Following are the Balance Sheets of X Ltd. for the year 2014 and 2015. 2014 2015 sin '000 sin 00 L Equity and Liabilities (1) Shareholders' Funds (a) Share Capital : Equity Share Capital 8% Redeemable Preference Share Capital 200 150 320 90 (b) Reserves and Surplus: General Reserve Surplus Account (2) Non-current Liabilities Debentures (3) Current Liabilities Creditors Bills Payable 40 70 38 15 100 90 55 20 83 16 50 50 Proposed Dividend (Treating it as non-current liability) 42 Provision for Tax (NCL) 40 Total Equity and Liabilities 662 807 II. Assets (1) Non-current Assets Fixed Assets : Land & Building Plant & Machinery Intangible Asset : Goodwill 170 200 200 80 100 80 (2) Current Assets Stock Debtors B/R Cash & Bank Balances 87 59 250 30 18 150 20 25 Total Assets 662 807 Additional Information: An interim dividend of $ 20,000 has been paid in 2015. $ 35,000 income tax was paid during the year 2015. Dividend of $ 28,000 was paid during the year 2015. During the year assets of another company were purchased for a consideration of $ 50,000 payable in shares. The assets purchased were: Stock $ 20,000, Machinery $ 25,000. $ 60,000, 8% R.P. Shares were redeemed at a premium of 5%. A part of plant was sold for $ 20,000 (W.D.V. $ 25,000). Depreciation on Plant $ 20,000 for the year 2015 is provided. (1) (11) (11) (IV) (V) (VI) (VII) Depreciate Land and Building by $ 10,000. Land costing $ 20,000 was sold for $ 50,000. (VII) Bonus Shares of $ 10,000 were issued to the exiting shareholders during the year. $ 10,000, 10% debentures were redeemed by purchase in the open market @ $ 95. (IX) Prepare Funds Flow Statement.
Following are the Balance Sheets of X Ltd. for the year 2014 and 2015. 2014 2015 sin '000 sin 00 L Equity and Liabilities (1) Shareholders' Funds (a) Share Capital : Equity Share Capital 8% Redeemable Preference Share Capital 200 150 320 90 (b) Reserves and Surplus: General Reserve Surplus Account (2) Non-current Liabilities Debentures (3) Current Liabilities Creditors Bills Payable 40 70 38 15 100 90 55 20 83 16 50 50 Proposed Dividend (Treating it as non-current liability) 42 Provision for Tax (NCL) 40 Total Equity and Liabilities 662 807 II. Assets (1) Non-current Assets Fixed Assets : Land & Building Plant & Machinery Intangible Asset : Goodwill 170 200 200 80 100 80 (2) Current Assets Stock Debtors B/R Cash & Bank Balances 87 59 250 30 18 150 20 25 Total Assets 662 807 Additional Information: An interim dividend of $ 20,000 has been paid in 2015. $ 35,000 income tax was paid during the year 2015. Dividend of $ 28,000 was paid during the year 2015. During the year assets of another company were purchased for a consideration of $ 50,000 payable in shares. The assets purchased were: Stock $ 20,000, Machinery $ 25,000. $ 60,000, 8% R.P. Shares were redeemed at a premium of 5%. A part of plant was sold for $ 20,000 (W.D.V. $ 25,000). Depreciation on Plant $ 20,000 for the year 2015 is provided. (1) (11) (11) (IV) (V) (VI) (VII) Depreciate Land and Building by $ 10,000. Land costing $ 20,000 was sold for $ 50,000. (VII) Bonus Shares of $ 10,000 were issued to the exiting shareholders during the year. $ 10,000, 10% debentures were redeemed by purchase in the open market @ $ 95. (IX) Prepare Funds Flow Statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Following are the Balance Sheets of X Ltd. for the year 2014 and 2015.
2014
2015
sin '000 sin '00
L Equity and Liabilities
(1) Shareholders' Funds
(a) Share Capital :
Equity Share Capital
8% Redeemable Preference Share Capital
(b) Reserves and Surplus :
General Reserve
Surplus Account
(2) Non-current Liabilities
200
320
150
90
40
70
15
38
Debentures
100
90
(3) Current Liabilities
Creditors
55
83
Bills Payable
Proposed Dividend (Treating it as non-current liability)
Provision for Tax (NCL)
20
16
42
50
40
50
Total Equity and Liabilities
662
807
II. Assets
(1) Non-current Assets
Fixed Assets:
Land & Building
Plant & Machinery
Intangible Asset : Goodwill
200
80
170
200
80
100
(2) Current Assets
Stock
Debtors
B/R
Cash & Bank Balances
59
250
30
18
87
150
20
25
Total Assets
662
807
Additional Information:
(1)
(1)
(I)
(IV)
An interim dividend of $ 20,000 has been paid in 2015.
$ 35,000 income tax was paid during the year 2015.
Dividend of $ 28,000 was paid during the year 2015.
During the year assets of another company were purchased for a consideration of $ 50,000
payable in shares. The assets purchased were:
Stock $ 20,000, Machinery $ 25,000.
$ 60,000, 8% R.P. Shares were redeemed at a premium of 5%.
part of plant was sold for $ 20,000 (W.D.V. $ 25,000). Depreciation on Plant $ 20,000
for the year 2015 is provided.
Depreciate Land and Building by $ 10,000. Land costing $ 20,000 was sold for $ 50,000.
Bonus Shares of $ 10,000 were issued to the exiting shareholders during the year.
$ 10,000, 10% debentures were redeemed by purchase in the open market @ $ 95.
(V)
(VI)
(VII)
(VI)
(IX)
Prepare Funds Flow Statement.
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