FAC2601 October/November 2013 exam Question 1(a) Kingswood Limited Statement of profit or loss and other comprehensive income for the year ended 30 June 2013 Revenue (2 400 000) 2 400 000 Cost of sales (2 400 000 x 70%) (1 680 000) Gross profit (2 400 000 x 30%) 720 000 Other income (9 275 + 500(W4.1)) 9 775 Admin expenses (411 150) (411 150) Distribution expenses (-) Other expenses (34 350 – 600 – 9 900(W2) + 8 100(W4) + 12 000(W5)) (43 950) Finance costs (600 + 9 900(W2)) (10 500) Profit before tax 264 175 Income tax expense (47 500) (47 500) Profit for the year 216 675 Other comprehensive income Items not reclassified to profit or loss Revaluation surplus on buildings 112 000 (W6) Gain on financial asset at fair value through OCI 12 500 (W7) Total comprehensive inome for the year 341 175 Profit for the year attributable to Owners 216 675 Total comprehensive income for the year attributable to Owners 241 175 Kingswood Limited Notes to the financial statements for the year ended 30 June 2013 2. Profit before tax Profit before tax includes the following: Income Revenue 2 400 000 Income from investment in subsidiary: Legends Limited Finance income 2 250 (W1) Dividend income 450 Listed investment: Shamrock Ltd Dividends received (50 000 shares x 10c) 5 000 Finance income (350 + 325) 675 Profit on sale of machinery and equipment 500 (W4.1)
FAC2601 October/November 2013 exam Question 1(a) Kingswood Limited Statement of profit or loss and other comprehensive income for the year ended 30 June 2013 Revenue (2 400 000) Cost of sales (2 400 000 x 70%) Gross profit (2 400 000 x 30%) Other income (9 275 + 500(W4.1)) Admin expenses (411 150) Distribution expenses Other expenses (34 350 – 600 – 9 900(W2) + 8 100(W4) + 12 000(W5)) Finance costs (600 + 9 900(W2)) Profit before tax Income tax expense (47 500) Profit for the year Other comprehensive income Items not reclassified to profit or loss Revaluation surplus on buildings Gain on financial asset at fair value through OCI Total comprehensive inome for the year Profit for the year attributable to Owners Total comprehensive income for the year attributable to Owners 2 400 000 (1 680 000) 720 000 9 775 (411 150) (-) (43 950) (10 500) 264 175 (47 500) 216 675 112 000 12 500 (W6) (W7) 341 175 216 675 241 175 Kingswood Limited Notes to the financial statements for the year ended 30 June 2013 2. Profit before tax Profit before tax includes the following: Income Revenue Income from investment in subsidiary: Legends Limited Finance income Dividend income Listed investment: Shamrock Ltd Dividends received (50 000 shares x 10c) Finance income (350 + 325) Profit on sale of machinery and equipment 2 400 000 2 250 450 5 000 675 500 (W1) (W4.1)
FAC2601-EX-2013-S2-Solution.docx