2015年12月ACCA F7考试真题及答案(国际)

考试难度:
13人已考
  • 卷面总分:60
  • 试卷类型:历年真题
  • 测试费用: 5学币
  • 关注人数:1832
  • 作答时间:195分钟
  • 解析:
关闭
试卷简介:
2015年12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2015年12月真题
试题类型:
  • 试题
试卷预览
  • 试题
1
Section A暂缺Section B – ALL THREE questions are compulsory and MUST be attemptedThe following trial balance extracts (i.e. it is not a complete trial balance) relate to Moston as at 30 June 2015:The following notes are relevant:(i) Revenue includes a $3 million sale made on 1 January 2015 of maturing goods which are not biological assets. The carrying amount of these goods at the date of sale was $2 million. Moston is still in possession of the goods (but they have not been included in the inventory count) and has an unexercised option to repurchase them at any time in the next three years. In three years’ time the goods are expected to be worth $5 million. The repurchase price will be the original selling price plus interest at 10% per annum from the date of sale to the date of repurchase.(ii) Moston commenced a research and development project on 1 January 2015. It spent $1 million per month on research until 31 March 2015, at which date the project passed into the development stage. From this date it spent $1·6 million per month until the year end (30 June 2015), at which date development was completed. However, it was not until 1 May 2015 that the directors of Moston were confident that the new product would be a commercial success.Expensed research and development costs should be charged to cost of sales.(iii) Non-current assets:Moston’s property is carried at fair value which at 30 June 2015 was $29 million. The remaining life of the property at the beginning of the year (1 July 2014) was 15 years. Moston does not make an annual transfer to retained earnings in respect of the revaluation surplus. Ignore deferred tax on the revaluation.Plant and equipment is depreciated at 15% per annum using the reducing balance method.No depreciation has yet been charged on any non-current asset for the year ended 30 June 2015. All depreciation is charged to cost of sales.(iv) The 5% loan note was issued on 1 July 2014 at its nominal value of $20 million incurring direct issue costs of $500,000 which have been charged to administrative expenses. The loan note will be redeemed after three years at a premium which gives the loan note an effective finance cost of 8% per annum. Annual interest was paid on 30 June 2015.(v) At 30 June 2015, the financial asset equity investments had a fair value of $9·6 million. There were no acquisitions or disposals of these investments during the year.(vi) A provision for current tax for the year ended 30 June 2015 of $1·2 million is required, together with an increase to the deferred tax provision to be charged to profit or loss of $800,000.(vii) Moston paid a dividend of 20 cents per share on 30 March 2015, which was followed the day after by an issue of 10 million equity shares at their full market value of $1·70. The share premium on the issue was recorded in other components of equity.Required:(a) Prepare the statement of profit or loss and other comprehensive income for Moston for the year ended 30 June 2015. (11 marks)(b) Prepare the statement of changes in equity for Moston for the year ended 30 June 2015. (4 marks)Note: The statement of financial position and notes to the financial statements are NOT required.
2
Xpand is a public company which has grown in recent years by acquiring established businesses. The following financial statements for two potential target companies are shown below. They operate in the same industry sector and Xpand believes their shareholders would be receptive to a takeover. An indicative price for 100% acquisition of the companies is $12 million each.Statements of profit or loss for the year ended 30 September 2015  Required:(a) Using the above information, assess the relative performance and financial position of Kandid and Kovert for the year ended 30 September 2015 in order to assist the directors of Xpand to make an acquisition decision. (11 marks)(b) Describe what further information may be useful to Xpand when making an acquisition decision. (4 marks)
3
(a) On 1 January 2015, Palistar acquired 75% of Stretcher’s equity shares by means of an immediate share exchange of two shares in Palistar for five shares in Stretcher. The fair value of Palistar and Stretcher’s shares on 1 January 2015 were $4·00 and $3·00 respectively. In addition to the share exchange, Palistar will make a cash payment of $1·32 per acquired share, deferred until 1 January 2016. Palistar has not recorded any of the consideration for Stretcher in its financial statements. Palistar’s cost of capital is 10% per annum.The summarised statements of financial position of the two companies as at 30 June 2015 are:The following information is relevant:(i) Stretcher’s business is seasonal and 60% of its annual profit is made in the period 1 January to 30 June each year.(ii) At the date of acquisition, the fair value of Stretcher’s net assets was equal to their carrying amounts with the following exceptions:An item of plant had a fair value of $2 million below its carrying value. At the date of acquisition it had a remaining life of two years.The fair value of Stretcher’s investments was $7 million (see also note (v)).Stretcher owned the rights to a popular mobile (cell) phone game. At the date of acquisition, a specialist valuer estimated that the rights were worth $12 million and had an estimated remaining life of five years.(iii) Following an impairment review, consolidated goodwill is to be written down by $3 million as at 30 June 2015.(iv) Palistar sells goods to Stretcher at cost plus 30%. Stretcher had $1·8 million of goods in its inventory at 30 June 2015 which had been supplied by Palistar. In addition, on 28 June 2015, Palistar processed the sale of $800,000 of goods to Stretcher, which Stretcher did not account for until their receipt on 2 July 2015. The in-transit reconciliation should be achieved by assuming the transaction had been recorded in the books of Stretcher before the year end. At 30 June 2015, Palistar had a trade receivable balance of $2·4 million due from Stretcher which differed to the equivalent balance in Stretcher’s books due to the sale made on 28 June 2015.(v) At 30 June 2015, the fair values of the financial asset equity investments of Palistar and Stretcher were $13·2 million and $7·9 million respectively.(vi) Palistar’s policy is to value the non-controlling interest at fair value at the date of acquisition. For this purpose Stretcher’s share price at that date is representative of the fair value of the shares held by the non-controlling interest.Required:Prepare the consolidated statement of financial position for Palistar as at 30 June 2015. (25 marks)(b) For many years, Dilemma has owned 35% of the voting shares and held a seat on the board of Myno which has given Dilemma significant influence over Myno. The other shares (65%) in Myno were held by many other shareholders who all owned less than 10% of the share capital. On this basis, Dilemma considered Myno to be an associate and has used equity accounting to account for its investment.In March 2015, Agresso made an offer to buy all of the shares of Myno. The offer was supported by the majority of Myno’s directors. Dilemma did not accept the offer and held on to its shares in Myno.On 1 April 2015, Agresso announced that it had acquired the other 65% of the share capital of Myno and immediately convened a board meeting at which three of the previous directors of Myno were replaced, including the seat held by Dilemma.Required:Explain how the investment in Myno should be treated in the consolidated statement of profit or loss of Dilemma for the year ended 30 June 2015 and the consolidated statement of financial position at 30 June 2015. (5 marks)