Q: Cold Heart plc, which has a turnover of £100 million
Cold Heart plc, which has a turnover of £100 million and pre-tax profit of £10 million, has its financial statements drawn up on 30 June each year and at 30 June 20X9 the company’s accountant is consi...
See AnswerQ: IAS 10 – Events after the Reporting Period defines the treatment to
IAS 10 – Events after the Reporting Period defines the treatment to be given to events arising after the statement of financial position date but before the financial statements are approved by the Bo...
See AnswerQ: Your managing director is having a polite disagreement with the auditors on
Your managing director is having a polite disagreement with the auditors on the subject of accounting for contingencies. Since the finance director is absent on sick leave, he has come to you for advi...
See AnswerQ: The trial balance of Norr Ltd at 31 December 20X9 is as
The trial balance of Norr Ltd at 31 December 20X9 is as follows: Additional information 1. During the year a motor vehicle purchased on 31 March 20X6 for £8,000 was sold for Â&pou...
See AnswerQ: The Cirrus Co. Plc has the following balances on its books
The Cirrus Co. Plc has the following balances on its books at 31 December 20X9. The following information is also given: 1. The inventory at 31 December 20X9 has been valued at £32,000....
See AnswerQ: The trial balance of Harmonica Ltd at 31 December 20X9 is given
The trial balance of Harmonica Ltd at 31 December 20X9 is given below. Additional information 1. Closing inventory amounted to £5m. 2. A review of the trade receivables total of Â...
See AnswerQ: The following balances existed in the accounting records of Koppa Ltd at
The following balances existed in the accounting records of Koppa Ltd at 31 December 20X9: In preparing the company’s statement of comprehensive income and statement of financial p...
See AnswerQ: Topaz Ltd makes up its financial statements regularly to 31 December each
Topaz Ltd makes up its financial statements regularly to 31 December each year. The company has operated for some years with four divisions; A, B, C and D, but on 30 June 20X9 Division B was sold for...
See AnswerQ: Marmite Ltd obtains a £750,000 loan which is repayable
Marmite Ltd obtains a £750,000 loan which is repayable over the next five years. The bank has agreed to accept the following repayments. The repayments are varied to match to periods when...
See AnswerQ: Prepare a statement of cash flows in accordance with IAS 7 using
Prepare a statement of cash flows in accordance with IAS 7 using the information in Question 28.9. There was no investment income or interest paid during the year ended 31 March 20X9.
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