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ACC1002 Financial Reporting

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  • Course Code: ACC3228
  • University: National University Of Singapore
  • Country: Singapore

Questions:

The following trial balance relates to Ocean (Chain of retail outlets) at 31 March 2017

Revenue (i) 245,000
Cost of sales 145,300
Distribution costs 16,750
Administrative expenses 18,400
Dividends paid 5,440
Bank interest 450
Loan note interest 1,250
20-year leased property at cost (note (ii)) 50,000
Plant and equipment at cost (note (ii)) 77,750

Accumulated amortisation/depreciation at 1 April 2016

leased property 12,500
plant and equipment 21,750
Inventory at 31 March 2017 30,500
Trade receivables 31,500
Trade payables 16,100
Bank 2,250
Share capital 40,500
Retained earnings at 1 April 2016 13,540
5% convertible loan note 25,000
Income tax (note (vi)) 1,600
Deferred tax (note (vi)) 2,300
378,940 378,940

The following notes are relevant

i. Revenue includes an amount of $10 million for cash sales made through Oceanretail
outlets during the year on behalf of Outdoor Extreme. Ocean, acting as agent, is entitled to a commission of 15% of the selling price of these goods. By 31 March 2017, Ocean had
remitted to Outdoor Extreme $7.5 million (of the $10 million sales) and recorded this amount in cost of sales.

ii. Plant and equipment is depreciated at 10% per annum on the reducing balance basis. All amortization / depreciation of non-current assets is charged to cost of sales.

iii. The balance on income tax represents the under/over provision of the tax liability for the year
ended 31 March 2016. A provision of $14 million is required for tax for the year ended 31
March 2017 and at this date the deferred tax liability was assessed at $4·15 million.

iv. The weighted average of number of shares during financial year ended 31 March 2017 is 105 million.

Required:

a. Prepare the income statement for Ocean for the year ended 31 March 2017.

b. Prepare the statement of changes in equity for Ocean for the year ended 31 March 2017.

c. Prepare the statement of financial position for Ocean as at 31 March 2017.

d. Calculate the basic earnings per share (EPS) for Ocean for the year ended 31 March 2017.
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