Assessment task 1 原题修正复习版 Outcome(s) covered 1 and 2
Assessment task instructions Section B (covering Outcome 2) 第一次考试题目B
Guppie plc supplies fish wholesale to supermarkets. Balances extracted from its books at 31 December 2003, are: Dr Cr ￡000 ￡000 Sales 9,000 4,800 Production costs 400 Distribution costs 190 Administration costs 140 Loss on discontinuance of business segment 1000 Trade debtors 4,400 Trade creditors 850 Bank overdraft 10 Cash in hand 40 VAT 5 Taxation payable 80 Deferred taxation at 1st January 2003 60 Interim dividends paid on ordinary shares 50 Preference dividend paid 3,400 Share capital: ordinary shares of ￡1 fully paid 500 10% preference shares of ￡1, fully paid 540 Revaluation reserve 300 Profit and loss account at 1st January 2003 6,900 Land and buildings at cost 31st December 2003 3,680 Plant and machinery at cost at 31st December 2003 6,350 Fixture and fittings at cost 31st December 2003 3,000 Land and buildings: aggregate depreciation 1000 Plant and machinery: aggregate depreciation 1,500 Fixture and fittings: aggregate depreciation Fixed assets investments: investment properties (at valuation) 235 50 Rental income （Investment income） 50 Debenture interest paid 1,000 10% debentures 1,800 Stocks at 1 January 2003 25,665 25,665 Additional information （以下题号有下划线的涉及日记账分录Journal，是考试最后一部分）
1 Stocks at 31 December 2003 are valued at cost of ￡2,150,000.
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2 Corporation tax on profits on ordinary activities for year ended 31 December 2003 is estimated at ￡371,000. The balance on the corporation tax account represents an over-provision for tax on last year’s profits.
3 During the year, plant and machinery was acquired for ￡450,000, and fixtures and fittings for ￡200,000.
4 Depreciation is to be provided on the basis of:
Land and buildings Plant and machinery Fixtures and fittings
2% of cost
10% of net book value 5% of net book value
Depreciation of plant and machinery is to be treated as a production cost and fixtures and fittings as an administration cost.
Depreciation of buildings is to be apportioned 80% to production, 10% to administration and 10% to distribution.
5 Debenture interest of six months ended 31 December 2003 is to be accrued. 6 The rate of corporation tax is 25%.
7 Information regarding the discontinued segment is:
￡
Turnover 2,000,000 Cost of sales 1,500,000 Distribution costs 200,000 Administration expenses 250,000
8 A final dividend of 10p per share on the ordinary shares is proposed. 9 A provision for doubtful debts of ￡40,000 is to be created.
10 There is a law suit pending 未决诉讼 against the company for breach 违反 of
contract for which damages of ￡50,000 are claimed. It is thought probable that the company will lose the action. 11 Government grants of ￡92,000 are outstanding on acquisition of the plant
and machinery during the year. No record has yet been made of this in the accounts.
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12 Investment properties have been revalued by a qualified Surveyor at 31 December
2003. The revalued amount is ￡320,000.
13 The amount of corporation tax deferred should be increased by ￡25,000. 14 Authorised share capital: Ordinary 4,000
Preference 1,000
Required:
Examine the attached worksheet. You will see that there are gaps in the presentation. From the information given in the question and your knowledge of Companies Act legislation, you must complete the worksheet as a ‘draft’ set of accounts. Note that no comparatives or Cash Flow statement are required.
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Provide five omitted journals connected with the additional
information (additional information 1,2,8,11,13)
(10)
2 Provide the three accounting policies which have been omitted (15) 3 Add five notes to the accounts which have been omitted (25) (1)operating profit (2)tangible fixed assets
(3)creditors falling due after more than one year (4) Provisions for liabilities and charges
(5) Reconciliation of movement in shareholders’ funds 4 Complete the ‘draft’ set of accounts (30) 5 Prepare and enter the split between continuing and disposed/acquired
segments of the business 企业处置或购得的分部（子公司）
(15) 6 Prepare and include the Statement of Recognised Gains and Losses (5)
Total: (100)
Profit and Loss Account for Guppie plc for the year to 31 December 2003
Profit and Loss Account for Guppie plc 蓝色为考点 for the year to 31 December 2003 30分 Notes Continuing Discontinued Total ￡000 ￡000 ￡000 Turnover 2 Cost of sales Gross profit Distribution costs Administrative expenses Other operating income Loss on discontinuance of business –
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segment Investment income – Operating profit (FRS 3) 3 Interest payable and other similar charges 4 (100) Profit on ordinary activities before taxation Tax on ordinary activities 5 (391) Profit on ordinary activities after taxation (Profit/Loss for financial year) Dividend: paid (110) Dividend: proposed (340) (450) Retained profit for the year Retained profit brought forward 300 Retained profit carried forward 2499 Statement of recognised gains and losses 2003 蓝色为考共5分 点 Balance Sheet for Guppie plc for the year ended 31 December 2003 蓝色为考3分共5个空，点 固资小计不算 Notes ￡ ￡ ￡ FIXED ASSETS Tangible assets 6 Investments 7 320 CURRENT ASSETS Stock 8 2150 Debtors 9 1052 Bank 4
Cash 10 3212 CREDITORS AMOUNTS FALLING DUE WITHIN 1 YEAR 10 6134 NET CURRENT ASSETS (2922) TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS AMOUNTS FALLING DUE AFTER MORE THAN 11 1 YEAR PROVISION FOR LIABILITIES AND CHARGES 12 CAPITAL AND RESERVES Called up share capital 13 3400 Revaluation reserve 14 625 Preference shares 13 500 Profit and Loss Account 14 2499 7024 Notes to the accounts 蓝字为考每题5分，共 点，答出315分 条应用的会计政策 1 Accounting policies (a) These accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards. (b) . 5
(c) : (d) (e) Stocks and work in progress have been valued at the lower of cost and net realisable value. (f) Development expenditure relating to specific commercial projects is amortised over the period expected to benefit. Expenditure on pure and applied research is written off as incurred. (g) Deferred tax Provision is made for deferred taxation, using the liability method on all material timing differences to the extent that it is probable that the liability or asset will crystallise. The timing differences referred to above relate principally to the availability of accelerated capital allowances. 蓝字为考每题5分，共 点，答出525分 个notes 2 Turnover Turnover from ordinary activities is stated net of trade discount and VAT. 3 Operating profit 4 Interest payable and other similar charges ￡000 Other loans 100 5 Tax on profit on ordinary activities ￡000 UK corporation tax (at 25% for the year) 371 Transfer to/from deferred taxation 25 6
Under/over provision in prior years (5) 391 6 Tangible fixed assets 7 Fixed asset investments Investments other than loans ￡000 As at 1 Jan 235 2003 Additions/revaluations 85 Disposals – Transfers – As at 31 Dec 00 320 8 Stock and work in progress ￡000 Stock 2,149 2,149 9 Debtors Amounts falling due within one year: ￡000 Trade debtors 960 Government grant debtor 92 1,052 7
10 Creditors Amounts falling due within one year: ￡000 Bank overdraft 850 Trade creditors 4,400 Other creditors including 411 taxation Ordinary dividend 340 payable Accruals and deferred 133 income 6134 11 Creditors Amounts falling due after more than one year: 12 Provisions for liabilities and charges 13 Called up share capital ￡1 10% Preference Ordinary shares shares Authorised Number 4,000 1,000 Value ￡ 4,000 ￡ 1,000 Issued Number 3,400 500 Value ￡3,400 ￡500 ￡3,900 14 Reserves Revaluation Profit and Loss Total reserve account ￡000 ￡000 ￡000 As at 1 Jan 540 300 840
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2003 Profit for the financial yr – 2199 2199 Revaluation: investments – – – Revaluation : FA Inv 85 – 85 Transfers – – – As at 31 Dec 00 625 2499 3124 15 Reconciliation of movement in shareholders’ funds Additional information — Journals 蓝色字为每题2分， 考点，答共10分 出5个影响两个表的分录 ￡000 ￡000 Dr Cr 1 2 4 Cost of sales P&L 378 Admin expenses P&L 257 Distribution costs P&L 14 Land &build — Accumulated depn B/S 138 Plant & machinery — \ B/S 268 Fixtures & fittings — \ B/S 243 5 Interest P&L 52 Interest payable B/S 52 8 9
9 Admin expenses P&L 40 Provision for doubtful debts B/S 40 10 Cost of Sales P&L 50 Provision for liabilities & charges B/S 50 11 12 Investment properties B/S 85 Revaluation reserve B/S 85 13 Assessment task 1
Outcome(s) covered 1 and 2
考试分析：
本次考试重点为两个报表、五个附注、五个分录。
损益表关键点为：cost of sales、distribution cost、administrative cost。 资产负债表关键点为：Tangible assets（有形固定资产）。
附注（Notes）难点为：Tangible assets、Movement of shareholder’s fund
参考答案
Suggested solution and making an assessment decision Section B Profit and Loss Account for Guppie plc 蓝色为考点 for the year to 31 December 2003 30分，每数1分 Notes Continuing Discontinued Total ￡000 ￡000 ￡000 Turnover 2 7000 2,000 9000 Cost of (3,378) (1,500) (4,878) sales 点2 Gross 3622 500 4122 profit Distribution costs (214) (200) (414) 10
Administrative expenses (237) (250) (487) 3171 50 3221 Other operating income 9 – 9 Loss on discontinuance of business – (140) (140) segment Investment income 50 – 50 Operating profit (FRS 3) 3 3230 (90) 3140 Interest payable and other similar charges 4 (100) Profit on ordinary activities before taxation 3040 Tax on ordinary activities 5 (391) Profit on ordinary activities after taxation 2649 (Profit/Loss for financial year) Dividend: paid (110) Dividend: proposed (340) (450) Retained profit for the year 2199 Retained profit brought forward 300 Retained profit carried forward 2499 Statement of recognised gains and losses 2003 蓝色为考共5分 点 Profit on ordinary activities after taxation 2649 Unrealised surplus on revaluation of investment properties 85 Total gains and losses relating to the year and recognised since last annual report 2734 Balance Sheet for Guppie plc for the year ended 31 December 2003 蓝色为考3分共5个空，点 固资小计不算 Notes ￡ ￡ ￡ FIXED ASSETS Tangible assets 6 10781 Investments 7 320 11101
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CURRENT ASSETS Stock 8 2150 Debtors 9 1052 Bank Cash 10 3212 CREDITORS AMOUNTS FALLING DUE WITHIN 1 YEAR 10 6134 NET CURRENT ASSETS (2922) TOTAL ASSETS LESS CURRENT LIABILITIES 8179 CREDITORS AMOUNTS FALLING DUE AFTER MORE THAN 11 1 YEAR 1000 PROVISION FOR LIABILITIES AND CHARGES 12 155 7024 CAPITAL AND RESERVES Called up share capital 13 3400 Revaluation reserve 14 625 Preference shares 13 500 Profit and Loss Account 14 2499 7024 Notes to the accounts 蓝字为考每题5分，共 点，答出315分 条应用的会计政策 1 Accounting policies (a) These accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards. 12
(b) Capital grants 资本补助，非经常补助 are released to the profit and loss account to match the depreciation rates of the relevant assets. (c) Depreciation has been provided to write off the cost of depreciable fixed assets over their estimated useful lives. The rates used are: Land and buildings 2% of cost Plant and machinery 10% of net book value Fixtures and fittings 5% of net book value (d) Investment properties were revalued during the year by a qualified surveyor. The properties are shown at the latest valuation. (e) Stocks and work in progress have been valued at the lower of cost and net realisable value. (f) Development expenditure relating to specific commercial projects is amortised over the period expected to benefit. Expenditure on pure and applied research is written off as incurred. (g) Deferred tax Provision is made for deferred taxation, using the liability method on all material timing differences to the extent that it is probable that the liability or asset will crystallise. The timing differences referred to above relate principally to the availability of accelerated capital allowances. 蓝字为考每题5分，共 点，答出525分 个notes 2 Turnover Turnover from ordinary activities is stated net of trade discount and VAT. 3 Operating profit Operating profit is stated after charging : ￡000 Depreciation 649 4 Interest payable and other similar charges ￡000 Other loans 100 13
5 Tax on profit on ordinary activities ￡000 疑点 UK corporation tax (at 25% for the year) 371 Transfer to/from deferred taxation 25 Under/over provision in prior years (5) 391 6 Tangible fixed assets Land & Plant & Fixtures & buildings machinery fittings Cost/Valuation Total As at 1 Jan 6,900 3,230 6,150 16280 2003 Additions – 450 200 650 Revaluations – – – – Disposals – – – – As at 31 Dec 00 6,900 3,680 6,350 16930 Depreciation As at 1 Jan 3000 1000 1500 5500 2003 Charge for 138 2,68 243 649 Year Disposals – – – – As at 31 Dec 00 3,138 1,268 1,743 6,149 Net Book Value As at 31 Dec 00 3,762 2,412 4,607 10,781 As at 31 Dec 99 3,935 2,222 4,645 10,802 7 Fixed asset investments Investments other than loans ￡000 As at 1 Jan 235 2003 Additions/revaluations 85 Disposals – Transfers – As at 31 Dec 00 320 8 Stock and work in progress ￡000 Stock 2,149 2,149 14
9 Debtors Amounts falling due within one year: ￡000 Trade debtors 960 Government grant debtor 92 1,052 10 Creditors Amounts falling due within one year: ￡000 Bank overdraft 850 Trade creditors 4,400 点 Other creditors including 411 taxation 点 Ordinary dividend 340 payable 点 Accruals and deferred 133 income 6134 11 Creditors Amounts falling due after more than one year: ￡000 Debenture loans 1,000 Bank loans – 1,000 12 Provisions for liabilities and charges 预计负债 Deferred taxation 105 Pending legal suit 50 155 13 Called up share capital ￡1 10% Preference Ordinary shares shares Authorised Number 4,000 1,000 Value ￡ 4,000 ￡ 1,000 Issued Number 3,400 500 Value ￡3,400 ￡500 ￡3,900 15
14 Reserves Revaluation Profit and Loss Total reserve account ￡000 ￡000 ￡000 As at 1 Jan 540 300 840 2003 Profit for the financial yr – 2199 2199 Revaluation: investments – – – Revaluation : FA Inv 85 – 85 Transfers – – – As at 31 Dec 00 625 2499 3124 15 Reconciliation of movement in shareholders’ funds ￡000 Profit on ordinary activities after tax 2649 Dividends (450) 2199 Other recognised gains and losses relating to the year 85 Net addition to shareholders’ funds 2284 Opening shareholders’ funds 4240 6524 Additional information — Journals 蓝色字为每题2分， 考点，答共10分 出5个影响两个表的分录 ￡000 ￡000 Dr Cr 1 Stocks B/S 2,150 Closing stock P&L 2,150 2 Tax charge P&L 371 Tax payable B/S 371 Tax payable B/S 5 Tax charge P&L 5 4 Cost of sales P&L 378 Admin expenses P&L 257 Distribution costs P&L 14 Land &build — Accumulated depn B/S 138 Plant & machinery — \ B/S 268 16
Fixtures & fittings — \ B/S 243 5 Interest P&L 52 Interest payable B/S 52 8 Dividend — proposed P&L 340 Dividend payable B/S 340 9 Admin expenses P&L 40 Provision for doubtful debts B/S 40 10 Cost of Sales P&L 50 Provision for liabilities & charges B/S 50 11 Grant debtor B/S 92 Accrued income B/S 83 Other operating income P&L 9 12 Investment properties B/S 85 Revaluation reserve B/S 85 13 Taxation P&L 25 Deferred tax provision B/S 25 17
