Seaction A

1.B

2. C

3. $100,200

4. A

5. A

6. D

7. D

8. D

9. C

10. $75,788

11. A

12. B

13. B

14. B

15. B

16. D

17. B

18. A

19. Revenue ,Finance, Costs, Tax expense

20. $27,500

21. A

22. C

23. $880

24. C

25. A

26. B

27.

 

20X4

20X5

Current ratio

1.95

1.86

 

28. A

29. D

30. C

31. D

32. D

33. $5,400

 34. C

35. (i) False

      (ii) False

Seaction B

Question 1

Task 1 

 

YES

NO

Dr/Cr balance

Bank balances

 

ü   

Dr

Trade payables

 

ü   

Cr

Income tax

ü   

 

Dr

Discount received

ü   

 

Cr

Task 2

Dr Allowance for receivables   $12,800

Cr Receivables                                            $12,800

Task 3

$486,000 cost of sales for the year

Task 4

Dr   Adminstration costs   $15,000

Cr   Accrued energy cost   $15,000

Question 2

Task 1 

(a) ii

(b) iii

(c) ii

Task 2

(a) $26,620,000            ($16,440 + $11,180 – $1,000 (IG))

(b) $12,495,000            ($12,480 + (75% × $60) – (75% × $40) PURP)   

Task 3

 

 

$000

(i)

Non‐current assets

$40,950       [$26,280 + 13,670 + $1,000 (FVA)]

(ii)

Current assets

$9,480         [$4,760 + $5,010 – $250 (IG) – $40 (PURP)]

(iii)

Current liabilities

$3,800         [$2,640 + $1,410 – $250 (IG)]

(iv)

Non‐controlling interest

$2,405         [$2,400 + (25% × $60) – (25% × $40 (PURP))]