Sample Paper for Acca Students from June 2013
Answers
Diploma in International Financial Reporting
June 2013 Answers and Marking Scheme Marks
1
Consolidated statement of financial position of Alpha at 31 March 2013 ASSETS Non-current assets: Property, plant and equipment (280,000 + 225,000 + 19,250 (W1) + 6,000 (W1) + 6,120 (W7)) Intangible assets (W1) Goodwill (W2) Investment in Gamma (W9) Other investments $’000
536,370 6,000 89,000 77,120 40,000 –––––––––– 748,490 –––––––––– 137,500 103,000 25,000 –––––––––– 265,500 –––––––––– 1,013,990 –––––––––– ––––––––––
½+½+½+½ ½ 6½ (W2) 2 (W9) ½
Current assets: Inventories (85,000 + 56,000 – 3,500 (W4)) Trade receivables (70,000 + 42,000 – 9,000 (intra-group) – nil (associate)) Cash and cash equivalents (14,000 + 11,000)
½+½ ½+½+½ ½
Total assets EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital (160,000 + 80,000 (shares issued to acquire Beta)) Retained earnings (W4) Other components of equity (W5) Non-controlling interest (W3) Total equity Non-current liabilities: Contingent consideration Provisions (W7) Long-term borrowings (60,000 + 50,000 + 900 (W8)) Deferred tax (22,000 + 25,000 + 6,250 (W10)) Total non-current liabilities Current liabilities: Trade and other payables (45,000 + 40,000 – 9,000 (intra-group) – nil (associate)) Short-term borrowings (22,000 + 20,000) Total current liabilities Total equity and liabilities
240,000 224,201 147,752 –––––––––– 611,953 84,500 –––––––––– 696,453 –––––––––– 28,000 7,387 110,900 53,250 –––––––––– 199,537 –––––––––– 76,000 42,000 –––––––––– 118,000 –––––––––– 1,013,990 –––––––––– ––––––––––
1 15 (W4) 4½ (W5) 1 (W3)
½ ½ ½+½ ½+½
½ ½ ––– 40 –––
11
Marks WORKINGS – DO NOT DOUBLE COUNT MARKS. ALL NUMBERS IN $’000 UNLESS OTHERWISE STATED Working 1 – Net assets table – Beta 1 April 2012 $’000 120,000 2,400 86,000 20,000 9,000 8,000 (7,400) –––––––– 238,000 –––––––– 31 March 2013 $’000 120,000 4,000 For W2 For W4
Share capital Other components of
Diploma in International Financial Reporting
June 2013 Answers and Marking Scheme Marks
1
Consolidated statement of financial position of Alpha at 31 March 2013 ASSETS Non-current assets: Property, plant and equipment (280,000 + 225,000 + 19,250 (W1) + 6,000 (W1) + 6,120 (W7)) Intangible assets (W1) Goodwill (W2) Investment in Gamma (W9) Other investments $’000
536,370 6,000 89,000 77,120 40,000 –––––––––– 748,490 –––––––––– 137,500 103,000 25,000 –––––––––– 265,500 –––––––––– 1,013,990 –––––––––– ––––––––––
½+½+½+½ ½ 6½ (W2) 2 (W9) ½
Current assets: Inventories (85,000 + 56,000 – 3,500 (W4)) Trade receivables (70,000 + 42,000 – 9,000 (intra-group) – nil (associate)) Cash and cash equivalents (14,000 + 11,000)
½+½ ½+½+½ ½
Total assets EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital (160,000 + 80,000 (shares issued to acquire Beta)) Retained earnings (W4) Other components of equity (W5) Non-controlling interest (W3) Total equity Non-current liabilities: Contingent consideration Provisions (W7) Long-term borrowings (60,000 + 50,000 + 900 (W8)) Deferred tax (22,000 + 25,000 + 6,250 (W10)) Total non-current liabilities Current liabilities: Trade and other payables (45,000 + 40,000 – 9,000 (intra-group) – nil (associate)) Short-term borrowings (22,000 + 20,000) Total current liabilities Total equity and liabilities
240,000 224,201 147,752 –––––––––– 611,953 84,500 –––––––––– 696,453 –––––––––– 28,000 7,387 110,900 53,250 –––––––––– 199,537 –––––––––– 76,000 42,000 –––––––––– 118,000 –––––––––– 1,013,990 –––––––––– ––––––––––
1 15 (W4) 4½ (W5) 1 (W3)
½ ½ ½+½ ½+½
½ ½ ––– 40 –––
11
Marks WORKINGS – DO NOT DOUBLE COUNT MARKS. ALL NUMBERS IN $’000 UNLESS OTHERWISE STATED Working 1 – Net assets table – Beta 1 April 2012 $’000 120,000 2,400 86,000 20,000 9,000 8,000 (7,400) –––––––– 238,000 –––––––– 31 March 2013 $’000 120,000 4,000 For W2 For W4
Share capital Other components of