Acca financial Accounting (FA) Study Text ac ca (FA)

What was the non-controlling interest share of the consolidated 

profit after tax for the year ended 31 March 20X7? 

$________  

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PRACTICE QUESTIONS 

500

 

KAPLAN PUBLISHING

 

Section B: Multi-task Questions (MTQ) 

1 

Symmetry

 

Symmetry is a limited liability entity. A trial balance as at 31 December 

20X1, together with supporting information, is presented below. 

Dr Cr 

 $ 

$ 

Revenue  

404,000

Purchases

140,000

Administrative expenses 

105,000 

Distribution expenses 

54,000 

Plant and machinery – cost 

120,000 

Plant and machinery – accumulated depreciation 

at 1 January 20X1 

 35,000 

Trade receivables 

30,500 

Allowance for receivables – 1 January 20X1 

3,000 

Inventory – 1 January 20X1 

16,000 

Share capital 

3,000 

Trade payables 

24,000 

Retained earnings – 1 January 20X1 

7,000 

6% Loan (20X3) 

100,000 

Income tax 

1,000 

Cash

110,500

Returns inwards 

1,000 

Returns outwards 

2,000 

––––––

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578,000 578,000

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The following notes are relevant to the preparation of the financial 

statements for the year ended 31 December 20X1: 

(i)

The current year tax liability has been estimated at $5,000.

(ii)

Trade receivables include $2,000 which is now considered

irrecoverable. The allowance for receivables needs to be increased

to $4,000.

(iii) The cost of inventory as at 31 December 20X1 was $14,000. This

included a damaged item of inventory which cost $100. It can be sold

for $130 if repaired. These repairs will cost $40.

(iv) No interest has been accrued on the loan, which was taken out on

1 September 20X1.

(v)

Plant and machinery is depreciated on a reducing balance basis at

the rate of 10%. Depreciation is charged to cost of sales.

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