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

PRACTICE QUESTIONS 

502

 

KAPLAN PUBLISHING

 

(c)

How should the 6% loan (20X3) be classified in the statement of

financial position as at 31 December 20X1? 

(1 mark) 

Selection

 

Non-current asset 

Current liability 

Non-current liability 

(d)

State whether the following statement is true or false. 

(1 mark)

The loan is disclosed in the statement of changes in equity.

True/False*

* Delete which does not apply

(e)

State the amounts to be included in the financial statements for

income tax in the financial statements for the year ended

31 December 20X1. 

(3 marks)

 

Profit or loss 

$ 

Statement of financial position 

$ 

 (Total: 15 marks) 

2 

Zbox

 

Zbox, an entity, is preparing its financial statements for the year ended 

31 December 20X1. A list of balances extracted as at that date was as 

follows: 

$

Revenue

760,000

Purchases

320,000

Administrative expenses 

145,000 

Distribution costs 

59,000 

Land and buildings – cost (land $200,000) 

500,000 

Buildings – accumulated depreciation at 1 January 20X1 

100,000 

Plant and equipment – cost 

400,000 

Plant and equipment – accumulated depreciation at 1 January 

20X1 

250,000 

Trade and other receivables 

65,000 

Allowance for receivables – 1 January 20X1 

1,000 

Inventory – 1 January 20X1 

43,000 

Issued share capital ($1 each) 

80,000 

Share premium 

30,000 

Trade and other payables 

42,000 

Retained earnings – 1 January 20X1 

325,000 

Cash  

59,000 

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