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论文作者:佚名论文属性:作业指导 assignment guidelines登出时间:2009-10-27编辑:steelbeezxp点击率:4389
论文字数:300论文编号:org200910272122217854语种:英语 English地区:英国价格:免费论文
附件:模板org.pdf
关键词:SBSPlcair craftcomponent manufacturersellscompanies
Course work :1 of 7
Exercise 3: SBS Plc
Part (a)
SBS Plc is an air craft component manufacturer and sells exclusively to major companies. The company has just completed its first year of operations, and shown below are two draft Statements of Financial Position.
Both Draft A and Draft B have been prepared (i) from the same trial balance; and (ii) following generally accepted accounting principles - i.e. the basic concepts of the accrual basis and the on-going concern basis. Neither draft contains any arithmetic errors.
Statements of Financial Position for SBS plc at 30 September 2009
Draft A Draft B
£million £million £million £million
Non-current Assets
Tangible
Land 100 70
Buildings 40 45
Machinery 40 30
Intangible- Patent 45 nil
----- -----
225 145
Current Assets
Inventories (note a) 45 50
Trade receivables 35 40
Bank and cash 20 100 20 110
---- ----- --- -----
Total Assets 325 255
=== ===
Equity
Share Capital:
Ordinary shares @£1 each 210 210
Reserves 80 30
----- -----
290 240
Current Liabilities
Trade payables 15 15
Provision for future loss (note b) 20 35 nil 15
--- ----- --- -----
Total Equity and Liabilities 325 255
=== ===
Notes:
(a) The company’s inventories include raw materials, work-in-progress, and finished goods.
(b) The provision for future loss in Draft A is the possible amount the company might lose in a law suit being brought against it.
Required:
For each of the assets and liabilities, explain why the differences in Draft A and Draft B may have arisen.
Note:
Where relevant, you should refer to the definitions of assets and liabilities given in the IASB’s Framework for the Preparation and Presentation of Financial Statements.
You are not, however, expected to have knowledge of any individual accounting standards or to refer to any regulations in them.
(14 marks)
Part (b)
Travel Inn is in the Hotel industry and during the year ended 31 March 2009, experienced the following transactions or events:
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