Following are the financial statements of Mango Plc:
STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER:
20X8 | 20X7 | |
$'000 | $'000 | |
Non-current assets | ||
Property, plant and equipment | 998 | 737 |
Intangible assets | 290 | 160 |
Fair value through profit or loss financial assets |
500 | 300 |
1,788 | 1,197 | |
Current assets | ||
Inventories | 445 | 567 |
Trade receivables | 344 | 324 |
Cash | 120 | |
909 | 891 | |
Total assets | 2,697 | 2,088 |
Equity | ||
Share capital – $1 ordinary shares | 650 | 500 |
Share premium | 120 | 0 |
Revaluation surplus | 260 | 100 |
Retained earnings | 1,170 | 880 |
2,200 | 1,480 | |
Non-current liabilities | ||
10% debentures | 80 | 100 |
Lease liabilities | 120 | 90 |
Deferred tax | 129 | 48 |
329 | 238 | |
Current liabilities | ||
Trade payables | 12 | 112 |
Lease liabilities | 33 | 7 |
Current tax | 120 | 211 |
Debenture interest | 3 | 5 |
Bank overdraft | 35 | |
168 | 370 | |
Total equity and liabilities | 2,697 | 2,088 |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDING 31 DECEMBER 2008:
$'000 | ||
Revenue | 1,654 | |
Cost of sales | -872 | |
Gross profit | 782 | |
Other expenses | -134 | |
Fair value gain on financial assets | 100 | |
Finance costs | -9 | |
Profit before tax | 739 | |
Income tax expense | -232 | |
Profit for the year | 507 | |
Other comprehensive income: | ||
Gain on revaluation of property, plant and equipment | 160 | |
Total comprehensive income for the year | 667 |
Following information are relevant:
- During the year Mango Plc has charged depreciation of $98,000 on its property, plant and equipment and amortization of $120,000 on its intangible assets. Mango Plc has disposed a machine with carrying value of $100,000 for $125,000. There was no disposal of intangible assets. A revaluation gain of $160,000 was recognized on property, plant and equipment. There was no deferred tax on revaluation gain.
- During the year Mango Plc has taken a new lease of $76,000. Right-of-use-asset of lease contract is recorded in property, plant and equipment.
- Mango Plc has recorded a fair value gain on its financial assets of $100,000 in the statement of profit or loss. Financial asset with fair value of $10,000 was sold for a net proceed after transaction cost of $9,000.
- Mango Plc has made a 1:5 bonus issue. The bonus issue was fully funded from retained earnings. Mango Plc also made a right issue during the period.
- Mango Plc made a dividend payment during the period.
Requirements:
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