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(ii) The answers to any questions that the potential investors may raise in connection with the maximum
possible investment, borrowing to finance the subscription and the implications of selling the shares.
(7 marks)
Note: you should assume that Vostok Ltd and its trade qualify for the purposes of the enterprise investment
scheme and you are not required to list the conditions that need to be satisfied by the company, its
shares or its business activities.
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更多 “ (ii) The answers to any questions that the potential investors may raise in connection with the maximumpossible investment, borrowing to finance the subscription and the implications of selling the shares.(7 marks)Note: you should assume that Vostok Ltd and its trade qualify for the purposes of the enterprise investmentscheme and you are not required to list the conditions that need to be satisfied by the company, itsshares or its business activities. ” 相关考题
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(b) Explain how Perfect Shopper might re-structure its upstream supply chain to address the problems identifiedin the scenario. (10 marks)
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(b) Misson has purchased goods from a foreign supplier for 8 million euros on 31 July 2006. At 31 October 2006,the trade payable was still outstanding and the goods were still held by Misson. Similarly Misson has sold goodsto a foreign customer for 4 million euros on 31 July 2006 and it received payment for the goods in euros on31 October 2006. Additionally Misson had purchased an investment property on 1 November 2005 for28 million euros. At 31 October 2006, the investment property had a fair value of 24 million euros. The companyuses the fair value model in accounting for investment properties.Misson would like advice on how to treat these transactions in the financial statements for the year ended 31October 2006. (7 marks)Required:Discuss the accounting treatment of the above transactions in accordance with the advice required by thedirectors.(Candidates should show detailed workings as well as a discussion of the accounting treatment used.)
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2 The draft financial statements of Choctaw, a limited liability company, for the year ended 31 December 2004 showeda profit of $86,400. The trial balance did not balance, and a suspense account with a credit balance of $3,310 wasincluded in the balance sheet.In subsequent checking the following errors were found:(a) Depreciation of motor vehicles at 25 per cent was calculated for the year ended 31 December 2004 on thereducing balance basis, and should have been calculated on the straight-line basis at 25 per cent.Relevant figures:Cost of motor vehicles $120,000, net book value at 1 January 2004, $88,000(b) Rent received from subletting part of the office accommodation $1,200 had been put into the petty cash box.No receivable balance had been recognised when the rent fell due and no entries had been made in the pettycash book or elsewhere for it. The petty cash float in the trial balance is the amount according to the records,which is $1,200 less than the actual balance in the box.(c) Bad debts totalling $8,400 are to be written off.(d) The opening accrual on the motor repairs account of $3,400, representing repair bills due but not paid at31 December 2003, had not been brought down at 1 January 2004.(e) The cash discount totals for December 2004 had not been posted to the discount accounts in the nominal ledger.The figures were:$Discount allowed 380Discount received 290After the necessary entries, the suspense account balanced.Required:Prepare journal entries, with narratives, to correct the errors found, and prepare a statement showing thenecessary adjustments to the profit.(10 marks)
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(ii) Briefly discuss FOUR non-financial factors which might influence the above decision. (4 marks)
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(c) Suggest ways in which each of the six problems chosen in (a) above may be overcome. (6 marks)
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(b) (i) State the condition that would need to be satisfied for the exercise of Paul’s share options in Memphisplc to be exempt from income tax and the tax implications if this condition is not satisfied.(2 marks)
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A new internal auditor, Daisy Rosepetal, has recently joined Bluebell Co. She has been asked by management toestablish and to monitor a variety of social and environmental Key Performance Indicators (KPIs). Daisy has noexperience in this area, and has asked you for some advice. It has been agreed with Bluebell Co’s audit committeethat you are to provide guidance to Daisy to help her in this part of her role, and that this does not impair theobjectivity of the audit.(c) Recommend EIGHT KPIs which could be used to monitor Bluebell Co’s social and environmentalperformance, and outline the nature of evidence that should be available to provide assurance on theaccuracy of the KPIs recommended. Your answer should be in the form. of briefing notes to be used at ameeting with Daisy Rosepetal. (10 marks)Note: requirement (c) includes 2 professional marks.
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Background informationB-Star is a theme park based on a popular series of children’s books. Customers pay a fixed fee to enter the park,where they can participate in a variety of activities such as riding roller-coasters, playing on slides and purchasing themed souvenirs from gift shops.The park is open all year and has been in operation for the last seven years. It is located in a country which has very little rainfall – the park is open-air so poor weather such as rain results in a significant fall in the number of customers for that day (normally by 50%). During the last seven years there have been on average 30 days each year with rain.B-Star is now very successful; customer numbers are increasing at approximately 15% each year.Ticket salesCustomers purchase tickets to enter the theme park from ticket offices located outside the park. Tickets are only valid on the day of purchase. Adults and children are charged the same price for admission to the park. Tickets are preprinted and stored in each ticket office.Tickets are purchased using either cash or credit cards.Each ticket has a number comprising of two elements – two digits relating to the ticket office followed by six digits to identify the ticket. The last six digits are in ascending sequential order.Cash sales1. All ticket sales are recorded on a computer showing the amount of each sale and the number of tickets issued.This information is transferred electronically to the accounts office.2. Cash is collected regularly from each ticket office by two security guards. The cash is then counted by twoaccounts clerks and banked on a daily basis.3. The total cash from each ticket office is agreed to the sales information that has been transferred from each office.4. Total cash received is then recorded in the cash book, and then the general ledger.Credit card sales1. Payments by credit cards are authorised online as the customers purchase their tickets.2. Computers in each ticket office record the sales information which is transferred electronically to the accounts office.3. Credit card sales are recorded for each credit card company in a receivables ledger.4. When payment is received from the credit card companies, the accounts clerks agree the total sales values to the amounts received from the credit card companies, less the commission payable to those companies. The receivables ledger is updated with the payments received.You are now commencing the planning of the annual audit of B-Star. The date is 3 June 2009 and B-Star’s year end is 30 June 2009.Required:(a) List and explain the purpose of the main sections of an audit strategy document and for each section, provide an example relevant to B-Star. (8 marks)(b) (i) For the cash sales system of B-Star, identify the risks that could affect the assertion of completeness of sales and cash receipts; (4 marks)(ii) Discuss the extent to which tests of controls and substantive procedures could be used to confirm theassertion of completeness of income in B-Star. (6 marks)(c) (i) List the substantive analytical procedures that may be used to give assurance on the total income fromticket sales for one day in B-Star;(ii) List the substantive analytical procedures that may be used to give assurance on the total income fromticket sales in B-Star for the year. (8 marks)(d) List the audit procedures you should perform. on the credit card receivables balance. (4 marks)
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