Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 72 views

    Bheverlynn Corporation Data Set

    Uploaded by

    Daisy Macuroy Purca
    The document provides the statements of financial position as of March 31, 2018 and 2017 and the statement of comprehensive income for the year ended March 31, 2018 for Bheverlynn Corporation. It also provides notes with additional financial information. The required task is to prepare a statement of cash flows for the corporation for the year ended March 31, 2018 using the indirect method in accordance with IAS 7.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Bheverlynn Corporation Data Set

    Uploaded by

    Daisy Macuroy Purca
    72 views2 pages
    The document provides the statements of financial position as of March 31, 2018 and 2017 and the statement of comprehensive income for the year ended March 31, 2018 for Bheverlynn Corporation. It also provides notes with additional financial information. The required task is to prepare a statement of cash flows for the corporation for the year ended March 31, 2018 using the indirect method in accordance with IAS 7.

    Original Description:

    DATA

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document provides the statements of financial position as of March 31, 2018 and 2017 and the statement of comprehensive income for the year ended March 31, 2018 for Bheverlynn Corporation. It also provides notes with additional financial information. The required task is to prepare a statement of cash flows for the corporation for the year ended March 31, 2018 using the indirect method in accordance with IAS 7.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    72 views2 pages

    Bheverlynn Corporation Data Set

    Uploaded by

    Daisy Macuroy Purca
    The document provides the statements of financial position as of March 31, 2018 and 2017 and the statement of comprehensive income for the year ended March 31, 2018 for Bheverlynn Corporation. It also provides notes with additional financial information. The required task is to prepare a statement of cash flows for the corporation for the year ended March 31, 2018 using the indirect method in accordance with IAS 7.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    BAC 517 – Auditing in CIS Environment Midterm Exam

    Problem 1
    Below are the statements of financial position of Bheverlynn Corporation as at March 31, 2018 and March 31, 2017, together with
    the statement comprehensive income for the year ended March 31, 2018.

    BHEVERLYNN CORPORATION
    STATEMENTS OF FINANCIAL POSITION
    AS AT MARCH 31, 2018 AND 2017
    (In Pesos)

    2018 2017

    ASSETS
    Noncurrent Assets
    Property, plant and equipment 925,000 737,000
    Intangible assets 290,000 160,000
    Total Noncurrent Assets 1,215,000 897,000

    Current Assets
    Inventories 360,000 227,000
    Trade receivables 274,000 324,000
    Investments 143,000 46,000
    Cash 29,000 117,000
    Total Current Assets 806,000 714,000

    TOTAL ASSETS 2,021,000 1,611,000

    EQUITY AND LIABILITIES


    Equity
    Share capital – P1 ordinary shares 500,000 400,000
    Share premium 350,000 100,000
    Revaluation surplus 160,000 60,000
    Retained earnings 229,000 255,000
    Total Equity 1,239,000 815,000

    Noncurrent Liabilities
    6% debentures 150,000 100,000
    Finance lease liabilities 100,000 80,000
    Deferred tax liability 48,000 45,000
    Total Noncurrent Liabilities 298,000 225,000

    Current Liabilities
    Trade payables 274,000 352,000
    Accruals and other current liabilities 132,000 54,000
    Finance lease liabilities 17,000 12,000
    Income tax payable 56,000 153,000
    Debenture interest 5,000 –
    Total Current Liabilities 484,000 571,000

    TOTAL EQUITY AND LIABILITIES 2,021,000 1,611,000

    BHEVERLYNN CORPORATION
    STATEMENT OF COMPREHENSIVE INCOME
    FOR THE YEAR ENDED MARCH 31, 2018
    (In Pesos)

    2018
    REVENUE 1,476,000
    COST OF SALES (962,000)
    GROSS PROFIT 514,000
    OPERATING EXPENSES (157,000)
    FINANCE COSTS (15,000)
    INCOME BEFORE INCOME TAX 342,000
    INCOME TAX EXPENSE (162,000)
    NET INCOME 180,000
    OTHER COMPREHENSIVE INCOME:
    Gain on revaluation of property, plant, and equipment 100,000
    TOTAL COMPREHENSIVE INCOME 280,000

    Page 1 of 2
    BAC 517 – Auditing in CIS Environment Midterm Exam

    Notes:
    a) During 2018, amortization of P60,000 was charged on intangible assets.

    b) During 2018 items of property, plant and equipment with a carrying amount of P103,000 were sold for P110,000. Profit on
    sale was netted off against 'operating expenses'.

    Depreciation charged in the year on property, plant and equipment totaled P57,000. Bheverlynn purchased P56,000 of
    property, plant and equipment by means of finance leases, payments being made in arrears on the last day of each accounting
    period.

    c) The following is the ending balances of allowance for asset impairment:

    2018 2017
    Receivables P21,000 P43,000
    Inventory 59,000 18,000

    Movements in allowance for asset impairment is included in “operating expenses”.

    d) The current asset investments are government bonds and management has decided to class them as cash equivalents.

    e) The new debentures were issued on April 1, 2017. Finance cost includes debenture interest and finance lease finance charges
    only.

    f) During the year Bheverlynn made a 1 for 8 bonus issue, capitalizing its retained earnings, followed by a rights issue.

    Required:
    Prepare a statement of cash flows for Bheverlynn Corporation in accordance with IAS 7 Statement of Cash Flows using the indirect
    method.

    -END-

    Page 2 of 2

    You might also like