2014年6月ACCA F7考试真题及答案(国际)

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  • 试卷类型:历年真题
  • 测试费用: 5学币
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2014年6月ACCA F7考试真题及答案(国际),本试卷是为参加ACCA F7考试的考生准备的2014年6月真题
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1
On 1 October 2013, Penketh acquired 90 million of Sphere’s 150 million $1 equity shares. The acquisition was achieved through a share exchange of one share in Penketh for every three shares in Sphere. At that date the stock market prices of Penketh’s and Sphere’s shares were $4 and $2·50 per share respectively. Additionally, Penketh will pay $1·54 cash on 30 September 2014 for each share acquired. Penketh’s finance cost is 10% per annum.The retained earnings of Sphere brought forward at 1 April 2013 were $120 million.The summarised statements of profit or loss and other comprehensive income for the companies for the year ended 31 March 2014 are:The following information is relevant:(i) A fair value exercise conducted on 1 October 2013 concluded that the carrying amounts of Sphere’s net assets were equal to their fair values with the following exceptions:– the fair value of Sphere’s land was $2 million in excess of its carrying amount– an item of plant had a fair value of $6 million in excess of its carrying amount. The plant had a remaining life of two years at the date of acquisition. Plant depreciation is charged to cost of sales.– Penketh placed a value of $5 million on Sphere’s good trading relationships with its customers. Penketh expected, on average, a customer relationship to last for a further five years. Amortisation of intangible assets is charged to administrative expenses.(ii) Penketh’s group policy is to revalue land to market value at the end of each accounting period. Prior to its acquisition, Sphere’s land had been valued at historical cost, but it has adopted the group policy since its acquisition. In addition to the fair value increase in Sphere’s land of $2 million (see note (i)), it had increased by a further $1 million since the acquisition.(iii) On 1 October 2013, Penketh also acquired 30% of Ventor’s equity shares. Ventor’s profit after tax for the year ended 31 March 2014 was $10 million and during March 2014 Ventor paid a dividend of $6 million. Penketh uses equity accounting in its consolidated financial statements for its investment in Ventor.Sphere did not pay any dividends in the year ended 31 March 2014.(iv) After the acquisition Penketh sold goods to Sphere for $20 million. Sphere had one fifth of these goods still in inventory at 31 March 2014. In March 2014 Penketh sold goods to Ventor for $15 million, all of which were still in inventory at 31 March 2014. All sales to Sphere and Ventor had a mark-up on cost of 25%.(v) Penketh’s policy is to value the non-controlling interest at the date of acquisition at its fair value. For this purpose, the share price of Sphere at that date (1 October 2013) is representative of the fair value of the shares held by the non-controlling interest.(vi) All items in the above statements of profit or loss and other comprehensive income are deemed to accrue evenly over the year unless otherwise indicated.Required:(a) Calculate the consolidated goodwill as at 1 October 2013.(b) Prepare the consolidated statement of profit or loss and other comprehensive income of Penketh for the year ended 31 March 2014.The following mark allocation is provided as guidance for this question:(a) 6 marks(b) 19 marks
2
The following trial balance relates to Xtol at 31 March 2014:The following notes are relevant:(i) Revenue includes an amount of $20 million for cash sales made through Xtol’s retail outlets during the year on behalf of Francais. Xtol, acting as agent, is entitled to a commission of 10% of the selling price of these goods. By 31 March 2014, Xtol had remitted to Francais $15 million (of the $20 million sales) and recorded this amount in cost of sales.(ii) Plant and equipment is depreciated at 12?% per annum on the reducing balance basis. All amortisation/depreciation of non-current assets is charged to cost of sales.(iii) On 1 August 2013, Xtol made a fully subscribed rights issue of equity share capital based on two new shares at 60 cents each for every five shares held. The market price of Xtol’s shares before the issue was $1·02 each. The issue has been fully recorded in the trial balance figures.(iv) On 1 April 2013, Xtol issued a 5% $50 million convertible loan note at par. Interest is payable annually in arrears on 31 March each year. The loan note is redeemable at par or convertible into equity shares at the option of the loan note holders on 31 March 2016.The interest on an equivalent loan note without the conversion rights would be 8% per annum. The present values of $1 receivable at the end of each year, based on discount rates of 5% and 8%, are:(v) An equity dividend of 4 cents per share was paid on 30 May 2013 and, after the rights issue, a further dividend of 2 cents per share was paid on 30 November 2013.(vi) The balance on current tax represents the under/over provision of the tax liability for the year ended 31 March 2013. A provision of $28 million is required for current tax for the year ended 31 March 2014 and at this date the deferred tax liability was assessed at $8·3 million.Required:(a) Prepare the statement of profit or loss for Xtol for the year ended 31 March 2014.(b) Prepare the statement of changes in equity for Xtol for the year ended 31 March 2014.(c) Prepare the statement of financial position for Xtol as at 31 March 2014.(d) Calculate the basic earnings per share (EPS) for Xtol for the year ended 31 March 2014.Note: Answers and workings (for parts (a) to (c)) should be presented to the nearest $1,000; notes to the financial statements are not required.The following mark allocation is provided as guidance for this question:(a) 8 marks(b) 6 marks(c) 8 marks(d) 3 marks
3
Shown below are the financial statements of Woodbank for its most recent two years:Statements of profit or loss for the year ended 31 March:The following information is available:(i) On 1 January 2014, Woodbank purchased the trading assets and operations of Shaw for $50 million and, on the same date, issued additional 10% loan notes to finance the purchase. Shaw was an unincorporated entity and its results (for three months from 1 January 2014 to 31 March 2014) and net assets (including goodwill not subject to any impairment) are included in Woodbank’s financial statements for the year ended 31 March 2014 .There were no other purchases or sales of non-current assets during the year ended 31 March 2014.(ii) Extracts of the results (for three months) of the previously separate business of Shaw, which are included in Woodbank’s statement of profit or loss for the year ended 31 March 2014, are:(iii) The following six ratios have been correctly calculated for Woodbank for the year ended 31 March 2013:Required:(a) Calculate for the year ended 31 March 2014:(i) equivalent ratios (all six) to the above for Woodbank based on its reported figures; and(ii) equivalent ratios to the first FOUR only for Woodbank excluding the effects of the purchase of Shaw.Note: Assume the capital employed for Shaw is equal to its purchase price of $50 million. (10 marks)(b) Assess the comparative financial performance and position of Woodbank for the year ended 31 March 2014. Your answer should refer to the effects of the purchase of Shaw. (15 marks)
4
(a) A director of Enca, a public listed company, has expressed concerns about the accounting treatment of some of the company’s items of property, plant and equipment which have increased in value. His main concern is that the statement of financial position does not show the true value of assets which have increased in value and that this ‘undervaluation’ is compounded by having to charge depreciation on these assets, which also reduces reported profit. He argues that this does not make economic sense.Required:Respond to the director’s concerns by summarising the principal requirements of IAS 16 Property, Plant and Equipment in relation to the revaluation of property, plant and equipment, including its subsequent treatment.(b) The following details relate to two items of property, plant and equipment (A and B) owned by Delta which are depreciated on a straight-line basis with no estimated residual value: At 31 March 2014 item A was still in use, but item B was sold (on that date) for $70 million.Note: Delta makes an annual transfer from its revaluation surplus to retained earnings in respect of excess depreciation.Required:Prepare extracts from:(i) Delta’s statements of profit or loss for the years ended 31 March 2013 and 2014 in respect of charges (expenses) related to property, plant and equipment;(ii) Delta’s statements of financial position as at 31 March 2013 and 2014 for the carrying amount of property, plant and equipment and the revaluation surplus.The following mark allocation is provided as guidance for this requirement:(i) 5 marks(ii) 5 marks (10 marks)
5
The following issues have arisen during the preparation of Skeptic’s draft financial statements for the year ended 31 March 2014:(i) From 1 April 2013, the directors have decided to reclassify research and amortised development costs as administrative expenses rather than its previous classification as cost of sales. They believe that the previous treatment unfairly distorted the company’s gross profit margin.(ii) Skeptic has two potential liabilities to assess. The first is an outstanding court case concerning a customer claiming damages for losses due to faulty components supplied by Skeptic. The second is the provision required for product warranty claims against 200,000 units of retail goods supplied with a one-year warranty.The estimated outcomes of the two liabilities are:(iii) On 1 April 2013, Skeptic received a government grant of $8 million towards the purchase of new plant with a gross cost of $64 million. The plant has an estimated life of 10 years and is depreciated on a straight-line basis. One of the terms of the grant is that the sale of the plant before 31 March 2017 would trigger a repayment on a sliding scale as follows:Accordingly, the directors propose to credit to the statement of profit or loss $2 million ($8 million x 25%) being the amount of the grant they believe has been earned in the year to 31 March 2014. Skeptic accounts for government grants as a separate item of deferred credit in its statement of financial position. Skeptic has no intention of selling the plant before the end of its economic life.Required:Advise, and quantify where possible, how the above items (i) to (iii) should be treated in Skeptic’s financial statements for the year ended 31 March 2014.The following mark allocation is provided as guidance for this question:(i) 3 marks(ii) 4 marks(iii) 3 marks