Question for CA, ICAB, ICAI, ACCA: Professional stage: Knowledge Level Subject: Accounting Part-2 Company financial statements (Chapter-12)

Professional stage: Knowledge Level
Subject: Accounting
Part-2
Company financial statements (Chapter-12)

Q1.  Why does BAS 1 include formats? (P-327, S-7.1)

Q2.  Explain the structure and content of financial statements? (P-328, S-7.2)

Q3.  When accounting policy can be changed? (P-336, S-11) Q4.  When accounting estimate can be changed? (P-336, S-11) Q5.  You are supplied with the following extract of Nitol Ltd’s balance sheet on December 31, 2009 & 2010 Particulars 2010 2009 Ordinary shares of Tk.1 each  Tk.1,20,000/-  Tk.1,00,000/-

Share Premium  Tk.2,60,000/-  Tk.2,20,000/-

Notes:

1) On July 01, 2009 there was a 1 for 10 bonus issue

2) On September 2009 there was right issue

3) There are no other reserve balances

What was the total amount received from the issue of shares for the year ended

December 31, 2010? (Tk.60,000/-)

Q6.  The following information is available in relation to the tax figures to be included in the

financial statements of Golden Ltd.

Particulars 2007 2006

Tax payable at Balance sheet  Tk.2,71,500/-  Tk.2,37,600/-

Tax charge in the income statement  Tk.2,69,700/-  Tk.2,19,800/-

What is the total tax paid during the year ended December 31, 2007? (Tk.2,35,800/-)

Q7.  Rodhall Ltd. has a property which cost Tk.1,00,000 on 01.01.2000. It had then an

estimated useful life of 50 years. On 01.01.2005 the property was revalued to

Tk.2,80,000/-. The company has no other non-current assets. How much will be credited

to Rodhall Ltd’s revaluation reserve on 01.01.2005? (Tk.1,90,000/-)

Q8.  If tax is under provided in the income statement for 2008 what effect will be incurred in

the following year income statement? (A reduction in profit for the year)

Q9.  What requires under BAS-8 a change in accounting estimate prospective application or

retrospective application?