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The document provides financial information for Musez Ltd for the year ended 31 December 2020, including balances for various asset, liability, equity, and income accounts. It also notes that on 1 February 2020 a final dividend of $0.15 per share was paid, and on 1 April 2020 a machine was sold for less than its carrying value. The information is intended to help answer questions related to parts (b), (c) and (d) of Question 3.

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43 views3 pages

Exam

The document provides financial information for Musez Ltd for the year ended 31 December 2020, including balances for various asset, liability, equity, and income accounts. It also notes that on 1 February 2020 a final dividend of $0.15 per share was paid, and on 1 April 2020 a machine was sold for less than its carrying value. The information is intended to help answer questions related to parts (b), (c) and (d) of Question 3.

Uploaded by

MIN THANT
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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FA-Tutorial

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Question (2) (July 2021)

Question-1
Resource
" for Question 3 – Parts (b), (c) and (d).
Musez Ltd provided the following information for the year ended 31 December 2020.

1 January 31 December
2020 2020
$ $
Plant and machinery
– cost 121 300 149 600
– provision for depreciation 72 780 82 870

6% bank loan (2020) 50 000 –

Bank 3 660 11 590 Cr

Cash 1 000 300

Inventory 61 620 58 930

Share capital – ordinary shares of $1 each 50 000 50 000

Share premium 6 000 6 000

Retained earnings 11 345 66 610

Trade payables 26 390 22 980

Trade receivables 28 935 31 220

On 1 February 2020 a final dividend of $0.15 per share was paid.


On 1 April 2020 a machine costing $12 950 with accumulated depreciation of $8 750 was
sold for $3 500

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Chapter (12)
Consolidated Financial Statement

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Question (1) -35dm
(Dec 2020)

Question-2
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Resource for Question 3.
On 1 April 2019 Bee plc acquired 56 000 ordinary shares in CD Ltd.
The directors provided the following information.

Bee plc CD Ltd


At 31 March 2020
$ $

6% debenture (2020) 7 000 –

8% debenture (2025) 38 000 –

Cash and cash equivalents 8 900 2 500

Inventory 71 250 31 400

Investment in CD Ltd 85 000 –

Property, plant and equipment – carrying value 291 300 75 100

Retained earnings 224 300 40 400

Share capital (ordinary shares of $1 each) 225 000 70 000

Tax payable 15 000 7 400

Trade and other payables 41 950 18 100

Trade and other receivables 94 800 26 900

Profit for the year ending 31 March 2020 for CD Ltd was $36 000

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