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Brief :
Question 1
You have been asked by the finance director to prepare a draft 12 month Income Statement to 31st December 2017 from the following information which complies with the IFRS standards. Notes for publication are not required however workings for any summarised figures MUST be included. The following has been extracted from the books of prime entry of Able Plc.
| Purchases | 130,000 |
| Sales | 205,000 |
| Returns in | 10,000 |
| Returns out | 1000 |
| Carriage in | 1,000 |
| Motor Expenses | 6,000 |
| Warehouse Salaries |
25,000 |
| Hire of vehicles | 2,000 |
| Directors Salary | 10,000 |
| Finance costs | 3000 |
| Rent and Rates | 2,000 |
| Insurance | 1,000 |
| Bad Debts | 1,000 |
| Tax paid | 3,000 |
| Inventories Jan 1st 2017 | 20,000 |
The following have not as yet been adjusted within the accounts
A. Inventories 31st December 2017 £26,000
B. Salaries Outstanding £1,000.
C. Depreciation for the full year is 10% on cost for all noncurrent assets. The last audited accounts show the following costs
1. Fixtures 20,000
2. Motor Vans 10,000
D. Included in trade receivables was an invoice for £1,000. The company recently went into administration and there will be no possibility of obtaining the amount due.
E.The company closed a branch down this year which has lost £20,000.
Question 2
- By using the regulatory discussions and relevant international accounting standards (IASs) which are taught in the module APC311, you are required to provide a critical evaluation of the following area of financial reporting.
- Accounting for Intangible Assets looking at the specific area of capitalising research and development costs.
Question 3
According to IAS 2 inventories should be valued at
- œLower of cost and net realisable value.
- Critically evaluate this statement
- Your project should aim to provide readers with comprehensive knowledge and critical reviews of these areas covering, for example:
Further details:
- This is an individual project each question has its own word count this should be adhered to with a tolerance between -10% - +10%.
- This project contributes 100% to the final assessment mark for this course.
- Please note that the University policy on cheating collusion and plagiarism will be applied to this piece of work.
- The project must be handed in both through Plagiarism and at the library by the due date. Your Plagiarism summary needs to be attached to the copy handed in at the library.
- Marking Guide: Marks will be awarded with respect to the following assessment criteria.
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