2012最新ACCA考试-F3管理会计讲义Session 15

2012最新ACCA考试-F3管理会计讲义Session 15

Session 15 Incomplete records
　　Main contents:
　　1.The circumstances that lead to incomplete records
　　2.Net assets approach
　　3.Reconstruction of financial statements

　　15.1 The circumstances that lead to incomplete records
　　●Many smaller businesses keep very limited accounting information such as:
　　Daily records of cash
　　A file of invoices paid and wages paid
　　●In some cases the sole trader does not keep records, or losses all or part of them and therefore the information kept is incomplete. In these instances it is possible to reconstruct the financial statements from limited data.

　　15.2 Net assets approach
　　Accounting equation:
　　Capital = Net assets
　　Movements in capital during the accounting period:
　　Opening capital + Capital injections + Profit – Drawings = Closing capital
　　Therefore:
　　Increase net assets = Capital injection + Profit – Drawings
　　Jenna’s statement of financial position shows the company’s net assets at December 31 2008 as $2,000; net assets at December 31 2009 as $8,798. In the year her drawings totaled $ 14,600 and she introduced additional capital of $2,900.
　　What is Jenna’s net profit of loss for the year?
　　A.$4902 loss
　　B.$18,498 loss
　　C.$4,902 profit
　　D.$18,498 profit
　　Solution is D.
　　Since Increase net assets = Capital injection + Profit – Drawings
　　So（8,798- 2,000）= 2,900 + profit – 14,600
　　Profit = 6,789 -2,900 +14,600 = 18,498

　　15.3 Reconstruction of financial statements
　　Where limited financial information has been kept, it is possible to reconstruct the financial statements in full.
　　The technique:
　　●Use of ledger accounts to find a balancing figure
　　●Use of cost structure （ratios）
　　Using ledger accounts to find missing figures （the balancing figure approach）
　　It is used in Ledger accounts: i.e.
　　- Receivables
　　- Payables
　　- Cash at bank（hand）
　　to find missing figures in the relevant ledger account factors.
　　●Sales（Receivables） ledger control account
　　Example:
　　Suppose that opening receivables for B Rubble’s business are $30,000. There have been total receipts from customers of $55,000 of which $15,000 relates to cash sales and $40,000 relates to receipts from receivables. Discounts allowed in the year totaled $3,000 and closing receivables were $37,000.
　　What are total sales for the year?
　　A.$65,000
　　B.$50,000
　　C.$47,000
　　D.$62,000
　　Solution: is A
　　
　　Sales = Credit sales + Cash sales
　　　　　 = 50,000 + 15,000
　　　　　 = 65,000
　　●Purchase （payables） ledger control account
　　The opening payables of Dick Dastard-Lee’s business are $15,000. Total payments made to suppliers during the year were $14,000. Discounts received were $500 and closing payables were $13,000.
　　What are total purchases for the year?
　　A.$16,500
　　B.$16,000
　　C.$12,000
　　D.$12,500
　　Solution is D
　　
　　●Cash in hand （bank） account
　　On Jan 1 20x9, Simon’s bank account is overdrawn by $1,367. Payments in the year totaled
　　$8,536 and on 31 December the closing balance is $2,227. What are total receipts for the year?
　　A.12,900
　　B.14,900
　　C.13,100
　　D.12,130
　　00:22:54.
　　Solution is D
　　
　　Using cost structure to find missing figures
　　In some instances insufficient information is given to reconstruct both control accounts in full.
　　Two types of cost structure may be used:
　　●Gross profit margin
　　●Mark-up
　　Gross profit can be expressed as a percentage of either sales or cost of sales:
　　●Gross profit margin = （Gross profit/ sales） * 100%
　　●Mark up = （ Gross profit / COGS） *100%
　　Example 1:
　　Pad has sales of $1,000, Cost of Sales is 800, Gross profit is 200.
　　The gross profit margin is 200/1000 = 20%
　　The mark up is 200/800 = 25%
　　Example 2:
　　Jack Spratt provides the following information about his business:
　　Margin　　　　　　　　　　　　　　 20%
　　Sales　　　　　　　　　　　　 $100,000
　　Opening inventory　　　　　　　$10,000
　　Purchases　　　　　　　　　　　$82,000
　　Closing inventory after fire　　$3,000
　　What is the cost of inventory lost in the fire?
　　A.$12,000
　　B.$9,000
　　C.$69,000
　　D.$5,667
　　Solution: B
　　（Sales – COGS）/ Sales = 20%
　　（100,000 – COGS）/100,000 = 20%
　　COGS = 80,000
　　Opening Inventory + Purchase – Closing Inventory = COGS
　　10,000 + 82,000 – Closing inventory = 80,000
　　Closing inventory = 12,000
　　12,000-3,000= 9,000