Financial Reporting and Ethics - The Institute of Chartered ...

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FINANCIAL REPORTING AND ETHICSMoonAll assets at book value, except cash; buildings and machinery to be depreciatedat the rate of 10%. Debentures will be redeemed by the Moon Company LimitedRising StarAll assets at book value, except goodwill and stock. All liabilities, exceptcreditors will be satisfied by paying in the form of stock-in-trade by the RisingStar Company.The new company will pay purchase consideration as follows:(a)(b)To Moon Company Limited:(i) 7,000 ordinary shares of 10 each(ii) 2,000 preference shares of 10 eachTo Rising Star Company Limited:(i) 5,000 ordinary shares of 10 each(ii) 2,000 preference shares of 10 eachRequired:Prepare(a) Realisation Accounts of Moon and Rising Star Companies.(b) Shareholders’ Accounts for Moon and Rising Star Companies.(c) Cash account of Moon Company.(d) Goodwill Account of Rising Star Company.(5) Balance Sheet of Sunshine Company Limited as at 31 st January, 2009.SUGGESTED SOLUTION 3.3WorkingsThe net assets and the purchase consideration of the two old companies haveto be determined and compared for identification of goodwill or capital reserve.Moon Company LimitedAssetsBuildings N50,000 - N5,000 (depreciation) 45,000Machinery N 20,000 - N2000(depreciation) 18,000Stock 26,000Debtors 12,000101,000Less Creditors 6,000Net Assets 95,00030
AMALGAMATION, ABSORPTION AND RECONSTRUCTIONLess purchase consideration (shares issued):7,000 ordinary shares 10 = N70,0002,000 pref. share 10 = N20,000 90,000Capital Reserve 5,000Rising Star Company LimitedAssets:BuildingsN30,000Machinery 25,000Debtors 2,00057,000Less bills payable 2,000Net Assets 55,000Less purchase consideration (shares issued):5,000 ordinary shares 10 = N50,0002,000 pref. shares 10 = N20,00070,000Goodwill 15,000ACCOUNTS FOR MOON COMPANYRealisation AccountNBuildings 50,000 Creditors 6,000Machinery 20,000 Sunshine (P.C) 90,000Stock 26,000 S/holders A/c (loss) 12,000Debtors 12,000 _______108,000 108,000Sunshine Company* PC is purchase considerationRealisation 90,000 Shareholders (shares) 90,000Shareholders AccountRealisation (loss) 12,000 Ordinary shares 100,000Sunshine (shares) 90,000 Profit and loss 5,000Cash 3,000 _______105,000 105,00031
Page 4: FINANCIAL REPORTING AND ETHICS1.3.3
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Page 19 and 20: 3AMALGAMATION, ABSORPTION ANDRECONS
Page 21 and 22: AMALGAMATION, ABSORPTION AND RECONS
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ANALYSIS AND INTERPRETATION OF FINA
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5ACCOUNTING STANDARDS5.0 LEARNING O
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ACCOUNTING STANDARDS(i)(ii)(iii)(iv
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ACCOUNTING STANDARDSThere is no SAS
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ACCOUNTING STANDARDS5.2.4 Borrowing
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ACCOUNTING STANDARDS(iii)Certain pe
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ACCOUNTING STANDARDSby venture capi
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ACCOUNTING STANDARDSIFRS 7 Financia
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ACCOUNTING STANDARDSactivity, non-c
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ACCOUNTING STANDARDSin the year inc
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ACCOUNTING STANDARDS(v)(vi)(vii)whe
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ACCOUNTING STANDARDS(v)Actions requ
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ACCOUNTING STANDARDSAccounting stud
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6ETHICAL FRAMEWORK, CONCEPTSAND VAL
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ETHICAL FRAMEWORK, CONCEPTS AND VAL
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7THE ENVIRONMENT: CORPORATE,PROFESS
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THE ENVIRONMENT: CORPORATE, PROFESS
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8PROFESSIONAL ETHICS8. 0 LEARNING O
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PROFESSIONAL ETHICSobjectivity are
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PROFESSIONAL ETHICS(c)(d)The type o
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PROFESSIONAL ETHICSabout conflicts
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PROFESSIONAL ETHICS(d)(e)Confidenti
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PROFESSIONAL ETHICSA. III onlyB. II
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9DECISION MAKING IN ETHICS9. 0 LEAR
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DECISION MAKING IN ETHICS9.2 A FRAM
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ETHICAL THREATS AND SAFEGUARDS(d)We
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DECISION MAKING IN ETHICS4. A perso
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10ETHICAL THREATS TS AND SAFEGUARDS
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ETHICAL THREATS AND SAFEGUARDS(iv)(
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ETHICAL THREATS AND SAFEGUARDSto th
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ETHICAL THREATS AND SAFEGUARDSpayab
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ETHICAL THREATS AND SAFEGUARDS(a)Fi
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ETHICAL THREATS AND SAFEGUARDSimmin
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ETHICAL THREATS AND SAFEGUARDSHowev
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ETHICAL THREATS AND SAFEGUARDS(iii)
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11CORPORATE GOVERNANCE11.0 LEARNING
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CORPORATE GOVERNANCE11.3.1 Nature(a
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CORPORATE GOVERNANCEThe company sho
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CORPORATE GOVERNANCEtrust, possible
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CORPORATE GOVERNANCEAn agent has im
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CORPORATE GOVERNANCE(a)(b)(c)(d)(e)
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CORPORATE GOVERNANCE11.6.1 The law
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CORPORATE GOVERNANCEILLUSTRAUSTRATI
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CORPORATE GOVERNANCEimitated. They
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CORPORATE GOVERNANCE(a)(b)Greenbury
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CORPORATE GOVERNANCE11.9.2 Boards d
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CORPORATE GOVERNANCErelationship wi
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CORPORATE GOVERNANCE(e)(f)(g)(h)(i)
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CORPORATE GOVERNANCE(vi)Inquisitive
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CORPORATE GOVERNANCE(e)ConsultancyA
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CORPORATE GOVERNANCEThe incoming au
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CORPORATE GOVERNANCEIn summary, acc
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CORPORATE GOVERNANCEAccording to Th
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CORPORATE GOVERNANCE3. A body corpo
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12SOCIAL AND ENVIRONMENTALISSUES IN
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SOCIAL AND ENVIRONMENTAL ISSUES IN
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APPENDIX ISUGGESTED SOLUTIONS TO RE
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SUGGESTED SOLUTIONS TO REVISION QUE
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SUGGESTED SOLUTIONS TO REVISION QUE
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APPENDIX IICOMPREHENSIVE QUESTIONS
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COMPREHENSIVE QUESTIONS AND SUGGEST
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APPENDIX IIICASE STUDY 1Karsashi, a
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CASE STUDIES(iii)(iv)The floor sale
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CASE STUDIESShare price and dividen
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CASE STUDIESSUGGESTED SOLUTION(A) A
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CASE STUDY 3The following informati
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CASE STUDIESCASE STUDY 4Ologobojo i
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APPENDIX IVTable 1:SUMMARY OF INTER
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SUMMARY OF INTERNATIONAL ACCOUNTING
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APPENDIX VGLOSSARY OF TERMSAbsorpti
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GLOSSARY OF TERMSEthical Objectivis
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APPENDIX VIBIBLIOGRAPHYChambers Ham
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APPENDIX VIISTUDY AND EXAMINATION T
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STUDY AND EXAMINATION TECHNIQUES7.3
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INDEXAAbsorption, 17, 19, 39, 40, 4
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INDEXProfessional Behaviour, 136, 1
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