Accounting初级考试题目及答案

Question 1You are the assistant accountant with IDS plc. Your boss has asked you to prepare the draft Trading and Profit and Loss Account for the year ended 31 December 2003, based on the following Trial Balance (extracted from the computerised record keeping system) and the additional information shown below. In undertaking this task you may refer to the attached pro forma layout.Please note — a Balance Sheet is not required£00£000Trade Debtors 1,50Trade Creditors 1,050 Administration Expenses 22010% Debentures (2009) 1,600 Stock at 1 January 2003 600Distribution Costs 340Purchases 2,00Sales 3,550 Profit and Loss Account at 1January 20031,090Land and Buildings (NBV @ 31/12/02) 2,50Plant and Machinery (NBV@ 31/12/02)650Fixture and Fittings (NBV@ 31/12/02)150Motor Vehicles (NBV @31/12/02)150Discount Received 220 Ordinary Shares of £1 each 900 Preference Shares 5% 200 Bank 5008,618,610 Additional Information1Clerical and management staff were awarded a bonus amounting to £25,000 in mid December 2003. This bonus has not been paid yet and it should be classified as an administrative expense.2Distribution costs include £15,000 for a maintenance contract for motor vehicles which relates to the coming year.3Closing stock at 31 December 2003 was valued at £290,000.4It is estimated that corporation tax of £190,000 will be payable on the profits for the year.5Interest on the debentures for the full year should be provided.6The directors propose that a dividend should be paid on ordinary shares of 3p per share, and that the preference dividend be paid in full.7The directors propose to provide for the depreciation of fixed assets for the year as follows:Land and Buildings £50,000Plant and Machinery £40,000Fixtures and Fittings £30,000Motor Vehicles £60,000Question 2IDS plc, who are a major sports equipment manufacturer, have recently developed and tested a new trail running shoe.The management are now considering a limited launch of the new shoe over a six month period.As the project manager for the development of the new product you have compiled and collated the following sales and cost information for the review period.1Expected sales are:Month Number of shoesJanuary 200February 200March 260April 300May 350June 400Projected selling price £50All sales are expected to be on credit and customers are to pay in the month following the month of sale.2The number of shoes produced each month is based on expected sales. It is planned to keep stock levelsconstant at their current level throughout the trial period.3Each pair of shoes requires 0.2 kg of raw materials, which costs £10 per kg. All purchases of materials are on credit and suppliers are to be paid in the secondmonth following the month of purchase.4To produce one pair of shoes requires two hours of direct labour at £6 per hour. Wages are paid in themonth the shoes are produced.5Variable production overheads are to be charged at the rate of £2 per unit (pair of shoes) produced. These are to be paid in the month the units are produced.6Fixed monthly production overheads are as follows:£1,000Rent andratesInsurance £400£800Heat andlightDepreciation £200Other £250These are to be paid in the month the units are produced.7Other monthly fixed overheads are as follows:Manager’s salary£2,000Selling/distribution £1,000These are to be paid in the month the units are produced/sold.In order that senior management can assess the viability of the project and ascertain the cash flow implications, you are required to prepare and present the following information:1An income and expenditure budget in tabular format for the six month period.2A cash budget for the period (assume initial cash balance is zero).3Using the appropriate formula calculate and show the number of shoes that are required to be sold to break-even over the trial period.Question 1IDC plcTrading and Profit and Loss Account for year ending 31 December 2003£000 £000 Sales 3,550 Cost of goods soldOpening stock 600 Purchases 2,0002,600Closing stock 290 2,310 Gross Profit 1,240Other IncomeDiscount received 2201,460 ExpensesAdministration 245Distribution costs 325Interest payable 160 Depreciation 180 910550 Profit on ordinary activitiesbefore taxationCorporation tax 190360 Profit on ordinary activities aftertaxationAppropriationsPreference dividend 10Ordinary dividend 27 37 Profit for the year 323 Retained profit b/f 1,090 Retained profit c/f 1,413Question 1 (alternative/re-assessment)IDC plcBalance Sheet as at 31 December 2003£000 £000 £000 Fixed AssetsLand and Buildings 2,450 Plant and Machinery 610 Fixtures and Fittings 120 Motor Vehicles 903,270 Current AssetsStock 290Debtors 1,500Prepayments 15Bank 500 2,305Creditors: amounts falling due within 1 yearCreditors 1,050Accruals 25Corporation tax due 190Interest due 160Dividends due 37 1,462Net Current Assets 843 Total Assets less Current Liabilities 4,113Creditors: amounts falling due after more than 1yearDebentures 1,600 Net Assets 2,513Capital and ReservesOrdinary share capital 900 Preference share capital 200 Profit and Loss account 1,4132,513Question 21 Income and expenditure budget for six months2 Cash Budget for six months3 Break-even point:Selling Price/unit = £40Marginal Cost/unit = £16 (mats £2, labour £12, Var OHD £2)Contribution/unit = £40 − £16 = £24Break-even point = Fixed costs = £33,900 = 1,413 pairs of shoesCont/unit £24。