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

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FINANCIAL REPORTING AND ETHICSBooks of Yellow LimitedOpening JournalDr CrFreehold property (45,000 + 13,000) 58,000Plant & Machinery (35,000 + 11,000) 46,000Stocks (68,276 + 15,200) 83,476Debtors (25,850 + 9,500) 35,350Bank (Bank taken over as reflected in the realisation account) 31,174138,000 ordinary shares of 1 each (125,000 + 13,000) 138,000Bank overdraft (1000+500+600) 2,1003 ½ % Debenture 60,000Sundry creditors (including creditorsfor dissolution expenses) 32,485Capital reserve (Balancing figure) 21,415Being assets and liabilities on amalgamation of Rose Ltd and Blacky Ltd.NoteAll figures on the credit side of the Journal are as on the credit side of the NewCompany account (Yellow Ltd.) and as in the books of the discontinuingbusinesses.Other JournalsDr CrBank 112,000Ordinary share capital 112,000Being proceeds from issue of 112,000 ordinary shares of1 each.Bank AccountVendor 31,174 Bal. c/d 143,174Ordinary shares 112,000 _______143,174 143,174Bal. b/d 143,174Ordinary Shares AccountBal. c/d 250,000 Vendor 138,000_______ Bank 112,000250,000 250,000Bal. b/d 250,00038
AMALGAMATION, ABSORPTION AND RECONSTRUCTIONYellow Ltd.Balance Sheet as at 31/12/08 (after amalgamation)NFixed Assets:Freehold property 58,000Plant and Machinery 46,000104,000Current Assets:Stocks 83,476Sundry debtors 35,350Bank 143,174262,000Creditors amount fallingdue within one yearSundry creditors 32,485Bank overdraft 2,100 (34,585)Net current assets 227,415Total assets less current liabilities 331,415Creditors amount falling dueafter more than 1 year3 ½ % Debenture (60,000)Net assets 271,415Financed by:Capital & ReservesAuthorized Issued &fully paidOrdinary shares of 1each 250,000 250,000Capital reserves 21,415Shareholders funds 271,4153.8 ABSORPTION, TAKE OVER OR PURCHASE OF BUSINESS3.8.1 Absorption involves a situation where a company takes overanother company.The company that is being taken over (that is, absorbed company) willlose its identity (that is, wind up) while the assets and liabilities of theabsorbing company will increase after the absorption. For example, ALtd can purchase or take over B Ltd to form a bigger A Ltd.39
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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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