Semester 1 Week 4 Tutorial 2

Question 1

You are required to prepare, in line with IAS 1, a set of financial statements based on the
following information.

Additional information:
Inventories as at 31 December 20X1 were
Raw materials 113
Work in progress 38
Finished goods 278
Total 429
Depreciation for the year has already been correctly calculated and is included in
manufacturing overheads.

Answer 1

https://strath-my.sharepoint.com/:x:/r/personal/keira_stephen_2022_uni_strath_ac_uk/Documents/AG218%20Tutorial%202%20worked%20solutions.xlsx?d=wd42b9040c0e2436d84f22a51b1a21838&csf=1&web=1&e=r1DBQj

Find the correct set of statements by reading the company name at the bottom.

Question 2

Prepare, in line with IAS 1, a set of financial statements for GHI Ltd.
GHI Ltd.
Trial Balance as at 31 December
20X1

Answer 2

https://strath-my.sharepoint.com/:x:/r/personal/keira_stephen_2022_uni_strath_ac_uk/Documents/AG218%20Tutorial%202%20worked%20solutions.xlsx?d=wd42b9040c0e2436d84f22a51b1a21838&csf=1&web=1&e=r1DBQj

Find the correct set of statements by reading the company name at the bottom.

Question 3

Prepare a set of financial statements, in line with IAS 1, using the following information.
NOP Plc
Trial Balance as at 31 December 20X4

Additional Information:
A full year’s depreciation is charged in the year of purchase with none in the year of sale.
Depreciation should be included as “administrative expenses” in the P&L.

Answer 3

https://strath-my.sharepoint.com/:x:/r/personal/keira_stephen_2022_uni_strath_ac_uk/Documents/AG218%20Tutorial%202%20worked%20solutions.xlsx?d=wd42b9040c0e2436d84f22a51b1a21838&csf=1&web=1&e=r1DBQj

Find the correct set of statements by reading the company name at the bottom.

Question 4

Prepare a set of financial statements, in line with IAS1, using the following information.
TUY Plc.
Trial Balance as at 31 December 20X7

Additional Information:
1. The inventory was counted at 31 December 20X7 and valued at £25,000.
2. The acquisition of a piece of machinery for £12,000 has been posted incorrectly to
the repairs account. No adjustment has yet been made in respect of this error.
3. The balance on the disposals account represents the proceeds of the disposal of a
delivery vehicle which had originally cost £30,000 and had been depreciated by
£13,000. No other entries have been made in respect of this transaction.
4. Depreciation has still to be charged as follows:
Machinery – 10% straight line
Warehouse – 2% straight line
Computer – 20% straight line
Delivery vehicles – 25% reducing balance

Answer 4

https://strath-my.sharepoint.com/:x:/r/personal/keira_stephen_2022_uni_strath_ac_uk/Documents/AG218%20Tutorial%202%20worked%20solutions.xlsx?d=wd42b9040c0e2436d84f22a51b1a21838&csf=1&web=1&e=r1DBQj

Find the correct set of statements by reading the company name at the bottom.