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Question

Answered

A client of the business who runs a small business and investment consultancy is

preparing to construct a web-based facility as part of the information resources for

clients.

Part of the web page is to be a section on Financial Accounting and Reporting for

those people who may be thinking of starting their own businesses or investing in UK

company shares.

The client has asked if someone from the office would prepare some information

covering various aspects of the regulatory framework which exists within the

European Union (EU). The information is to be aimed at those people with a nonfinancial

background rather than at a „professional‟ business level.

You are required to draft out some information which may be suitable for

incorporation within the web resource. Your notes should:

a) Identify the different users of financial statements and for each main user

explain their key needs from these statements. 1.1

b) Identify and explain how EU directives, the IASB and the IFRS Foundation and

the UK Stock Exchange can have an impact on financial reporting in the UK.

 1.2

c) Explain how the key legal and regulatory influences are relevant to the

different users of financial statements. 1.3

d) Explain the significance to users of accounting statements of the IFRS

Conceptual Framework for Financial Reporting. 1.4,3.1

e) Briefly explain the significance of the three UK Financial Reporting Standards,

FRS 100, FRS 101 and FRS 102, International Accounting Standards (IASs)

and International Financial Reporting Statements (IFRSs). 1.4

Task 2

Your work schedule for the current week requires you to prepare some different

types of draft final accounts for approval by your manager. The information for these

accounts is presented to you in a number of different forms.

You commence by looking at some financial information for a client, a sole trader

called Josefine who buys goods for resale from suppliers and sells them on to her

customers.

4

You have the following information for the accounting year to 31 December 2014 to

assist with the production of some financial information for the trader:

Task 2 a)

You are required to produce a calculation of the gross profit for Josefine for the

year to 31

st December 2014. You may assume there were no bad debts during the

year. 2.2

You must show your workings.

Task 2b)

Having completed the work for Josefine you then access a summary of the

accounting information for client Skipton plc for the year to 31st December 2014

which is in the form of a trial balance as follows:

Josefine

Year to 31 December 2014 £

During the year cash received from customers was 550,000

At the start of the year customers owed 62,000

At the end of the year customers owed 84,000

During the year cash paid to suppliers was 446,790

At the start of the year suppliers were owed 65,000

At the end of the year suppliers were owed 32,000

Opening stock of goods for resale at the start of the year was 58,765

Closing stock of goods for resale at the end of the year was 66,542

5

Skipton plc Dr Cr

Trial Balance as at £ £

31 December 2014

Share Capital - Authorised and Issued £1 Ordinary shares 3,750,000

Opening Stock (Inventory) 125,000

4% Debenture Loan (Repayable in full in 3 years time) 1,250,000

Sales 10,000,000

Trade Debtors (Trade receivables) 562,500

Profit and Loss account balance at start of year 1,332,500

Trade Creditors (Trade Payables) 375,000

Deferred Taxation (long term liability) 762,500

Debenture Loan Interest (half year) 25,000

Business property taxes (rates) [operating cost] 3,000,000

Purchases 1,625,000

Vehicles and Equipment at Cost 875,000

Freehold land at Valuation 7,500,000

Freehold buildings at Cost 4,165,000

Cash in hand and bank 50,000 612,500

Vehicle running costs 112,500

Directors remuneration 756,638

Wages and Salaries 375,000

Intangible fixed assets 625,000

Administrative expenses 1,000,000

Bad debts written off during year 137,250

Provision for depreciation balances at start of year:

Vehicles and Equipment 125,000

Freehold Buildings 81,638

Heat, light and cleaning 500,000

Taxation paid during year 1,000,000

Long-term provisions 3,552,250

Corporation tax balance at start of year 592,500

 22,433,888 22,433,888

The following additional information has also been obtained from the company in

respect of final account year-end adjustments which are to be made:

6

Notes for Skipton plc as at 31 December 2014 £

1 Closing stock (inventory) has been valued at 250,000

2 The provision for bad debts as at the year end

is to be 1% of closing trade debtors ?

3 The following expenses were prepaid at the end of the year:

Business property taxes (rates) 600,000

Vehicle running costs 33,750

4 The following expenses were to be accrued at the end of the year:

Heat, light and cleaning 200,000

Administrative expenses 100,000

Debenture loan interest (half year) ?

5 Provision for annual depreciation is to be as follows:

Freehold buildings 2% of COST ?

Vehicles and Equipment 25% of book value ?

6 The Corporation Tax charge for the year has been agreed as 525,188

You are required to produce, for Skipton plc:

ï‚· An Income Statement (Profit and Loss account) for the year to 31

st

December 2014 in a form suitable for internal use.

 

ï‚· A Position Statement (Balance Sheet) as at 31st December 2014 in a form 

Financial Accounting and Reporting

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