The following information relates to Omega Ltd as at 30 June 2010: $000 Trade Debtors 183 Loans to Directors - repayable on demand 17 Cash at Bank 138 Deposits at Call 40 Inventories Raw Materials at cost 100 Work In Progress at cost 250 Finished Goods at cost 800 Finished Goods at net realisable value 400 Financial Assets - Listed shares at fair value (held for trading) 246 Goodwill at cost 400 Accumulated Impairment - goodwill - 80 Computer Software at cost 500 Accumulated Amortisation - computer software - 100 Deferred Tax Assets 62 GST Payable 47 Trade Creditors 700 Dividend Payable 646 Provision for Long Service Leave (amount due after 12 months, $100,000) 150 Current Tax Payable 154 Deferred Tax Liabilities 20 Allowance for Doubtful Trade Debtors 18 Equity 100,000 Ordinary Shares fully paid 5,000 Equity 8,000,000 Ordinary Shares issued at $0.50, paid to $0.25 2,000 General Reserve 30/06/2010 200 Retained Earnings 30/06/2010 400 Required: Prepare the following sections of the balance sheet and required notes in accordance with accounting standards: ( a ) The Current Assets section ( b ) The Non-Current Assets section
The following information relates to Omega Ltd as at 30 June 2010:
|
|
$000 |
|
Trade Debtors |
183 |
|
Loans to Directors - repayable on demand |
17 |
|
Cash at Bank |
138 |
|
Deposits at Call |
40 |
|
Inventories |
|
|
Raw Materials at cost |
100 |
|
Work In Progress at cost |
250 |
|
Finished Goods at cost |
800 |
|
Finished Goods at net realisable value |
400 |
|
Financial Assets - Listed shares at fair value (held for trading) |
246 |
|
|
400 |
|
Accumulated Impairment - goodwill |
- 80 |
|
Computer Software at cost |
500 |
|
Accumulated Amortisation - computer software |
- 100 |
|
|
62 |
|
GST Payable |
47 |
|
Trade Creditors |
700 |
|
Dividend Payable |
646 |
|
Provision for Long Service Leave (amount due after 12 months, $100,000) |
150 |
|
Current Tax Payable |
154 |
|
|
20 |
|
Allowance for Doubtful Trade Debtors |
18 |
|
Equity 100,000 Ordinary Shares fully paid |
5,000 |
|
Equity 8,000,000 Ordinary Shares issued at $0.50, paid to $0.25 |
2,000 |
|
General Reserve 30/06/2010 |
200 |
|
|
400 |
Required:
Prepare the following sections of the
( a ) The Current Assets section
( b ) The Non-Current Assets section
Q4.On 1 July 2007 South Ltd acquired all the share capital of West Ltd for $160,000. At that date the accounts of West Ltd show the following:
|
Share capital |
|
$100,000 |
|
General reserve |
|
30,000 |
|
Retained earnings |
|
20,000 |
Additional information for the year ended 30 June 2010
1. Sales by West Ltd to South Ltd during the year amounted to $ 110,000.
2. Unrealised profit in inventory of South Ltd:
• 01/07/2009 $5,000
• 30/06/2010 $3,000
3. On 1 January 2010 South Ltd sold an item of plant to West Ltd for $45,000, making a profit on the sale of $10,000. West Ltd
4. Included in the other assets of South Ltd is a three-year loan of $20,000 at 15% per annum to West Ltd made on 1 April 2010. Three months interest was accrued by both companies at 30 June 2010.
5. Goodwill is tested annually for impairment; goodwill has been impaired by:
$1,000 for the year ended 30 June 2009; and
$2,000 for the year ended 30 June 2010.
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