Preparing the statement of profit or loss (Carter Co)
Задания на английском — языке экзамена. Компании и цифры вымышлены для тренировки.
Carter Co prepares financial statements to 31 March 20X9. The draft balances include the following.
| Balance | $ |
|---|---|
| Revenue | 2,400,000 |
| Cost of sales (before depreciation) | 1,350,000 |
| Distribution costs | 120,000 |
| Administrative expenses | 210,000 |
| Building at cost (no land element) | 1,000,000 |
| Building: accumulated depreciation at 1 April 20X8 | 200,000 |
| Plant at cost | 500,000 |
| Plant: accumulated depreciation at 1 April 20X8 | 140,000 |
| Finance costs (loan note interest paid) | 25,000 |
(1) Revenue includes $200,000 received on 31 March 20X9 for goods that will be delivered in April 20X9.
(2) On 1 April 20X8 the building was revalued to $1,200,000; its remaining life at that date was 40 years. Carter does not transfer excess depreciation to retained earnings. Plant is depreciated at 20% a year on the reducing balance. All depreciation is charged to cost of sales.
(3) On 1 April 20X8 Carter issued a $500,000 5% loan note. After issue costs, the amount initially recognised was $470,000 and the effective interest rate is 8%. The coupon paid on 31 March 20X9 is the only finance cost recorded.
(4) Income tax for the year is estimated at $85,000. Last year's tax was over-provided by $6,000.
- (a) Revenue for the year ($)2 баллов
- (b) Revaluation surplus recognised on 1 April 20X8 ($)2 баллов
- (c) Depreciation of the building for the year ($)2 баллов
- (d) Depreciation of plant for the year ($)2 баллов
- (e) Finance cost for the year ($)2 баллов
- (f) Carrying amount of the loan note at 31 March 20X9 ($)2 баллов
- (g) Income tax expense for the year ($)2 баллов
- (h) Profit for the year ($)3 баллов
- (i) Explain how the $200,000 received on 31 March 20X9 should be treated, with reference to IFRS 15.3 баллов