payables balances are correct.

Required:
a) Prepare a Statement of Profit or Loss for the year ended 31 December 2020.
(10 marks)

b) Prepare a Statement of Financial Position as at 31 December 2020.
(10 marks)

Answer

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Tags: Accruals, Depreciation, Doubtful Debts, Prepayments, Statement of Financial Position, Statement of Profit or Loss
Level: Level 1

FA – Nov 2021 – L1 – Q4 – Bad and doubtful debt | Inventory | Non-current assets and depreciation | Preparation of financial statements of a sole trader

Preparation of the Statement of Profit or Loss and Statement of Financial Position for a sole trader, including adjustments for depreciation, inventory, and receivables.

Question

Additional Information:
i) The inventory count on 30 June 2019 showed closing inventory valued at GHȼ34,380.
ii) A review of receivables as at 30 June 2019 showed that a further GHȼ2,300 was to be written off as an irrecoverable debt. Therefore, it was decided that the closing allowance for receivables was 10% of the outstanding receivables balance as at 30 June 2019.
iii) On 30 June 2019, Sintim received a cheque of GHȼ1,680 in relation to an irrecoverable debt previously written off.
iv) A supplier of Sintim has charged an interest of GHȼ1,490 on a payable balance that has been outstanding for over 200 days.
v) GHȼ16,000 of insurance in the trial balance above relates to 1 January 2019 to 31 December 2019.
vi) Allowance to be made for depreciation is as follows:

Land: Not depreciated.
Delivery van: 10% straight line basis.
vii) Upon investigation, it was revealed that the balance in the suspense account relates to a cash receipt from a customer of GHȼ800 that was credited to the bank account in error.

Required:
a) Prepare the statement of Profit or Loss for the year ended 30 June 2019.
(12 marks)
b) Prepare the statement of Financial Position as at that date.
(8 marks)

Answer

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Tags: Allowance for Receivables, Depreciation, Inventory, Statement of Financial Position, Statement of Profit or Loss
Level: Level 1

Topic: Bad and doubtful debt, Inventory, Non-current assets and depreciation, Preparation of financial statements of a sole trader
Series: NOV 2021

FA – Nov 2021 – L1 – Q2 – Accruals and prepayments | Preparation of Partnership accounts

Recording rent transactions and preparing financial statements related to the retirement of a partner, including revaluation and goodwill adjustments.

Question

a) Ansong is a sole proprietor whose accounting year is 1 November to 31 October. Ansong rents factory space at the cost of GHȼ10,000 per quarter, payable in advance. Payments for rent were made on 1 January, 1 April, 1 July, and 1 October during the year 2020.

Required:
i) Show the ledger entries to record the above transactions for the year ended 31 October 2020.
(4 marks)

ii) Prepare an extract for the Statement of Profit or Loss and Statement of Financial Position.
(1 mark)

b) Agyei, Bobo, and Dago have been in partnership for some years, sharing profits and losses in the ratio 3:2:1, respectively. The partnership statement of financial position as at 30 June 2020 was as follows:

Assets	GHȼ	GHȼ
Non-current assets
Premises		80,000
Office equipment		58,400
Motor vehicles		45,000
Total Non-current assets		183,400
Current assets
Inventory	28,600
Trade receivables	25,800
Bank	5,650
Total Current assets		60,050
Total assets		243,450
Capital and Liabilities
Capital accounts
Agyei	95,000
Bobo	60,000
Dago	50,000
Total Capital		205,000
Current accounts
Agyei	15,200
Bobo	7,040
Dago (debit balance)	(10,200)
Total Current accounts		12,040
Current liabilities
Trade payables		26,410
Total Capital and Liabilities		243,450

The partners have agreed that the following should take effect on 1 July 2020 upon the retirement of Dago:

Goodwill is to be valued at GHȼ60,000 and will not remain in the books of account.
Premises are to be revalued to GHȼ116,325.
Dago is to take inventory costing GHȼ8,400 and a Motor Vehicle with a net book value of GHȼ20,500 as part settlement of his capital.
A specific allowance for receivables is to be made for GHȼ5,300 owed by an individual customer. In addition, a general allowance for receivables is to be made at 5% of the remaining trade receivables.
Agyei and Bobo will continue in partnership, sharing profits and losses in the ratio 3:2.
Dago will transfer GHȼ12,000 to a loan account to be repaid in full in 2025. No loan interest will be charged on this amount.
The remaining balance from combining both Dago’s capital account and current account will be paid from the business bank account.

Required:
i) Prepare the partners’ capital accounts on 1 July 2020 to show the retirement of Dago.
(7 marks)

ii) Prepare the partnership statement of financial position as at 1 July 2020.
(8 marks)

Answer

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Tags: Goodwill, Partners' Capital Accounts, Prepayments, Rent, Retirement of Partner, Revaluation, Statement of Financial Position
Level: Level 1

Topic: Accruals and prepayments, Preparation of Partnership accounts
Series: NOV 2021

FA – May 2021 – L1 – Q4 – Inventory | Non-current assets and depreciation | Preparation of limited liability company financial statements

Preparation of financial statements for a limited liability company, including adjustments for inventory, prepayments, accruals, depreciation, and allowance for receivables.

Question

The following is the trial balance of Poloo Ltd as at 31 December 2020:

Account	Debit (GH¢)	Credit (GH¢)
Authorised, issued, and called-up capital:
– 500,000 equity shares of GH¢1 each		500,000
– 60,000 7% redeemable preference shares of 50p each		30,000
Equipment: cost	350,000
Equipment: accumulated depreciation		75,000
Motor vehicle: cost	160,000
Motor vehicle: accumulated depreciation		25,650
Premises	220,000
Inventory as at 1 January 2020	51,980
Bank	10,050
Sales		508,420
Purchases	225,000
Trade receivables	130,010
Trade payables		10,200
Distribution costs	80,400
Administrative expenses	45,240
Irrecoverable debts	1,250
Allowance for receivables		14,360
Rent received		8,500
Income from investments		17,040
Interim dividend on equity shares	7,420
Retained earnings		51,760
General reserve		40,420
Total	1,281,350	1,281,350

Additional information:
i) Inventories as at 31 December 2020 are valued at GH¢85,420.
ii) Insurance includes GH¢840 for one and half years ending 30 June 2021. Insurance is included in administrative expenses.
iii) Rent received includes an amount of GH¢2,400 paid in advance as at 31 December 2020.
iv) Distribution costs of GH¢750 were prepaid, and administrative expenses of GH¢800 were owing as at 31 December 2020.
v) The total trade receivables balance of GH¢130,010 includes a balance of GH¢1,010 which has been outstanding for ten months. Poloo Ltd has decided to write off this balance.
vi) Poloo Ltd’s policy is to allow for receivables on the basis of the length of time the debt has been outstanding. The aged analysis of trade receivables at 31 December 2020 and the required allowance are shown below:

Age of Debt	Balance (GH¢)	Allowance Required
0 – 30 days	80,000	Nil
31 – 60 days	40,000	20% of balances
Over 60 days	10,010	85% of balances

vii) On 15 January 2020, Poloo Ltd purchased premises at a cost of GH¢105,000. This cost included GH¢3,500 relating to legal costs. The legal costs of GH¢3,500 had been included in administrative expenses and not in the cost of premises. Premises are not depreciated.
viii) On 1 April 2020, Poloo Ltd purchased equipment that cost GH¢50,000. This transaction was entered in the accounts on 1 April 2020.
ix) Depreciation is to be provided as follows:

Equipment: 20% per annum on cost
Motor vehicles: 20% per annum reducing balance basis
x) Depreciation on equipment is apportioned 20% to administrative expenses and 80% to distribution costs. Depreciation is charged for each month of use. Depreciation of motor vehicles is treated as a distribution cost.

Required:
Prepare, for Poloo Ltd, the following statements in accordance with International Financial Reporting Standards (IFRS):
a) Statement of Profit or Loss for the year ended 31 December 2020.
(10 marks)
b) Statement of Financial Position as at 31 December 2020.
(10 marks)

Answer

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Tags: Allowance for Receivables, Depreciation, Income Statement, Inventory, Statement of Financial Position
Level: Level 1

Topic: Inventory, Non-current assets and depreciation, Preparation of limited liability company financial statements
Series: MAY 2021

FA – Nov 2020 – L1 – Q4 – Accruals and prepayments | Inventory | Non-current assets and depreciation | Preparation of financial statements of a sole trader

Preparation of the income statement and statement of financial position for a sole trader with adjustments for inventory, accruals, prepayments, depreciation, and other relevant adjustments.

Question

Kofi Badu, a sole trader, extracted the following Trial Balance from the business books as of 30 April 2019:

The following information is also relevant:
i) The closing inventory as at 30 April 2019 was valued at GH¢8,010.
ii) As at 30 April 2019, accrued rent income for the year amounted to GH¢420; heat and light accrued was GH¢260; whilst salaries of GH¢720 was paid in advance.
iii) During the year, Kofi Badu had withdrawn goods costing GH¢720 for his personal use. This had not been recorded in the accounts.
iv) New equipment costing GH¢2,650 was purchased during the year but had been mistakenly included in purchases. This is yet to be corrected.
v) A cheque for GH¢440 received from a customer in full settlement of a debt of GH¢450 has not yet been entered in the accounts.
vi) Allowance for doubtful debt is to be maintained at 2% of receivables.
vii) Depreciation is to be provided for as follows:

Equipment- 20% per annum using the straight-line method. A full year’s depreciation is provided on all equipment held at 30 April 2019, regardless of the date of purchase.
Motor vehicles- 40% per annum using the reducing balance method.

Required:
a) Prepare a statement of profit or loss for Kofi Badu for the year ended 30 April 2019.
(12 marks)

b) Prepare a statement of financial position for Kofi Badu as at 30 April 2019.

Answer

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Tags: Accruals, Allowance for Doubtful Debts, Depreciation, Drawings, Income Statement, Prepayments, Statement of Financial Position
Level: Level 1

Topic: Accruals and prepayments, Inventory, Non-current assets and depreciation, Preparation of financial statements of a sole trader
Series: NOV 2020

FA – May 2020 – L1 – Q4 – Preparations of accounts from Incomplete Records | Preparation of financial statements of a sole trader

This question involves preparing a statement of profit or loss and a statement of financial position for a sole trader from incomplete records.

Question

On 30 June 2019, the accounting records of Kofi, a sole trader, were partly destroyed by fire. The following list of assets, liabilities, and equity as at 30 June 2018 is available:

Assets, Liabilities, and Equity	Amount (GH¢)
Plant and equipment – cost	200,000
– Accumulated depreciation	72,000
Office fixtures– cost	50,000
– Accumulated depreciation	5,000
Inventory	30,500
Trade receivables and prepayments – Note (iv)	35,000
Trade payables and accrued expenses – Note (iv)	17,600
Bank overdraft	8,850
Loan (10% interest per annum)	95,000
Capital	117,050

The following summary of receipts and payments for the year to 30 June 2019 has been extracted from the bank statements:

Receipts	Amount (GH¢)
Capital introduced	22,000
From credit customers	427,500

Payments	Amount (GH¢)
Cash drawings – Note (v)	22,450
Loan repayments – Note (vii)	20,000
To credit suppliers	175,600
Rent	22,000
Wages	90,000
Office expenses	12,500

In preparing the statement of profit or loss and statement of financial position at 30 June 2019, the following further information is relevant:

Notes
i) Inventory at 30 June 2019 was GH¢27,850.
ii) Depreciation is to be provided as follows:

Plant and equipment 20% per annum, reducing balance basis
Office equipment 10% per annum on cost
iii) During the year, Kofi introduced a motor vehicle valued at GH¢5,000 into the business. It is to be depreciated over 4 years on the straight-line basis with a full year’s depreciation charge in the year of acquisition.
iv) Prepayments and accrued expenses as at 30 June 2018 were:
Rent paid in advance GH¢2,500
Accrued wages GH¢4,300
v) Cash drawings during the year included GH¢6,750 for wages, GH¢4,200 for cash payments to suppliers, and GH¢2,600 for advertising leaflets (of which half are yet to be distributed). The remainder was Kofi’s personal expenditure.
vi) The bank balance per the bank statement as at 30 June 2019 after adjusting for unpresented cheques was GH¢106,700. Any difference is assumed to be cash takings (i.e., in respect of cash sales).
vii) Loan repayments include interest amounting to GH¢9,500.
viii) At 30 June 2019 the following assets and liabilities existed:
Rent paid in advance GH¢2,700
Accrued wages GH¢5,250
Amounts due to suppliers GH¢12,200
Amounts due from customers GH¢22,300
ix) On 3 July 2019, Kofi’s major customer, Yaw, went into liquidation owing GH¢16,000. A statement from the customer’s liquidator indicates that Kofi should expect to recover 20 pesewas for every GH¢1 owing.

Required:
Prepare Kofi’s statement of profit or loss for the year ended 30 June 2019 and a statement of financial position as at that date. Ignore taxation. (20 marks)

Answer

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Tags: Financial Statements, Incomplete Records, Profit or Loss Statement, Statement of Financial Position
Level: Level 1

FA – Nov 2019 – L1 – Q4 – Non-current assets and depreciation | Preparation of limited liability company financial statements

Prepare the statement of profit or loss and financial position for Tudu Ltd with adjustments for depreciation, allowances, and accruals.

Question

The following balances were extracted from the books of Tudu Ltd on 31 December 2018.

Additional information:

Inventories at 31 December 2018 was valued at GH¢18,226.
Directors’ bonuses for the year ended 31 December 2018 calculated at GH¢1,160 have not been accounted for.
Distribution costs include a payment of GH¢3,750 for rent for the three months to 28 February 2019.
The company’s depreciation policies are as follows:
- Fixtures and Fittings – Straight line over 5 years.
- Motor vehicles – Reducing balance method at 20% per annum.
- All non-current asset residual values are estimated at zero.
The company reviewed the trade receivables at 31 December 2018, and the following adjustments are required:
- Irrecoverable debts of GH¢450 in addition to those already written off.
- Specific allowance for receivables of GH¢650.
- General allowance of 3% against the remaining receivables.

Required:

a) Prepare the Statement of Profit or Loss for Tudu Ltd for the year ended 31 December 2018. (10 marks)

b) Prepare the Statement of Financial Position for Tudu Ltd as at 31 December 2018. (10 marks)

Answer

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Tags: Depreciation, Financial Adjustments, Statement of Financial Position
Level: Level 1

Topic: Non-current assets and depreciation, Preparation of limited liability company financial statements
Series: NOV 2019

Question Tag: Statement of Financial Position

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FA – Nov 2021 – L1 – Q4 – Bad and doubtful debt | Inventory | Non-current assets and depreciation | Preparation of financial statements of a sole trader

Preparation of the Statement of Profit or Loss and Statement of Financial Position for a sole trader, including adjustments for depreciation, inventory, and receivables.

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FA – May 2020 – L1 – Q4 – Preparations of accounts from Incomplete Records | Preparation of financial statements of a sole trader

This question involves preparing a statement of profit or loss and a statement of financial position for a sole trader from incomplete records.

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Prepare the statement of profit or loss and financial position for Tudu Ltd with adjustments for depreciation, allowances, and accruals.

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