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_______________________________________ACCOUNTING 2 A MODULE

CODE

CAC 2106

1.0 The Manufacturing Account

A manufacturing entity transforms basic raw materials into marketable products. During the
manufacturing process costs are incurred which eventually forms the basis for calculating the
cost price of the manufactured products.
Manufacturing accounts are prepared for internal management use only. The Company will be
producing its own finished goods. Their purpose is to distinguish between the cost and
profitability associated with manufacturing operations and those associated with trading. The
manufacturing business will produce its own finished goods rather than buy them from others
thus purchases will be replaced by the cost of manufacture. Our task is to construct the
manufacturing account in which the cost of manufacturing goods will be ascertained.

1.1 Format
Manufacturing account for the year ended 31 Dec 2009
$

Direct materials
Opening stock of raw materials

Add purchases of raw materials

Carriage inwards

Less returns

Less closing stock of raw materials

Direct labour

*
*

Direct expenses

= Prime cost

Production overheads

Production cost

**

Add opening work in progress

Less closing work in progress

Cost of goods manufactured

**

1.2 Production costs

Direct material
Direct labour
Direct expenses

= prime cost

+
overheads

= production costs

1.3 DIRECT COSTS

Applies to costs, which can be readily associated with the product, i.e. its possible to trace the
cost of making an item to the item being manufactured. Include the following:

Direct materials: These are the materials used in the manufacturing process, which directly varies
with production.
Direct labour: relates to labour costs of factory staff who are directly involved in the
manufacturing of the products.
Direct expenses

1.4 INDRECT EXPENSES

Production overheads: all other expenses that are incurred in the manufacturing process. Theses
are fixed costs because they do not vary with production and are charged to products using basis
of apportionment which include the following:

Floor space
No of employees
Property valuation

1.5 CLOSING INVENTORIES

Ra w materials: unprocessed inventory
Work in progress: partly completed inventory
Finished goods: completed inventory.

1.6 Manufacturing profit

Market value of goods transferred
The purpose of a manufacturing account is to determine whether the firm benefits or loses out by
manufacturing the goods rather than buying them from the open market. To determine the
manufacturing profit or loss, the market value (sometimes called transfer value) is established. In
such a case any unsold goods will contain an element of manufacturing profit not yet realized.
Therefore, a provision for unrealized profit must be created.
The manufacturing profit is added to the total cost of the finished products manufactured to give
the costs of the finished products that are transferred to the sales department

On the trading account the manufacturing profit is added as other income after gross profit.

Provision for unrealized profit on finished inventory

Accounts affected are the
Other income
Manufacturing profit

Less /add provision for unrealized profit

(*)

Profit

Statement of financial position

Stock

Less provision for unrealized profit

(*)

NB Calculation of unrealized profit where goods are transferred at a cost plus 33 and 1/3 %
Stock figure is at 1.3333
Therefore provision = stock figure *. 33333
1.33333

Mark up =Gross profit

Cost of sales

Margin =Gross profit

Sales

Mark up to Margin
Margin =

Mark up
Mark up +100

Margin to Mark up
Mark up = Margin
100 - Margin

The provision account

31 Dec 2008

Bal c/d

b/d

* Dec2008 Profit and loss

* 2009 bal

NB it is possible to meet a situation where manufactured stock fall and accordingly the
manufacturing profit may simply be increased by the addition of provision for unrealized profit
no longer required.

1.7 Apportionment of expenses

Costs, which are not identifiable with any cost centre, are apportioned using basis of
apportionment. The basis used will depend on the circumstances using the most equitable way of
doing it

Example 1

J H is a manufacturer. He presents you with the following list of balances and requests that you
construct the manufacturing and the statement of comprehensive income for the year ended 31
December 2008

$ $ Advertising 1154 Audit fee 420 Bank charges 98 Carriage inwards 2405 Insurance
105 Loan interest 2000 Office equipment at cost 6400 Office salaries 8250 Office lighting
and heating 110 Plant maintenance 1246 Plant at cost 46505 Postage and telephones 326
Factory power and lighting 2051 Rates 940 Sales 256490 Purchases 107475 Sales
department salaries 3242 Stock of raw materials 1 Jan 2008 16425 Stock of finished goods 1
Jan 2008 7292 Stock of work in progress 1 Jan 2008 2417 Factory wages 29640

Additional notes:
Stock as at 31 December 2008
Raw materials

19047

Work in progress

2160

Finished goods (600 units)

6000

Depreciation for the year is to be provided for at the rate of 20% on cost for plant at 15% on cost
for office equipment.
There is an amount of $247 outstanding for factory power and lighting. The rates are prepaid to
the extent of $300
A provision is to be made for doubtful debts.
20000 units of completed production were transferred to the selling dept at $10each.

Solution

JH
Manufacturing and the statement of comprehensive income for the year ended 31 December
2008

$ $ Opening stock of raw materials 16425 Purchases of raw materials 107475 Add carriage
inwards 2405

109880

126305 Less closing stock 19047

Prime cost 136898 Production overheads

Power and lighting 2298 12845

107258 Direct wages 29640

Plant maintenance 1246 Plant Depreciation 9301

149743 Add opening work in progress 2417 Less closing

work in progress 2160 257 Production cost 150000 Transfer value of goods (20000*10 )
200000 Profit 50000
Sales 256490 Less cost of goods sold
200000

Opening stock of finished goods 7292 Transfer value

207292 Less closing stock of finished goods 6000 201292 Gross profit 55198

Factory profit 50000 Add Provision unrealized profit 323 50323

Selling and distribution
debts 256

Less expenses

Sales dept salaries and expenses 3242 Advertising 1154 Doubtful

4652 Administrative expenses

Rates 640 Insurance 105 Office lighting

and heating 110 Depreciation of office equipment 960 Audit fees 420 Office salaries 8250
Postage and telephones 326 Bank charges 98
2000

17561 Profit for the year 87960

10909

Finance costs

Loan interest

2.0 Statements of Cash Flows (IAS 7)

2.1 In order for a business to survive the ability to make profits may not be enough. It is also
important for a business to generate sufficient cash to meet maturing obligations and to pursue
all the opportunities desired by management. History has shown that profitable businesses can be
severely restricted as a result of inadequate management of cash. Therefore businesses should
pay great attention to both liquidity and profitability if they are to succeed.

IAS 7 requires Cash flow statements to be presented together with other financial statements .It
is a statement which shows cash inflows and outflows during the accounting period .The purpose
of this statement is to reveal to users how cash was generated and used by the company during
the period under review. Therefore there is need for cash situation indicating sources and uses
the reason being that many businesses fail and are wound up because of cash shortages despite
adequate profits being made. Cash flow statements can signal the development of a problem.
Basically it shows where the cash resources came from and have gone. A Cash flow statement
gives a guide to the quality of the companys profits. Profits are not necessarily a reliable
measure of the companys performance. Companies can adjust profits to suit their own purpose

using accruals or matching concept or provisions. However to be successful in business a

company must make a profit.

2.2 Importance

Users of financial statements specifically need information on the following issues:

Management and shareholders are interested in the companys ability to increase cash.
Companys ability to generate cash, timing and certainty that it will be generated sufficient
profits are made to finance bus activities. Shareholders are also interested in whether the
company will fund dividend payments, however dividend payment levels must not preclude
reinvestment that is necessary to ensure future viability.
Help explain the existence of an overdraft Why the bank balance is high when there is a loss
Legal need for some companies to prepare them
Help determine the cash flows which the business may be able to generate in the future
How far the bus will be able to meet future commitments tax dues loan repayments interest
payments, contracts that could possibly lose quite a lot of money. Non payment could cause
viability problems
The need of the company to utilize the cash flows because the companys survival in business
depends on the ability to generate cash.
Its more comprehensive than profit, which depends on the accounting conventions and concepts.
Creditors are more interested in a companys ability to repay them than in its profitability i.e.
profit indicate that cash is likely to be available but cash flow accounting is more direct.
Enables comparisons of results of different companies to be made.
Cash flow forecasts are easier to prepare and more useful than profit forecast.
Reporting cash flows satisfy the needs of all users better.

2.3 Definition of terms

Cash flow is simply a summary of the cash receipts and payments of a business
Cash: cash on hand and deposits
Cash equivalent: are highly liquid short-term investments that are held for the purpose of
meeting short-term commitments (readily convertible into cash}.
Operating activities: the principal revenue producing activities of the company. Operating
activities represent the main activities that a business entity performs to generate profits or
revenue. They include the cash receipts from customers and cash payments to suppliers and
employees.

Investing activities: it results from the acquisition or disposal of non current assets e. g long
term assets and other investments not included in cash equivalent.

Investment in PPE
Replacement of PPE

(*)
(*)

Additions to PPE

(*)

Proceeds from sale of PPE

Acquisition of investments

(*)

Proceeds from sale of investments

Net cash flow from investing activities

*
**

NB On disposal of non current assets a disposal account must be prepared to calculate the actual
amount received and to determine the profit or loss on disposal.

Financing activities: These are the activities that result in changes in the size and composition of
the equity capital and borrowings of a business entity. The cash flows can be determined by
comparing the two balance sheets or by using the statement of changes in equity.

The cash and cash equivalents: this is the final balance of the cash flow statement and shows the
increase or decrease in cash during the period. This indicates to users whether or not the
company has experienced a net cash inflow during the year. This enhances the understanding of

the liquidity position of the company. Secondly users can easily identify the sources of cash
inflows (external financing vs. internally generated) and the uses to which that cash has been put.

Note:
Interest and dividends received and paid may be classified as operating, investing or financing
cash flows provided that they are classified consistently from period to period. (IAS 7.31)

Taxation: cash flow arising from taxes on income are normally classified as operating unless
they can be specifically identified with financing or investing activities (IAS 7 .35)
.
For the purpose of cash flows, the activities of an entity are categorized into 3 main classes;

2.4 Objective of the statements of cash flows

The objective of the cash flow statement is to provide useful information regarding the historical
changes in cash and cash equivalents of the entity.
The statement of cash flows enables the users of financial statements to formulate an opinion and
make a better estimate of the cash performance of an entity.

Users may find the information beneficial for the following purposes;
to formulate an opinion regarding the risk profile of an entity by paying particular attention to the
ability of an entity to;
pay interest and dividends;
make capital repayments on borrowed funds;
access the correct resources of financing;
to forecast the cash which will probably be available in the future to finance expansions
to determine which sources of cash have been used to finance operating and investing activities
to evaluate whether the entity is capable of generating sufficient cash flows from operating
activities so that a part of it can be ploughed back into the entity

to evaluate the timing and certainty of generated cash in order to assess the ability of the entity to
adapt to changing circumstances.
to enhance the comparability of operating results of entities by eliminating the effect of different
accounting policies.
to assess the relationship between the profitability and cash flows the entity.

The provision of cash flow information is primarily aimed at more effectively informing users
about the liquidity and solvency of the entity. This information is of utmost importance as cash
deficits could result in the financial failure of an entity, hence the statement of cash flow could
recognize possible problems; in this regard timeously,as it provides better quality information
regarding the timing amounts of cash flows of an entity.

2.5 Elements of cash flow statements

The cash flow statement balances to cash and cash equivalents. In the statement, the cash flows
are categorized as follows:
Cash flow from operating activities
Cash flow from investing activities, and
Cash flow from financing activities.
It is obvious that these three categories are mathematically related in that cash retained from
operating activities plus the cash effects from financing activities are used in the investing
activities. Conversely, cash retained from operating activities may be utilized from both
investing and financing activities. Other combination also exits. The Standard is not prescriptive
as to the format of the cash flow statement, suggesting instead that the format most appropriate
to the particular business be used to reflect the cash flow from operating, financing and investing
activities. Cash flow from the transaction may for example, be disclosed under two activities,
such as the repayment of the loan shown under financing activities, while the payment of interest
is sown under operating activities. Furthermore, items such as interest and dividends maybe
shown under operating, investing or financing activities.

2.5.1 Cash and cash equivalents

Cash consist of cash on hand and demand deposits, while cash equivalents consist of short-term
highly liquid investments that are readily convertible to known amounts of cash that are subject
to significant risk of changes in value. Short- term is usually vied as three months or less from
date of acquisition. Equity investments usually do not meet the requirements of classification as
cash equivalents, while bank overdrafts normally do. Note that cash movements between cash
and cash equivalents are not reflected separately as they are part of the normal cash management
activities of the entity to which the cash flow statement reconciles. The reporting entity discloses
the accounting policy for determining cash and cash equivalents and discloses the components
and a reconciliation of the components to the equivalent items in the balance sheet. If the policy
is adopted for determining components is changed by the entity, it is accounted for accordance
with IAS 8 on accounting policies, changes in accounting estimates errors. If cash and cash
equivalents are held in a foreign currency and are subsequently converted to the reporting
currency, the effect of the exchanging rate charges will form part of the reconciliation cash and
cash equivalents.

2.5.2 Cash flow from operating activities

Operating activities are normally the chief revenueproducing activities of the entity, including
also other activities that do not constitute investing or financing activities. The cash generated
from operating activities is normally the cash effect of transactions and other events that are used
in determining the profit or loss of an entity. This represents the difference between the cash
received from customers during the period and cash paid in respect of goods and services. It also
includes cash receipts from royalties fees, commissions and other revenues, cash payments to
and on behalf of employees, cash payments or refunds of income taxes and cash receipts and
payments from contracts held for dealing or trading purposes, since such contracts constitute the
inventory of the popular entity. In the case of an insurance entity, cash receipts and payments for
premiums and claims, annuities and other policy benefits are also included.
The figure for cash flow from operating activities enables the users of the financial statement to
evaluate the cash component of the normal operating activities for the period, and in doing so to
gauge the quality of the earnings. Also, it gives an indication of the extent to which the
operations of the entity have generated sufficient cash flows to repay loans, maintain the
operating capability of the entity, pay dividends and make new investments without having to

sort to external sources of financing. Cash generated from operations is calculated in one of two
ways and is disclosed as such in the cash flow statement namely;
The indirect method, or
The direct method
Although the standard encourages entities to use the direct method to report cash flows from
operating activities, no prescriptive guidance is given in IAS 7 as to under which circumstances
the respective method to be used. This situation calls for the application of consistency in terms
of IAS 8. If a Standard allows an explicit choice of accounting policy, but is silent on the manner
of exercising that choice, an entity should choose and apply consistently one of those accounting
policies. In this case it means that the entity should decide whether it wants to use the direct or
indirect method in the cash flow statement. Once the choice is made, the chosen method should
be applied consistently from year to year.

The indirect method

Under this method, cash generated by operations comprises two components, namely profit
before working capital changes and changes in working capital, which are disclosed accordingly;
Profit before working capital changes. This figure is calculated by adjusting the profit before tax
for investment income and interest changes and for those items which do not involve the flow of
cash. Examples of the latter include depreciation charges, impairment of goodwill, profit or loss
on disposal of property plant and equipment, and unrealized foreign exchange gains or losses,
fair value adjustments to investment property and financial assets and undistributed profit of
associates and minority interest. Profit before working capital changes may, alternatively, be
shown as the difference between revenue and expenses. In this case, only these three figures will
be disclosed in the cash flow statement.
Changes in working capital. Movements in working capital, in other words, changes in current
assets and current liabilities, are taken in consideration in determining the cash generated from
operations. The following items are included amongst these: inventories, receivables, bills
receivable, payables, provisions, bills payable as well as income accrued, income received in

advance, expenses both payable and prepaid. However this does not include taxation and
dividends payable, as these are dealt with individually in the cash flow statement. In addition, cas
h at bank, cash in hand and cash equivalents such as money market instruments are also excluded
from the calculation, as these represent the opening and closing balances respectively of the cash
flow statement.

The direct method

In this method cash generated by operations is disclosed as being the difference between the two
following items;
Gross cash receipt from customers, and
Gross cash paid to suppliers and employees.
Only the major classes of gross cash receipts and payments are disclosed accordance with the
method. These two figures cannot be reduced directly from the income statement, and they
therefore provide additional useful information which can be used in estimating future cash
flows. The figures are determined either by referring to the entitys accounting records or making
the necessary additional calculations. For a trader, these additional calculations entail adjusting
sales and cost of sales for changes in inventory, receivables, payables and non-cash items, and
other items for which the cash effects are investing or financing cash flows.

2.5.3 Cash flow from investing activities

Investing activities are those which relate to the acquisition and disposal of long term assets and
other investments, which do not fall within the definition of each equivalent.
Examples of cash flow arising from investing activities;
To acquire property, plant and equipment, including capitalized development cost and self
constructed property, plant and equipment, intangible assets and other long term assets
From the disposal of property, plant and equipment, intangible assets and other long term assets
To acquire equity or debt instruments of other entities and interest in joint venture
Representing advances and loans to or from other parties or their repayment
For financial future contracts forward contracts, options and swap contracts, except where these
are held for speculative purposes or if they are classified as financial activities.

Method of presenting the cash flow statements

(a)

Indirect Method

XYZ LTD
Statement of Cash Flows for the Year Ended 31 December 2009

Cash flows from Operating Activities

Net Profit before interest and taxation

$
XXXX

Adjustment for:
- Depreciation

XX

- Increase in Provision Doubtful Debts

XX

- Loss on disposal of fixed assets

XX

- Investment Income (Dividend Received)

(XX)

Operating Profit before Working Capital changes

Increase in Trade and Other Receivables

XXXX
(XX)

Decrease in Inventory
Decrease in Trade Payables

XX
(XX)

Increase in Pre-payments
Increase in Accruals

XXX

(XX)
XX

XXXX

Cash generated from Operating Activities

XXXX

Interest Paid

(XX)

Interest received

XX

Dividend received

XX

Dividend paid
Tax Paid

(XX)
(XX)

Net cash inflow from Operating Activities

XXX

Cash flows from Investing Activities

Proceeds from sale of equipment

XXX

XX

Purchase of machinery

(XX)

Net Cash used in Investing Activities

(XXX)

Cash flows from Financial Activities

Proceeds from issue of shares

XX

Proceeds from Long-term borrowing

XX

Redemption of shares

(XX)

Payment of Finance Lease liabilities

(XX)

Net Cash inflow from Financing Activities

Increase in Cash and Cash Equivalents_ _

XXX
_

_ _X_X_X_

_A_d_d_:_ _C_a_s_h_ _a_n_d_ _C_a_s_h_ _E_q_u_i_v_a_l_e_n_t_s_ _a_t_ _s_t_a_r_t_ _

_

_ _ _ _X_X_

_4" _C_a_s_h_ _a_n_d_ _C_a_s_h_ _E_q_u_i_v_a_l_e_n_t_s_ _a_t_ _e_n_d_ _ _

_

_ _X_X_X_

_
_
_
_
_N_e_t_ _P_r_o_f_i_t_ _o_r_ _l_o_s_s_ _i_s_ _a_d_j_u_s_t_e_d_ _f_o_r_ _n_o_n_-_c_a_s_h_
_t_r_a_n_s_a_c_t_i_o_n_s_,_ _w_h_i_c_h_ _i_n_c_l_u_d_e_ _t_h_e_ _f_o_l_l_o_w_i_n_g_:_
_D_e_p_r_e_c_i_a_t_i_o_n_ _i_s_ _n_o_t_ _a_ _c_a_s_h_ _e_x_p_e_n_s_e_ _b_u_t_ _i_s_
_d_e_d_u_c_t_e_d_ _i_n_ _a_rriving at the profit figure. Therefore to eliminate it add it back.
Profit or loss on disposal of assets: the loss is added back while profit is subtracted.
Property plant and equipment purchased on credit
The writing of bad debts
Provision for doubtful debts
Yearend adjustments where accrued expenses and income are taken into account and prepared
expenses and amounts received in advance are deducted.
Credit purchases and credit sales
Discount allowed and received
NB
An increase in stock means less cash, cash was spent on buying stock.

An increase in debtors means debtors have not paid as much hence less cash.
If we pay off creditors the figure decreases means less cash.

Direct Method

Under this method the major classes of gross cash receipts and payments are disclosed. Control
accounts are used to calculate missing figures such as cash sales and cash purchases.
XYZ LTD
Statement of Cash Flows for the Year Ended 31 December 2009

Cash flows from Operating Activities

Cash Receipts from Customers

XXXX

Cash Paid to Suppliers (Creditors)

(XX)

Cash Paid to Employees (Wages)

(XX)

Cash Paid for other Operating Expenses

(XX)

Cash Generated from Operations

XXXX

Interest Paid

(XX)

Interest received

XX

Dividend received

XX

Dividend paid

(XX)

Tax Paid

(XX)

Net Cash inflow from Operating Activities

(XX)

XXX

Cash flows from Investing Activities

Proceeds from equipment

XX

Purchase of equipment

(XX)

Net Cash used in Investing Activities

(XX)

Cash flows from Financing Activities

Proceeds from issue of shares
Proceeds from Long-term borrowing

XX
XX

Redemption of shares

(XX)

Payment of Finance Lease liabilities

(XX)

Net Cash inflow from Financing Activities

XX

Increase in Cash and Cash Equivalents

XX

Add: Cash and Cash Equivalents at start

XX

______________________________________________________________________________
_____________________________________4" _C_a_s_h_ _a_n_d_ _C_a_s_h_
_E_q_u_i_v_a_l_e_n_t_s_ _a_t_ _e_n_d_ _ _

_ _X_X_X_

_T_h_e_ _f_o_l_l_o_w_i_n_g_ _m_a_y_ _b_e_ _l_e_a_r_n_e_d_ _f_r_o_m_ _c_a_s_h_

_f_l_o_w_ _s_t_a_t_e_m_e_n_t_:_
_
_W_h_e_t_h_e_r_ _t_h_e_ _c_o_m_p_a_n_y_ _i_s_ _a_ _c_a_s_h_ _g_e_n_e_r_a_t_o_r_
_o_r_ _c_a_s_h_ _s_i_n_k_ _o_r_ _n_e_u_t_r_a_l_._
_A_ _c_a_s_h_ _g_e_n_e_r_a_t_o_r_ _p_r_o_d_u_c_e_s_ _m_o_r_e_ _c_a_s_h_ _t_h_a_n_
_i_t_ _c_a_n_ _a_b_s_o_r_b_._ _A_ _c_a_s_h_ _s_i_n_k_ _u_s_e_s_ _m_o_r_e_ _ _
_c_a_s_h_ _t_h_a_n_ it generates. This will be determined by:
Nature of demand for its products
Working capital requirement and
Investment in fixed assets
2. Whether cash is being produced or absorbed from operating or non-operating activities.
For example if operating activities are absorbing cash is it a worthwhile investment or not and at
what stage is the co in the business life cycle. The company should have an alternative source i.e.
from non-operating activities
3 How is the company financing any cash shortfall or using any surplus
Cash generator

cash sink

How the money is used

how is the money found

Borrowing repaid

additional funds borrowed

Shares repurchased

new shares issued

Cash reserves increased

cash reserves run down

4 The quality of the companys profits

A Profit matched with cash would generally indicate a positive state of affairs

Reasons for the differences between cash and profit

Profit calculation is based on accounting conventions and concepts.

Depreciation is a measure of consumption of fixed assets its charged to Profit and loss account
but its not accompanied by a cash payment.
Goodwill on acquisition of a business not included in profit and loss, interest on loan for
buildings (capitalized borrowing costs); increases in creditors the business has use of assets
without paying for them etc.

In order for a business to survive the ability to make profits may not be enough. Its important
that the business should generate sufficient cash in order to meet maturing obligation. Inability to
meet current financial liabilities will often force the business to cease trading. Therefore
businesses must pay great attention to liquidity and profitability if they are to succeed.

2.6 Uses

Help in assessing:
The ability of the bus to generate future cash flows
The effect of major events i.e. issue of shares, acquisition of subs,
the ability of the business to meet future commitment ( loan repayments interest, taxation etc
The likely future financing needs.
To assess the reasons for differences between reported profit and related cash flows.

Example 1

The following financial statements were prepared for a sole trader, trading as The

Rand Shop.
2008.

The Rand Shop

$ $ Sales

(1 000) Wages

The Income Statement for the year ended 31 December

30 000 Consumable Inventory (consumed) (7 000) Rental expenses

(3 100) Water and electricity (1 700) Telephone expenses

(300)

Insurance expense (200)

Finance cost

Depreciation

(1 500) (14 800) Profit before finance cost

_(625) Profit for the year

at 31 December 2008

14 575

2008 2007 Assets

Equipment 98 500 90 000

The Rand Shop

000 Drawings

128 500 113 625

Long term loan

other payables 18 300 23 000

Additional information
On credit $12000

1 525

Cash and Cash

Equity and liabilities

5 000 3 000 Reserves

Current Liabilities

28 200 13 625

55 000 50 000

Capital

Wages

35 000 30

55 200 40 625

Non

Current Liabilities

Trade and

128 500 113 625 NB:- All notes are excluded.

1) The sales figure represents services rendered

For cash $18 000

2) The trade other receivables pertain solely to debtors to whom services

were rendered on credit. 3) The prepayments comprise the following:625

Property Plant and

Inventory (Consumable) 9 000 6 000

Trade and other receivables 19 000 14 000 Prepaid expenses

equivalent 475 3625

Balance sheet as

Non Current Assets

Current Assets

15 200

500

Insurance expense 400

comprise the following:-

1 525

Interest expense

4) Trade and other payables

2007 2008 Trade creditors (purchase of inventory) 23 000 18

000 Accrued telephone expenses

300

23 000 18 300 5) The depreciation recorded in

respect of vehicles amounted to $800 and in respect of machinery $700. 6) The addition to
property plant and equipment was paid in full, no property, plant and equipment were sold
during the financial year ended 31 December 2008. 7) The carrying amounts in respect of
vehicle and machinery are as follows:Machinery 59 300 50 000

2008 2007

$ $ Vehicles

39 200 40 000

98 500 90 000 8) The drawings and the additional capital

made by the owner were in cash. 9) The interest in respect of the long term loan is not
capitalized.

10) The inventory (consumable material) was disclosed at cost.

REQUIRED:-

Prepare the cash flow statement of the Rand Shop for the year ended 31

December 2008 according to the direct method. (IAS 7 requirement).

The Rand Shop

(25 marks )

The Cash flow statement for the year ended 31 December 2008

Cash flow from operating activities

cash receipts from customers

25000 1 mark cash

paid to suppliers and employees 21900 1 mark cash generated from operations
interest paid

1250 1 mark Drawings

$$

3100 1 mark

5000 1 mark Net cash used in operating activities

(3150)

Cash flow from investing activities

1 mark

Cash flow from financing activities

5000 1 mark Proceeds from long term loan

Purchase of Fixed Assets

10000 (10000)

Proceeds from capital contributions

5000 10000 1 mark Net decrease cash and

equivalent

(3150) Cash and cash equivalent at beginning of year

cash equivalent at year end

14000 bank 7000

475 1 mark

Workings

Debtors control

2 mark Sales 12000 bal c/d 19000

Creditors control

bal c/d 18000 Purchase 10000 2 mark

33000 33000

Bal b/d 90000 Depreciation 1500

Bal b/d

26000 26000

Credit and cash sales 7000+18000 =25000

equipment

3625 1 mark Cash and

bank 15000 Bal b/d 23000

Property plant and

Bank 10000 Balance c/d 98500 2 mark

100000 100000

Long term loan

Bal b/d 50000

Capital account

Balance c/d 55000 bank 5000 1 mark

Drawings 5000 Bal b/d 40625

bank 5000 2 mark

100000 60200

Profit and loss

Prepaid

3100

625

add prepaid

mark paid

600

mark paid

nil

expenses

Profit and loss

6) Other Expenses

625 1 mark

500 1 mark

1250

3600

Wages

Profit and loss

Balance c/d 55200

Interest expense

insurance expense

Telephone expenses
Water & electricity

P & L 14575

55000 55000

Profit and loss

200

300

1700 1 mark paid in full

prepaid

Accrued

400 1
300 1

Rental

1000 1 mark paid in full

2.7 Advantages and limitations of cash flow

The advantages of cash flow statements are often presented in terms of the deficiencies of the
statement of comprehensive income and the statement of financial position. This should not be
interpreted to mean that cash flow statements are an alternative to income statement but provide
useful additional information

Most readers appreciate the meaning and importance of cash and will therefore find cash flow
statements easier to understand and more relevant
Cash flow statements are more objective in that cash received and paid are observable events. In
contrast the profit and loss and the balance sheet are based on the accruals concept and matching
principle, which involves subjective allocations, valuations.

Profit is only a symbol or measure of performance. The ultimate success and survival of the
company depend on its ability to generate and use cash in the most efficient way.
Future dividends, the repayment of loans and payment to trade creditors depend primarily on the
availability of cash and not profits. (Cash flow statements allow users to make more accurate
perditions of future dividends)

3.0 Implications of Capital Structure on Earnings

Capital structure refers to the way in which capital funds have been or should be raised i.e. how
much debt and how much equity?
The benefit derived from using debt wisely may lead to a firm increasing its overall value and
lowering its cost of capital.

3.0 The Capital Structure

This is the composition of the capital of a company. Companies are financed predominantly by
the issue of shares, debentures and by retaining part of each years profits and this represent the
long-term capital available to the company. The short-term capital is represented by the credit
facilities offered by trade creditors and bank overdrafts.

3.1 The importance of capital structure

The capital structure of a business is important because it has significant influence on the risk to
lenders and on the return to shareholders. Investors will assess the degree of risk of their

investment using the gearing ratio. This is the relationship between borrowings and equity. The
important aspect of gearing is its relationship with risk. The
The reason for issuing a variety of shares is to tape funds held by investors with differing
investment needs. For example young investors are interested in the growth in the value of his
shares so he buys ordinary shares. While a retired man is interested in preference shares, he is
assured of a low but certain return. Institutional investors are interested in different classes
depending on the needs of their customers.
A highly geared company means that companys earnings are committed to paying interest on
debentures and preference dividend.
Gearing may have an important effect on the distribution of profits
The investment in ordinary shares in a highly geared company is speculative.
Gearing is relevant to the long term stability of a business

3.2 Risk and return of each category

Companies are financed by different types of capital and each type expects a return in the form
of interest or dividend.

3.2 .1 Ordinary shares

These are designed for an investor who is prepared to take a relatively high level of risk to obtain
high returns.
Entitled to receive returns only after other claims have been satisfied.
Ordinary shareholders have voting rights i.e. have effective control over the companys
activities. The number of shares held will determine voting power.
Holders are entitled to a dividend or any appreciation in share values arising from expectations
concerning earnings and growth prospects.
As owners they provide the bulk of share capital.
They carry the right to the whole of the profits remaining after preference shareholders have
been paid dividend.
The capital is at risk in the event of company failure.( rank last as claimants)
Extra funds may be reinvested to finance future ventures.

Provide the bulk of share capital. These are the shares, which carry the right to the whole of the
profits remaining after PS has been paid the dividend. Their capital is at risk in the event of
business failure shareholders may lose all the capital invested since they rank last as claimants on
the residual assets. In return enjoy the right to the whole Net Profit one as dividends and if
retained in increased value of the net corporate assets

3. 2.2 Preference shares

They are designed for the investor who does not wish to take the degree of risk associated with
ordinary shares.
The investor is prepared to accept the prospects of lower, more secure returns.
Entitles the holder to a fixed rate of dividend payable before any ordinary dividend.
In the event of the company being wound up preference shareholders may rank before ordinary
shareholders for repayment.
Preference shares may be cumulative or non cumulative, this confers on the holders the right to
any arrears of dividend.
Dividend is paid if sufficient profits are made and are not given voting rights.

These give holders preferential rights as regards dividend and repayment of capital on winding
up. They can be issued as redeemable and be cumulative (i.e. right to receive dividend lost bad in
years.
_
3.2.3 Loan capital or debentures

Companies may borrow funds on a long term basis. One important long-term loan is the
debenture. These loans are divided into units in order to attract a wide range of investors. A
debenture may be secured or unsecured by the companys assets by either a fixed or floating
charge.

a ) Fixed charge

It will be granted over a fixed asset and will mean that while the charge is operative the asset
must be kept intact (may not be traded or exchanged). This is of great benefit to the holder
because the secured asset is specifically available.

b) Floating charge: may apply to all assets and the asset may be traded or exchanged but on
breach of a debenture deed the charge will crystallize i.e. has priority. In the event of default the
specified assets may be seized and sold on behalf of debenture holders. Debenture holders are
guaranteed both to repayment of loan capital and interest as specified in the conditions of issue.

Summary of characteristics of shares and loan stock

Ordinary shares Preference shares Debentures 1. owners of the company who are normally
entitled to vote at general meetings 1. No voting rights 1. No voting rights 2. Receive a dividend
declared by directors and it varies each year depending on the profit and it is an appropriation.
Receive a fixed rate of dividend each year, which constitutes an appropriation of profits. Have
priority over ordinary dividends Receive a fixed rate of interest which constitutes a charge
against income in computing the profit.
Have priority over preference dividends 3..Last to be repaid the value of their shares in the event
of the company going into liquidation Repaid before the ordinary shareholders in the event of
liquidation. Repaid before the ordinary and preference shareholders in the event of liquidation 4.
Non repayable except on the liquidation of the company Except for redeemable are non
repayable except on the liquidation of the company Repayable after affixed period of time
5.Rights are specified in Articles of association Rights are specified in Articles of association
Rights are specified in the terms of issue 6. Dividends are non deductible for tax purposes
Dividends are non deductible for tax purposes Interest deductible for tax purposes

3.2.4 Types of preference shares

Non cumulative dont receive arrears of dividends

Cumulative-if the dividend on these shares is not paid in any year the holders are entitled to it in
the next year that there is sufficient profit before any other shareholder receives a dividend.
Redeemable the only type of preference share that is repaid by the company after the expiration
of the period specified when they were issued.
Participating in addition to receiving a fixed annual rate of dividend they are also entitled to a
further dividend, which is the nature of a dividend on ordinary shares.
Advantages
Non repayable (except 3 above)
The annual cost or dividend is known thus facilitating planning.
In extreme circumstances the annual dividend can be waived

Disadvantages
The dividends are not deductible for tax purposes.

3.2.5 Types of Debentures

Unsecured /naked- in the event of the company going into liquidation these are repaid before the
shareholders but after other creditors.
With a fixed charge secured on assets that the company cannot dispose of without the trustee
for the debenture holders permission. In the event of the security being in jeopardy or the
company not paying the annual interest the trustee can take legal possession of the assets, sell
them and repay the debenture holders.
With a floating charge- secured on assets but the company can sell the secured assets but must
replace them with assets of an equivalent amount
Convertible loan stock- carries the right at the holders option to convert them into ordinary
shares within a given time period fixed when they are issued.

Advantages
The annual cost / interest is known
The interest is deductible for tax purposes

Disadvantages
They have to be repaid after the expiration of the period specified when they were issued.
The interest must be paid before the shareholders receive any dividend. This can be a burden
when the proceeds of the issue have been used to finance expansion that may result in revenue
during the early years or where there is a reduction in the annual profit or high interest rates.

3.3 Gearing
It is a method of comparing how much of the long-term capital of the business is provided by
equity and how much is provided by prior charge capital, investors who are entitled to interest or
dividend before ordinary shareholders can have a dividend themselves. Gearing is important
when a company wants to raise extra capital. A highly geared company might find it difficult to
raise a loan. Potential lenders feel that ordinary shareholders should provide a high proportion of
the total capital for the business. The moment they are not doing so means they are worried that
profits are not sufficient to meet future interest payments.

Advantages of gearing
Debt capital is cheaper
The return or reward ( interest or preference dividend) is fixed permanently and therefore
diminishes in real terms if there is inflation . Ordinary shareholders usually expect dividend
growth.
The required return by debt holders is lower than that of equity holders because debt capital is
often secured on company assets, ordinary share capital is a more risky investment
Payments of interest attract tax relief whereas dividend does not.
Debt capital does not carry voting rights but ordinary share capital does. Therefore the issue of
debt capital leaves pre-existing voting rights unchanged.
If profits are rising and interest is fixed ordinary shareholders will benefit from the growth in
profits.

Disadvantages

If profits fall even slightly the profit available to shareholders will fall at a greater rate.

3.4 Share capital and debentures compared

Shareholders are members of a company while providers of loan capital are creditors. In the
event of the company being wound up creditors have priority claims over the assets of the
company over shareholders.
Shareholders receive dividends whereas the holders of loan capital are entitled to interest (an
expense charged against revenue). Interest is paid whether a profit is made or not. Preference
shareholders and ordinary shareholders receive a dividend provided sufficient profits are made
and available for distribution and directors consider it prudent.
Loan capital holders can take legal action against a company if the interest is not paid when due
whereas shareholders cannot enforce the payment of dividends.
Security: debenture holders are offered some form of security (fixed or floating charge.)
Voting rights debenture holders and preference shareholders do not have voting rights.

NOTE
Gearing expresses the relationship that exists between total borrowings (the proportion of fixed
interest capital (loan capital and fixed div P/S to ordinary shares) and the total amount of
ordinary shareholders funds.. A company with a large proportion of fixed interest and fixed div
bearing capital to ordinary capital is highly geared. Any fluctuation in net profit may affect the
return accruing to ordinary shareholders. The important aspect of gearing is its relation to risk.
The impact of a company borrowing money and paying interest rather than funding itself from
its equity capital is important. Apart from increased risk from gearing the introduction of
borrowing brings a legal risk that the lender may take over the companys assets. Gearing is
important when investing in ordinary shares of a company. A highly geared company means that
a high proportion of the companys earnings are committed to paying interest on debentures and/
or preference dividends. In a lowly geared then a high proportion of the company s earnings can
be paid out as ordinary dividend..

The choice of any capital structure will be determined by the investors attitude towards risk and
the judgement about the level and stability of the company over the longer term.

Compare and Contrast each of the following forms of long term finance under the following
headings:

Forms

Voting rights
Creditor

Ordinary Shares

Preference shares

2) Type of return to holders

Debentures

3) Security of investment

5) Tax relief on interest or dividend payments ( 10 marks)

1)

4) Member /
Example

S PLC has been formed to trade as a food outlet as at 31 December 2008 .It wants to recapitalise
its business as an expansion process. It is currently considering three possible long-term capital
structures, which are stipulated below

Capital structure

Option

$m

$m

$m

Ordinary shares of $1 each

10

20

10% $1 Preference shares

12% Debentures

10

20

20

20

Profits (before interest) for the next three years are estimated as follows:

Year
Profits

Ignore taxation

1
$3m

2
$5m

3
$1.8m

Required
Calculate the gearing ratio for each financing option (3 marks)
Calculate the earnings per share for each of the three years assuming
a) Option 1

(5 marks)

b) Option 2

(5 marks)

c) Option 3 is chosen

(5marks)

Which of the three financing options would you choose and why (7 marks)

Example

Assume that two companies, X Ltd and Y Ltd, are of equal size, undertake similar business
activities and enjoy the same market but are financed differently i.e. have different capital
structures. Further assume that both companies distribute all their net earnings. The following
information relates to the two companies:

X Ltd

Y Ltd

60 000

30 000

30 000

Capital employed (CE)

60 000

60 000

Earnings before interest and tax (EBIT)

40% of CE

40% of CE

Marginal tax rate

40%

40%

Ordinary share capital ($1 shares)

12% Debentures

Required:
Prepare an income statement for each company and calculate EPS.
Assuming you hold 2 000 shares in each of the two companies, what total dividend would you
receive from each company?
Assuming the current earnings before interest and tax (EBIT) are to be maintained for the
foreseeable future by both companies, what action would you take? Give reasons.

What amount of EBIT should X Ltd earn in order to have an EPS similar to that of
Y Ltd ? (Homework)

SOLUTION

a)

Comprehensive income statements

X Ltd
$

24 000

24 000

(3 600)

Earnings before tax (EBT)

24 000

20 400

Taxation (40% of EBT)

(9 600)

(8 160)

Earnings after tax (EAT)

14 400

12 240

Number of ordinary shares

60 000

30 000

EPS

24cents

40.8 cents

Number of shares held

2 000

2 000

Total dividend received

$480

$816

EBIT (40% of CE)

Interest expense

b)

c)

Y Ltd

In view of the fact that the dividend in Y Ltd is greater than that in X Ltd and that
the current earnings are to be maintained for the foreseeable future, I would sell
my shares in X Ltd and use the proceeds to buy more shares of Y Ltd. This should
improve my future earnings.

ANALYSIS OF CAPITAL STRUCTURE ON EARNINGS

Y Ltd which employed debt financing in its capital structure had a higher EPS than X
Ltd. This was due to the following reasons:
By employing debt finance Y Ltd was able to save $1 440 in taxes because interest is a taxallowable expense.

By employing debt finance Y Ltd was able to increase the earnings available to equity holders.
Remember, the borrowed funds generated a return of 40% but only 12% will be paid back as
interest the balance being used to boost the ordinary shareholders earnings. That is:

Total return on debt finance

40% x $30 000

= $12 000

Less interest on debt finance

12% x $30 000

= $ 3 600

Amount used to boost earnings for ordinary shareholders

= $ 8 400

Add total return on equity finance

= $12 000

40% x $30 000

Total earnings before tax available to ordinary shareholders

= $20 400

Debt is a cheaper source of finance because tax on interest is borne by the state i.e. the
companys ultimate cost of debt is the after-tax cost. In this case, the 12% coupon interest rate is
the before-tax cost of debt and the after-tax cost debt is 7.2% i.e. 12%(1 0.4) where 0.4 is the
tax rate. Because of the tax saving of $1 440, the firms ultimate interest bill is therefore $3 600
less $1 440 = $2 160. As a percentage of debentures this = 7,2% ($2 160/$30 000).

4.0 Issue of shares and Debentures

Public companies once registered are allowed to issue shares to the public. The aim is to raise
large amounts of capital to finance businesses. The book keeping for issue of shares closely
resembles the introduction of new capital by a sole trader

4.1 Shares issued in full on application

4.1.1 Shares issued at par

Example

1 000 ordinary shares with a nominal value of $4 are to be issued. Applications, together with the
necessary money, are received for exactly 1 000 shares. The shares are then allotted to the
applicants.

Bank
Ordinary share applicants

4 000

Ordinary share applicants

Ordinary share capital

4 000

Bank

4 000

Ordinary share capital

Ordinary share applicants 4 000

4.1.2 Shares issued at a Premium

Example
1 000 ordinary shares with a nominal value of $4 each are to be issued for $10 each. Thus a
premium for $6 per share has been charged. Applicants and the money sre received for exactly 1
000 shares.

Bank
Balance b/d
Ordinary share applicants

-10 000

Ordinary share applicants

Ordinary share capital

4 000

Share premium

6 000

Bank

10 000

10 000

10 000

Share premium
Ord. share applicants

6 000

Ordinary share capital

Balance b/d
Ord. share applicants

-4 000

Note: $4 000 is shown because share capital is shown at a nominal value and not as total issued
value. The $6 000 share premium must therefore be credited to a share premium account to
preserve double entry balancing.

4.2 Issue of shares Payable by installments

The shares considered so far have all been issued as paid in full on application. Conversely,
many issues are made which require payment by installments. These are probably more common
with public companies than with private companies. It should be noted that a public company is
now not allowed to allot a share unless there has been paid on it a sum equal to at least 1 quarter
of its nominal value plus the whole of any premium.

Applications are received together with the application monies.

The applications are vetted and the shares allotted, letters of allotment being sent out.
The excess application monies from wholly successful, or where the application monies received
exceed both the application and allotment monies required, and partly unsuccessful applicants,
are returned to them. Usually, if a person has been partly unsuccessful, his excess application
monies are held by the company and will reduce the amount needed to be paid by him on
allotment.
Allotment monies are received.
The next installment, known as the first call is requested.
The monies are received from the first call.
The next installment, known as the second call is requested.
The monies are received from the second call.

Example:
A company is issuing 1 000 shares, 7% preference shares of $1 each, payable 10% on
application, 20% on allotment, 40% on the first call and 30% on the second and final call.
Applicants are received for 1 550 shares. A refund of the money is made in respect of 50 shares,
while for the remaining 1500 applied for, an allotment is to be made on the basis of 2 shares for
every 3 applied for (assume that this will involve any fractions of shares). The excess application
monies are set-off against the allotment monies asked for. Allen who had applied for 150 shares
fails to pay the First and second Call monies due on his shares. The directors conform to the
provisions of the \articles of Association and Allen is forced to suffer the forfeiture of his shares.
These shares were subsequently issued at 75% of nominal value to J, Dougan, Dougan pays for
the shares.
Prepare the necessary ledger accounts.

Bank
Application monies

155

Allotment monies (1 000 x 20%

allotment fund

Less application monies $50)

150

First call

400

Second call

300

J Dougan

application and
5

75

Application and Allotment

Bank-refund of
Application monies
Preference share capital

Bank

155

300

Bank

150

305

305

First call
Bank
Preference share capital

400

Forfeited shares

400

360
40
400

Second call
Bank
Preference share capital

300

Forfeited shares

300

270
30
300

7% Preference share capital

Forfeited shares

100

Application & allotment

300

Balance c/d

900

First call

400

Second call

300

1 000

Balance c/d

1 000

1 000

Balance b/d

900

J Dougan

100

1 000

1 000

Balance b/d

1 000

Forfeited shares
First call

40

Second call

30

Balance c/d

30

Preference share capital

100

J Dougan
Balance c/d

100
100

25
5
30

Balance c/d

30
30

J Dougan
Bank

75

Forfeited shares
Preference share capital

100
100

(discount on re-issue)

25
100

4.3 The double entry to record all the stages follows

1 issue of prospectus no accounting entries

no accounting entries

STEP 1
Applicants will fill in the application form and send application money. An application and
allotment account must be opened to show the amount received from or owing by applicants on
application and allotment.

Receipt of application monies

Dr

Bank / cash

Cr

Application and allotment

Being cash received on application

Step 2
In case of over subscription applicants are refunded

Dr Application and allotment

Cr

Cash / bank

Being cash returned on non-allotment

Step 3

Allotment of shares and it is the time that the share capital account must be credited with the
total due on application and allotment
Dr

Application and allotment

Cr

Share capital
Being amt receivable on application and allotment

If the shares are issued at a premium (with portion of the premium)

Dr

Application and allotment

Cr

Share Premium

Step 4
Receipt of money due on allotment
Dr

Bank /cash

Cr

Application and allotment

Being total amount due on allotment

Step 5
A call will be made and up to this point the shareholders will be debtors of the company.
Dr

Call account

Cr

Share capital account

With money due on call

Step 6
Receipt of call money
Dr

Bank

Cr

Call account

Being money received on call

Note that after these entries the only remaining accounts will be share capital and bank accounts.

CAPITAL = ASSETS

NOTE:
At times where shares are over subscribed share will be allotted on a prorata basis and the money
overpaid applied to the money due on allotment rather than being refunded.
Call monies can be received in advance or in arrears
Shares may be issued at a premium. A share premium account will be credited with the premium.
Dr Application and allotment
Cr

Share premium acc

Being shares issued on premium

4. 4 Forfeiture of shares

The powers to forfeit are stated in the Articles of association. This amounts to cancellation of
shares and reduces the share capital. The amount paid on application and allotment is not
returned to the member and represents a profit to the company. A forfeited share account is
opened.

The procedure made on non-payment of a call.

Step 1

Dr share capital account

Cr forfeited share account
Being cancellation of shares and transfer from share capital account of the called up amount

Step 2
Dr forfeited share account

Cr Call account
Being transfer from the call account of the call made but not paid.

Step 3
The balance on forfeited shares account should be transferred to share premium

Dr forfeited share account

Cr share premium account
Being the balance (profits)

NB The shares were forfeited when certain monies were paid on application and allotment.
These shares can be reissued and the company should ensure that it receives in total not less than
the nominal value of the shares.

4. 5 RE ISSUE OF FORFEITED SHARES

A forfeited re issue account is opened (personal account for re issue)

Step 1 Dr forfeited shares re issue account

Cr share capital account
Being new called up value of the shares

Step 2 Dr cash
Cr forfeited shares re issue account
Being cash received on re issue.

Step 3 Close the forfeited shares re issue account to the forfeited share account.

Dr Forfeited shares account

Cr Forfeited shares re issue account

Thus reducing the amount transferred to the share premium account.

Balance on reissue
Dr Forfeited shares re issue account
Cr Shares Premium

NB the ledger accounts vs. journals. Ledger accounts are T accounts.

Example 1
The Authorized and Issued Share Capital of Prospective plc Ltd was 100 000 Ordinary Shares of
$1 each. The Authorized Share Capital was increased to 200 000 divided into Ordinary Shares of
$1 each and the company issued 75 000 Ordinary Shares of $1 each at 150 cents per share
payable as :
Balance

On application(including premium) $0.75

On allotment $0.40

On call

120 000 applications were received and applications for 20 000 shares were

unsuccessful and the cash paid in respect of such shares was returned. All other applications
were reduced proportionately and the balance of application moneys being applied to the amount
due on allotment. The balance due on allotment was received except in the case of one allotee of
300 shares. These shares were forfeited and re- issued as fully paid at 140 cents per share. The
remaining shareholders paid the call due.

REQUIRED:

Show

a) The ledger

accounts necessary to record the above transactions ( 20 marks ) b) How the balance on these
accounts would appear in the company's balance sheet on 31 December 2008. ( 5 marks )

Example 2

a) What are the advantages and disadvantages of companies with a share capital ?
(4 marks) b) What are the
differences between private and public companies? (4 marks) c) A company with an authorized
capital of 2 000 000 ordinary shares of $1 each issued a prospectus and awaited application on
the following terms on 1 January 2008. 1 000 000 ordinary shares were issued at $1 each for
$2.00 each.

Terms of offer were as follows:

i) 100 cents on application, received $1 500 000 on 1

January ii) 50 cents on allotment, received $500 000 on 31 March

iii) 30 cents on First Call,

received $303 000 on 31 May iv) 20 cents on Final Call , received $197 000 on 31 July
One Applicant who had applied for 10000 shares asked the company secretary to accept an
advance payment on First Call as she was to travel outside the country. The request was granted
on 30 May
REQUIRED

(a) Show all the necessary ledger accounts to record the above transactions. 15

marks ) (b) Show the balance sheet extract. ( 2 marks)

Solution 1
ISSUE OF SHARES

Application & Allotment

Application (120*.75) 90000

Refunds(20000*.75) 15000 Cash-

Share Capital 48750 Cash allotment bal 11205 (75*.65)

Share premium 37500 Forfeited share account 45 75*.50

3 marks

101250

101250

Share Capital account 4 1/2 marks Forfeited share acc 300 Balance b/f 100000 1/2
mark

Application & Allotment 48750 1

Forfeited share account 300 1

Forfeited share account

175300

acc 105

120 Share premium 1/2 mark 270

Share Capital 26250 Cash 26145 1 mark

26250 26250

Allotment 37500 1/2 mark

Share Premium

Forfeited shares

Forfeited share reissued

shares 120

175300

Application & Allotment 1 mark 45 Share capital 1/2 mark 300 3

marks call 1 mark 105 Re issue

CALL ACCOUNT

Call account 26250 1 Balance c/d 175000

420 420

(74700*.35)

forfeited

Bal c/d 37770 Application &

270

37500

37500

Share Capital 300 Cash 300*140c 420 2 marks Forfeited

420 420

BANK Account

Bal b/f 100000

application & allot 15000 5 1/2 marks app & allot 90000 bal c/d 212770 alloment 11205
call 26145
c/d

forfeited 420

227770

BAL B/D 1/2 MARK EACH

227770

Each entry a mark except for balance

BALANCE SHEET EXTRACT AS 31 DECEMBER 2008

Bank

212770 1 mark

1 mark

share premium

mark

37500 1 mark

Workings

100000*75 75000
11250
acc

212770 1/2 mark

45

Equity and Liabilities

Application monies 75000*115 86250

345

share capital

Capital Reserve 270 1 mark

Balance due on allotment

less 300*1.15

CURRENT ASSETS

11250

175000

212770 1/2

amount received

Balance due on Allotment

received on application 400*75 300

Transferred to forfeited

11205

Solution 2
Difference between private and public
exchange

A public company should be listed on the stock

A private company is not allowed to offer shares to the public.

A Public company

has no limit as to the number of shareholders but a Pvt co is limited to 50 members. They are
stringent statutory requirements on public co :

lodging of statutory documents

of financial statements 1 mark per point

Bank account

publication

Application & Allotment

1500000 refund 500000 3 marks Application & Allotment 500000 bal c/d 2000000
call 303000

Final call 197000

2500000 2500000

Allotment

Bank 500000 Bank application 1500000

Bank allotment 500000 4 1/2 marks marks

call 300000 Final call 197000
Ordinary share Capital account
marks
First Call

First call 300000

for showing all workings

2000000 1 mark

First

2500000 2500000

Balance c/d 1000000 Application & Allotment 500000 4

Final call 200000

1000000 1000000

Final call account

Bank 197000

Balance c/d 3000

Share capital 200000 Bal

200000 200000

Balance sheet extract

2000000 1/2 mark

Ordinary share capital 1000000 1 mark

mark

Ordinary share capital 500000

Share Premium 1000000 First call 303000

Final call 200000

303000 303000

BANK

Application &

Share capital 300000 Bank 303000 1 1/2 marks

b/d 3000 1 1/2 marks

First

1 mark

CURRENT ASSETS
EQUITIES & LIABILITIES

Share premium 1000000 1 mark

2000000 1/2

ISSUE OF DEBENTURES

The procedure is similar to the issue of shares. NB Premiums received on debentures are
regarded as capital profits and are therefore transferred to a capital reserve account.

5.0

Partnership Accounts

5.1

The need for partnerships

So far we have mainly considered businesses owned by only one person. Businesses set up to
make a profit can often have more than one owner. There are various reasons for multiple
ownership:
The capital required is more than one person can provide.
The experience or ability to manage the business cannot be found in one person alone.
Many people want to share management instead of doing everything on their own.
Very often the partners would be members of the same family.

5.2

Contents of a partnership agreement

Partnership agreements usually include items such as:

How the venue of the business premises and the name of the accountant, solicitors and bank
acting on behalf of the business.
How the profits and losses of the business are to be shared by the partners.
How salaries or drawings are to be arranged.

Whether interest is to be paid to capital accounts.

Whether interest is to be charged on any drawings.
The rate of the interest to be paid on any loans provided by partners.
Any aspects concerning control and responsibilities of partners.
The procedure in the event of admittance of a new partner or departure of an existing partner.
The procedure in the event of dissolution.

In the event of disagreement of partners and where a deeds of partnership does not exist the 1890
Partnership Act applies:
No interests to be paid on partners capital account.
Any profit or loss is to be shared equally between partners.
No interest is to be charged on drawings by partners.
No partnership salaries are to be paid from profits.
Loans by partners will be entitled to interest at 5% per annum.

5.1 Reasons

One person cannot raise the capital needed- more capital resources
To tap a diversity of knowledge, experience and expertise in mgt of the bus i.e. the ability
required to manage the business cannot be found in one person alone. (Different special skills)
To cover for each other during holidays and sickness.
Many people want to share mgt risk: business risks are spread among more than one person.
Members of the family can combine to form a business.

Disadvantages
Partners cannot act independently as a sole trader.
Disputes: concerning the direction of the business, how much money partners are taking out of
business, some partners might feel are contributing more time and effort than others and are not
sufficiently rewarded.
A partner is jointly and severally liable that is if one person is sued in relation to the business the
other partners share in the responsibility.

Decision making may be frustrated by other partners

The number of members is limited to 20 people
Each partner except for limited partners must pay their share of any debtors.

Partnership agreements
The agreement can be verbal or in writing but written agreements mean less confusion about
what has been agreed.

Contents
The capital has to be contributed by each partner
The profit sharing ratio has to be determined otherwise the partners will share equal.
Partners not to be charged interest on drawings
Partners not entitled to interest on capital and salaries
Arrangements for the admission of new partners
Procedures to be carried out when a partner retires or dies

WHERE NO PARTNERSHIP AGREEMENTS EXISTS

Profits and loses are to be shared equal

No interest to be allowed on capital, charged on drawings
Salaries are not allowed

Capital to be contributed
Amount introduced by each partner should be agreed upon. Capital balances do not necessarily
bear any relation to the division of profits. However to compensate partners who provide a large
share of the capital an interest on capital is paid. The rate of interest should be equivalent to the
rate of interest obtainable from the market.

Capital accounts
Fixed capital -capital contributed
Current account: are used to deal with the regular transactions between the partners and the firm.
i.e. share of profits, interest on capital, partners salaries, monthly drawings and interest on
drawings.

Salary
A partner who spends most of his time in the partnership business should be paid a salary. It
should reflect the amount and level of work undertaken for the business. The salary should be
fairly close to what the partner could reasonably expect to receive in equivalent employment.

5.3

Accounting for partnerships

The profit and loss account and balance sheet of a partnership are prepared and presented in a
very similar way to those of a sole trader.
Types of accounts

Statement of comprehensive income: similar to those of a sole trader

Statement of changes in equity
The purpose of this account is to show how the net profit (or loss) for the year has been allocated
between the partners.

Capital acc Capital acc Current acc Current acc Appropriation Total MR F MR G MR F MR G
Bal at 1 Jan * * * * ** Profit for year

* * Salary to partner * (*) Interest on capital * *

(*) Bonus to partner * (*) Drawings (*) (*) (**) Interest on drawings (*) (*) * Share of
profits * * (*)

Bal 31 Dec * * * * **

Statement of financial position : its similar to that of a sole trader expect that under capital we
capital and current accounts for each partner

For each partner: capital and current accounts

CAPITAL ACCOUNT
Goodwill ( new profit sharing ratio )
introduced
*

* Bal b/f

Goodwill ( old profit sharing ratio

Bal c/d

Cash

Revaluation profit

**

**

CURRENT ACCOUNT
Drawings

* Bal b/d

on drawings

* Salary

* Interest on loan
c/d
**

* Interest
* Interest on capital

* Share of profits
*

* Bal
**

Example

Oscar and Felix are in partnership. They share profits and losses in the ratio: Oscar 60%; Felix
40%. The following trial balance was extracted as at 31 March 2009.

Dr Cr $ $ Office equipment at cost 6 500 Motor vehicles at cost 9 200 Provision for
depreciation at 31.3.2008:

Motor vehicle 3 680

Office equipment 1 950 Stock 27 340

Debtors and Creditors 20 960 16 275 Cash at bank 615

Cash in hand 140 Sales 90 370 Purchases 71 630 Salaries 8 417 Office expenses 1 370
Discount allowed 563 Current accounts at 31.3.2008:
accounts:
865 153 865

Oscar 27 000

Felix 12 000 Drawings:

Oscar 1 379
Oscar 5 500

Felix 1 211 Capital

Felix 4 000

153

The following notes are applicable at 31.3.2009.

a. Stock $27 340.
b. Office expenses owing $110.
c. Provide for depreciation: Motor 20% of cost, office equipment 10% of cost.
d. Charge interest on capital at 10%.
e. Charge interest on drawings: Oscar $180; Felix $210.

Required
Draw up a set of financial statements for the year ended 31 March 2009for the partnership

Solution:

1.

Workings:

Depreciation:

van

20% x $9 200 = $1 840

Equipment = 10% x $6 500 = $ 650

2.

Interest on Capital:

Oscar = 10% x $27 000 = $2 700

Felix = 10% x $12 000 = $1 200

Oscar and Felix Partnership

Statement of Comprehensive for the year ended 31 March 2009

Sales

90 370

Less Cost of Goods sold:

Opening stock

24 970

Purchases

71 630
96 600

Less closing stock

27 340

69 260

Gross Profit

21 110

Less Expenses
Depreciation (1 840 + 650)

2 490

Office expenses (1 370 + 110)

1 480

Salaries

8 417

Disc. Allowed

563

12 950

Net profit for the year

8160

Oscar and Felix Partnership

Statement of Changes in Equity for the year ended 31 March 2009

Current

Appropriation

Accounts

Accounts

Account

Total

Oscar

Felix

Oscar

Felix

1 379

1 211

41 590

8 160

8 160

_
Balances 1 /04/2008

Capital

27 000 12 000

Net profit for year

Interest on Drawings

(180)

(210)

390

Interest on Capitals

2 700

1 200

(3 900)

Share of Profit

2 790

1 860

(4 650)

_Drawings

(5 500) (4 000)

_Balance on 31 /03/09

27 000

12 000

1 189

(9 500)

61

40 250

Oscar and Felix Partnership

Statement of Financial Position as at 31 March 2009

Notes Dr Cr Non-current assets $ $

Property plant and equipment
27 340 Debtors 20 960 Bank 615 Cash 140

2 7 580 Current assets

49 055

56 635

Inventory

Equity and Liabilities

Capital Accounts:

Oscar

Current Accounts:

Oscar 1 189

Liabilities -

Current Liabilities

27 000

Felix 12 000
Felix 61

40 250 Non-current

Creditors 16 275 Accruals 110

16 385

56 635

Oscar and Felix Ltd

Notes to the Financial Statements for the year ended 30 June 2006

1. Accounting Policy
Financial statements have been prepared on the historical cost basis and incorporate the
following principal policies which have been consistently applied in the previous years.

1.1 Fixtures, Fittings and Equipment

Fixtures, fittings, tools and equipment are initially recognized at cost price and then subsequently
measured at historical cost less accumulated depreciation. Depreciation is charged on a straight
line basis, as 20% on the cost of assets on hand at the end of each year.

1.2 Inventory
Inventory is stated at the lower of cost or net realizable value.
1.3 Revenue
Revenue consists of the value of goods sold to customers and can be measured reliably.

2. Fixtures, fittings, tools and equipment

$000

Carrying amount at 1 July 2005

208

Cost

340

Depreciation for the period

(132)

Disposals (20 15)

( 5)

Additions

60

Carrying amount at 30 June 2006

187

Cost

340

Accumulated depreciation

193

3. Inventory
Inventory consists of finished goods totaling

100 000

Example 1
The trial balance of the partnership is as follows as at 31 December 2008.
$ Sales

500 000 Property

Purchases

400 000

Capital Mr A

Wages

100 000
30 000

20 000

3 000

Cash

year

Debtors

60 000 Capital Mr B

Depreciation- provision equipment

15 000
15 000

Rates

Equipment

30 000

Stock - 1 January

700 000 700 000

Additional information

40 000

4 000

32 000 Drawings A

Heating and lighting 2 000

30 000

Payment from Mr C.

60 000 Depreciation equipment

8 000 Creditors

1 000

20 000

Dr Cr

20 000

Administration expenses

N.B. The trading information covers the whole

1) On 31 March 2008 the partners Mr A and B agreed

to admit Mr C subject to property being revalued to $150 000 and goodwill at $30 000. 2)
New

Partnership Partnership Interest on capital

000 p.a B $24 000 p.a $20 000 p.a C

3/8 B

1/2 1/2 C

10% 10% Salaries A

$10 000 p.a

Old

$16 000 p.a $10

Profit sharing ratio

1/2

1/8 3) Depreciation on equipment is to be 20% per annum on a

straight line basis. 4) Prepaid wages amount to $2000

Administration expenses of $1000 dollars remain unpaid

5) Rates of $600 were owing

6)

7) Sales from January to March

amount to $100 000. Gross profit is 25% on sales. All other expenses other than cost of goods
sold and rates accrue evenly over the year. The rates for the first quarter amounted to $500

8)

The entries necessary to record revaluation of the property and goodwill have not been made. 9)
Revaluation reserve and goodwill are not to be shown in the books
Prepare:

REQUIRED

(a) The Trading and Profit and Loss and Appropriation Account for the year ended

2008 in a columnar form (showing results for 3 months and 9 months) (15 marks) (b) Partners
capital and current account including the adjustment for the admission of Mr. C The balance
sheet as at 31 December 2008.(10 marks)

a) Two partners Mr. Tick and Check have traded for 3 months with capital balances of $12 000
and $15 000 respectively. They agreed to admit a friend Mr. Accuracy as a third partner are to
share profits equal from now on. Mr. Accuracy is to introduce $20 000 capital and goodwill is

agreed at $18 000 REQUIRED i) Record goodwill

ii) Show additional entries necessary to

eliminate goodwill again from the accounts. ( 2 marks ) iii) Explain briefly what goodwill is
and why are adjustments necessary when a partner joins a partnership. (10 marks )
Solution
The trading and profit and loss account for the year ended 2008
January April to

to March December

$ $

Sales

100000 400000 1/4

mark Gross profit (25%of sales) 25000 100000 1 mark wages 7000 21000 1 mark
Depreciation 1000 3000 1 mark Rates 500 1100 1 mark Heat & light 500 1500 1 mark
Administration 3500 12500 10500 37100 1 mark Net Profit

12500 62900 1/4 mark

Salaries A 4000 7500 1 mark

7500

mark

B 1500 7500 1 mark

7450 1 mark

B 6000 15000 1 mark

C

3000 1/4 mark Profit A -250 5588 1 mark

C 12500 1862 62900 1/4 mark

entry a 1/4

Interest A 1500 7500 1

B -250

CAPITAL ACCOUNTS each

A B C A B C Goodwill 11250 15000 3750 Bal b/d 60000 60000 Bal c/d

88750 85000 36250 Property 25000 25000

Bal b/d 88750 85000 36250

Goodwill 15000 15000

Cash 40000

CURRENT ACCOUNTS each entry a 1/4

B C A B C Bal b/d 20000 20000 15000 Salaries 11500 21000 7500 Bal c/d 5838 17200
interest 9000 9000 3000

Profit 5338 7200 1862

Bal c/d

25838 37200 15000 Bal b/d 2638 Bal b/d 5838 17200
Assets

Property

Current Assets
2000 1/4 mark

150000 1/4 mark Equipment

Stock
cash

55000 1 mark

15000 1/4 mark

32000 1/4 mark Accrued expenses

mark
1/4 mark

230400 1/4 mark

ABC
12000 1/4 mark

Trade debtors
102000

162000

30000 1/4 mark

1600 33600 1/4 mark Working capital

Capital Accounts

C -2638 20400 1/4 mark

5.4 Partnership changes

Non Current

Current Liabilities

C 36250 210000 1/4 mark Current Accounts

17200 1/4 mark

2638 25838 37200 15000

A 88750 1/4 mark

Prepayment
Trade creditors
68400 1/4
B 85000

A 5838 1/4 mark

230400 1/4 mark

The admission of a new partner, retirement or deaths of an existing partner constitutes the
termination of one partnership and the commencement of a new one. The assets and liabilities of
the existing partnership must be first valued and goodwill is brought in, in the old profit sharing
ratio and eliminated in the new. A revaluation and goodwill accounts are opened.

A change in the ownership structure of a partnership is regarded as a change in the business. The
existing partnership is dissolved.

Steps
Valuation of the business
REVALUATION ACCOUNT
Decrease in asset values
liabilities

* Decrease in liabilities

shared: X
Z

* Increase in asset values

* Loss on revaluation
*

* Increase in
* Profit on revaluation

*
*

Calculation of goodwill. A goodwill account is opened. When a new partner is introduced

because goodwill was earned before him, the old partners capital accounts are credited with the
value of goodwill in old profit sharing ratio. this is because the old partners are the ones who
built the good reputation. Goodwill is eliminated in the books by debiting the capital accounts in
the new profit sharing ratio.

5.5 Amalgamation

Reasons
Similar business to enable them to achieve economies of scale
The businesses are complementary (car washing and selling)
A variety of skills, expertise and experience may be concentrated in one co.
The enlarged firm maybe in a position to fulfill larger, more profitable contracts

The geographical area of operations may be enlarged

Accounting

Add the balance sheet of the firms together making necessary adjustments
Adjust the partners s capital for goodwill
Deal with any assets not being transferred to the new firm
Assets taken over by partners should be debited to the capital acc at agreed values
Assets sold should be dealt with as normal disposals
Profit on disposal should be transferred to the capital account in partners old profit sharing
ratios

5. 6 Partnership Dissolution
This results in the termination of the activities of a partnership. The liquidation of the partnership
basically implies that the assets of the partnership must be converted into cash and liabilities
must be settled and the remaining cash paid to the partners in order to close off their capital
accounts.
A realization account
This account is used to determine the profit or loss on liquidation and it aids in the closure of the
ledger accounts of the partnership.

Reasons
No longer profitable
Disagreement between partners
Ill health or old age

Procedure

Assets are disposed of

Liabilities of the firm are paid to other creditors other than the partners

Partners repay their advances and current balances

The profit or loss on realization are apportioned to the partners acc in their profit sharing ratios
The balance of cash is used to pay creditors and expenses of dissolution
Whatever remains will repay the balances on the partners capital account
The balances on current accounts are transferred to capital accounts
A realization account is opened to record the sale of the assets

The realization account

REALISATION ACCOUNT
Book values of assets Sale/ disposal proceeds Realization expenses Cash sold To partners profits Partners accounts assets taken over
sale/ proceeds

Assets

* Cash

* Cash realization expenses

* Discount received

* Partners account: profit on Partners acc assets taken over Realization Mr. X
X motor car

Mr. Z

**

* Mr. Z motor car

**

The account is debited with the followings

Assets at net book values
Cost of dissolution
Bad debts and discount allowed
Profit on realization

Credits
Proceeds of sale of fixed assets
Assets taken over by partners at valuation
Discount received
Loss on realization

Other journal entries

Dr
Creditors acc

* Mr.

Cr

Bank

Payment of creditors

Bank

Debtors

Cash from debtors

Partner loan

Bank

Repayment of partners loan to firm

Partner capital account

Bank

Repayment of partners capital

Bank

Partners capital

Debit balance on partners capital acc

Example 1
On 31 December 2008, Paul, Queen and Rita decided to dissolve their partnership. They had
always shared profits in the ratio of 3:2:1 respectively.
Their goodwill was sold for $3 000, machinery for $1 800 and stock $1 900. There were 3 motor
cars all taken over by the partners at agreed values, Paul $800, Queen $1 000 and Rita $500. The
premises were taken over by Rita at $5 500. The amount collected from debtors amounted to $2
700 after dab debts and discounts have been deducted. The creditors were discharged for $1 600,
the difference being due to discounts received. The cost of dissolution amounted to $1 000.

Their last statement of financial position is summarized as:

Statement of financial position as 31 December 2008

Non-current assets
Premises

5 000

Machinery

3 000

Motor vehicle

2 500
10 500

Current assets
Stock

1 800

Debtors

3 000

Less provision for bad debts

200

Bank

2 800
1 400
6 000
16 500

Equity and Liabilities:

Capital accounts:

Current accounts:

6 000

5 000

3 000

200

100

5 00

14 000

800
14 800

Current liabilities
Creditors

1 700
16 500

The accounts recordings are shown below.

Dr

Premises A/c

Cr

Date Details $ Date Details $ Balance b/d 5 000 Realisation 5 000

Machinery A/c

Dr

Cr

Date Details $ Date Details $

Balance b/d 3 000
Realisation 3 000
Dr

Motor vehicles

A/c

Cr

Date Details $ Date Details $ Balance b/d 2 500 Realisation 2 500

Dr

Stock A/c

Cr

Date Details $ Date Details $ Balance b/d 1 800 Realisation 1 800

Dr

Debtors A/c

Cr

Date Details $ Date Details $ Balance b/d 3 000 Provision for bad debts
Realisation 200

2 800

3 000 3 000

Dr

Creditors A/c

Cr
Date Details $ Date Details $
Bank
Realization
1 600
100 Bank
1 700

1 700 1 700

Dr

P Capital

Date Details $ Date Details $ Realization

bank
800
6 000

Balance b/d
Current a/c
Realisation profit 6 000
200

Cr

600

6 800 6 800

Dr

Provision bad debts A/c

Cr

Date Details $ Date Details $ Debtors 200 Balance b/d 200

Dr

P Current A/c

Cr

Date Details $ Date Details $ P: Capital 200 Balance b/d 200

Dr

Q Current A/c

Cr

Date Details $ Date Details $ Q: Capital 100 Balance b/d 100

Dr

Q Capital A/c

Cr

Date Details $ Date Details $ Realization: Motorcar

Bank 1 000
4 500 Balance b/d
Current A/c
Realisation - profit
5 000
100
400

5 500 5 500

Dr

R Capital A/c

Cr

Date Details $ Date Details $ Realization: Motorcar

Bank 500
5 500 Balance b/d
Current A/c
Realisation - profit
Bank 3 000
500
200
2 300

6 000 6 000

Dr

R Current A/c

Cr

Date Details $ Date Details $ R: Capital 500 Balance b/d 500

Bank A/c
Date Details $ Date Details $ Balance b/d

Cr

Dr

Realization: assets sold

Goodwill
Machinery
Stock
Debtors
R: Capital 1 400

3 000
1 800
1 900
2 700
2 300 Creditors
Realization: costs
P: Capital
Q: Capital
1 600
1 000
6 000
4 500

13 100 13 100

Description of transactions:

The provision accounts are transferred to the relevant asset accounts so that the net balance on
the asset accounts may be transferred to the realisation account. Debit provision accounts. Credit
asset accounts.
The net book values of the assets are transferred to the realisation account. Debit realisation
account. Credit asset account.
Assets sold. Debit bank account. Credit realisation account.
Assets taken over by partners. Debit partners capital accounts. Credit realisation account.
Liabilities discharged. Credit bank account. Debit liability accounts.
Discounts on creditors. Debit creditors account. Credit realisation account.
Costs of dissolution. Credit bank account. Debit realisation account.
Profit or loss split in profit/loss-sharing ratio. Profit debit realisation account. Credit partners
capital accounts. The opposite if a loss.
Transfer the balances on the partners current accounts to their capital accounts.
Any partner with a capital account in deficit, i.e. debits exceeding credits, must now pay in the
amount needed to cancel his indebtedness to the partnership firm. Debit bank account. Credit
capital account.
The credit balances on the partners capital accounts can now be paid to them. Credit bank
account. Debit partners capital accounts.

6.0 Issues in financial reporting

6.1

The purpose of financial reporting

The objective of preparing financial statements is to provide information about the financial
position (assets, liabilities and equity), performance (income and expenses, including gains and

losses), and cash flows of an entity in order to provide useful information to the users of financial
statements for making economic decisions. It also serves as proof of the results of managements
stewardship of the resources of the entity.

In order for financial statements to be of value to users, the information provided by these
financial statements must possess certain qualitative characteristics such as relevance, reliability
and comparability. Further, financial statements must present a true and fair view of the entitys
performance and financial position. (See the Chapter on the Accounting Framework).

6.2

Impact of Price Changes (Inflation)

Accounting measurement is based on a monetary standard, which has been assumed to be stable.
The approach to accounting employs money as the unit of measurement and assumes that the
particular currency will remain stable over time. However history has shown that money is not
always a stable measurement and that changes in the value of money can occur due to inflation.
Inflation can be described as
A reduction in the general purchasing power of a particular currency.
A rise in the general level of prices
A fall in the value of money

The accounts we have studied have been based on historical cost accounting. Under historical
cost accounting assets are recorded at the amount of cash and cash equivalent paid or the fair
value of the consideration given to them. Liabilities are recorded at the amount of proceeds
received in exchange for the obligation.

6.3

Historic Cost Accounting

It is a practice in accounting to record transactions at cost. This is known as the cost concept. It
is described as an objective method of recording the purchase of assets and services, and the sale
of goods because there can be general agreement about the monetary values attributed to the
transactions. The amounts can be supported by evidence such as invoice, receipts etc. Any other

basis of recording transactions would be subjective; the amount in which a transaction would be
recorded would be dependent upon individual points of view.
Under conditions of changing prices the above objectives of financial reporting are not achieved
as the financial statements are not relevant, are not reliable and are not comparable with those of
the previous periods. Furthermore, financial statements prepared under conditions of changing
prices do not present a true and fair view of the entitys performance and financial position. Why
is this the so? This is so because the Historic Cost Accounting basis fails to present meaningful
financial statements under conditions of price changes.

Limitations of historical cost accounting

The unit of measurement $ in which the accounts are expressed is not stable over periods of time.
The amounts at which fixed assets are stated in the balance sheet do not represent current values
of assets. (Does not show the value of the business). Marked when one looks at how property
values can increase.
Depreciation based on historical cost is not a measure of the value of the fixed assets consumed.
Depreciation is inadequate to finance the replacement of fixed assets.
Historical cost profit will include stock profits arising from holding the stock during a period
when replacement cost increases.
It does not recognize the losses suffered through holding monetary assets during an inflationary
period nor gains on holding monetary liabilities.
ROCE is a key performance measure. During inflationary periods the use of historical cost profit
and asset values overstates (distorts) the rate of return because it incorporates inflated reported
profits and out of date asset values.
HCA do not reflect the erosion of capital caused by inflation.

Historical cost seems to be inapplicable in an inflationary environment. AS 29

Characteristics of a hyperinflationary economy includes

The general population prefers to keep its wealth in non-monetary assets or in a relatively stable
foreign currency.
Prices are normally quoted in a stable foreign currency.
Credit transactions take place at prices that compensate for the expected loss of purchasing
power during the period up to settlement.
Interest, wages and prices are linked to the price indexes.
The cumulative inflation rate over 3years is more than 100%.

6.3.1 Advantages of Historic Cost Accounting

Advantages
Its familiar and understandable to most users and other people may be reluctant to learn other
possible approaches. Users and prepares of accounts understand the concept so the financial
statements are user friendly
All other approaches are based on them and time consuming to prepare and difficult for users to
understand.
It provides an objective, reliable base for financial statements Records are based on objectively
verifiable amounts (actual costs of transactions).
Historical costs can be determined by reference to fact rather than opinion hence the figures
produced are free from bias and capable of independent verification.
The absence of subjective judgment makes HC simple and cheap to implement.

6.3.2 Disadvantages of Historic Cost Accounting

Overstatement of profits: Profit is calculated as the difference of current sales less historic cost
of sales instead of current cost of sales. The profit for an accounting period should be: The
amount which the owner of a business can consume and still be as well off at the end of the
period as he/she was at the start of the period. (Sir John Hicks 1930).
Inadequate Depreciation charges: The sole purpose of depreciation in conventional accounting is
to allocate the historic cost of fixed to the income statement over its useful life. The truth
however, is that each year is being charged its fair price of using the asset in as much as the firm
would be charged hiring charges if the asset had been hired and not owned. Therefore, under
conditions of price level changes, the charge for using the asset would also rise. But under
Historic Cost Accounting the depreciation charge, based on the assets cost would not change
even under conditions of changing prices. Hence the charge for depreciation is inadequate
resulting in high profits being reported.
Gains and Losses on Monetary items are NOT disclosed: Monetary items are assets or liabilities
which are fixed in monetary terms and include such items like debtors, creditors, loans and cash.
In periods of inflation, a business losses purchasing power by holding monetary assets but gains
purchasing power by holding monetary liabilities. However, these gains and losses are not
revealed at all in a conventional profit and loss account. It can be argued that this is another short
coming of the conventional approach to financial accounting.
Holding gains on stock not identified: During a period of inflation, any stock of goods held by a
business for an appreciable amount of time will increase in monetary value. Such an increase is
known as a holding gain. In a conventional profit and loss account, holding gains are not shown
separately but are treated as part of the gross profit arising on the sale of goods. It has been
suggested that the profit and loss account would be more useful if the gross profit were analysed
so that holding gains were clearly identified.
Unrealistic fixed assets values: A combination of the historic cost convention and the realisation
convention means that fixed assets are normally shown in the balance sheet at historic cost and
that any increases in fixed asset values are not recognized until they are realized. As a
consequence, a conventional balance sheet often fails to show the true financial position of the
business, especially if the business owns assets (such as freehold land) which have been subject
to substantial price increases since acquisition.

Furthermore, the historic costs of all the fixed assets owned by the business are added together in
a conventional balance sheet, regardless of the fact that these costs have been incurred in
different years. Adding together the $3 000 paid for a freehold property in 1960 and the $100
000 paid for a similar property in 1997 seems to serve no useful purpose and yet the system of
historic cost accounting requires that these two figures should be aggregated. Because of these
problems, some businesses have now adopted the policy of showing land and buildings in the
balance sheet at current value rather historic cost.
Misleading accounting ratios: Accounting ratios are often used as a tool for analysis and
interpretation of financial statements. However, the limitations of historic cost accounting
suggest that it may be unwise to base economic decisions on a ratio analysis of figures shown in
a conventional set of accounts.
Misleading comparisons over time: One way of assessing the progress made by a business is to
compare its most recent results with those achieved in previous years. However, comparisons of
this nature can be misleading if the effects of inflation are neglected. For instance, a 10%
increase from one year to the next might be seen as encouraging, but if this occurs against a
background of 12% inflation, the sales revenue of the business has declined in real terms.

6.4 Alternative to historical accounting

6.4.1 Current purchasing power

The CPP system is based on the concept of (Real capital maintenance where the main objective
is to maintain the purchasing power of the shareholders funds. The system involves the
restatement of monetary amounts in the financial statements by reference to the movement in a
general price index since those amounts were first established. All monetary amounts in the
financial statements are thus restated to current purchasing power.

The profit and loss : contains a charge or credit to reflect the loss or gain on monetary items as a
result of the decline in the purchasing power of money.

Financial statements are shown at their current purchasing at the close of the accounting period
using Retail Price Index. This adjusts accounts for the rate of inflation.
Involves adjusting non-monetary assets in the balance sheet to current cost (using the consumer
price index). The difference between net assets at the beg and end of year gives a profit
The profit and loss figures are adjusted for a gain or a as a result of the decline in the purchasing
power.

6.4.1 Current cost accounting

This approach involves the adjustment of accounts to reflect the current value of owned and used
assets. e.g.
A machine at cost

$40 000

Depreciation

$12 000

At date of purchase the index was 120 now it is 180 Therefore the current cost

Equals

40 000* 180

=$60 000

120

Accumulated depreciation =12 000*180

18000

120
It is based on the concept of physical capital maintenance where the objective is to maintain the
physical operating capability of the business. This achieved by charging against profits the
replacement cost of stocks and fixed assets consumed during the period and also making an
allowance for the impact of specific price changes on the funds required to finance monetary
working capital (debtors and creditors).

On the balance sheet fixed assets and stocks are stated at their current values which will be
usually be determined by reference to their replacement costs. The revaluation surpluses or
holding gains arising on these assets are reflected in a non-distributable reserve. CCA system is
based on specific price movements as opposed to movements in the general price level.

ADJUSTMENTS
Depreciation adjustment
Cost of sales adjustment
Monetary working capital adjustment

Any gains or loses are transferred to NDR

COST OF SALES ADJUSTMENT (COSA)

HCA

Opening stock

9000

Purchases

19000

Closing stock

10000

Cost

18000

CCA

114/108

9500
19000

114/120

9500
19000

Purchases of 19000are treated as 18000

DEPRECIATION ADJUSTMENT

Depreciation is based on cost this leads to an undercharge to P&L e.g.

Cost of plant =10 000 10yrs ago, lifespan is 5yrs and the index at acquisition 100
Average 132.5
Depreciation 2 000 HCA
CCA I
2 000*132.5/100
2650

MONETARY WORKING CAPITAL ADJUSTMENT (MWCA)

Adjust for loses which arises when holding monetary assets

Debtors creditors at the beginning and end of year.

GEARING ADJUSTMENT
L/L+E

EFFECTS OF CCA
Involves the adjustment of figures in the profit and loss to reflect current costs at year end
Profits so distributed can be fully distributed without impairing capital.
However income statements cannot be compared
The adjusted account is appended as an annexure to HCA accounts
Indices used are produced by the central statistical office. Because they refer to a specific basket
of goods the relevance of the resulting index is questionable.

6.5 Social Accounting

The limitations of financial statements as basis for decisions
The concept of money measurement results in the limitations of entries in the financial records to
those transactions which can be expressed in monetary terms. As a result there are many factors
affecting business which must be omitted from financial statements such as:
staff morale
the quality of staff (its degree of skill)
the quality of management of the business
the attitude of the public towards the business
the effect of the business upon the local community
the contribution, for good or ill, of the business to the environment
Where the business stands on political issues e.g. trading with countries with which there are
trading sanctions; trading in arms etc.

At this point it should be mentioned that attempts have been made to place values on many social
factors, but these are economists values rather than accountants values

and whatever their validity as economic concepts, are not generally recognized by accountants
as complying with the accounting concept of money measurement.
There are situations in which profitability alone should not be the sole of policy. For
ease of memory, and as a guide to the approach to social accounting aspects in examinations
questions, the non financial factors to be considered are summarized under the broad headings of
the FOUR PS:
PEOPLE
PLACE
PRODUCTS
POLITICS.
It will often be found that there is a close relationship between these four factors e.g. people are
involved because of a threat to the environment or because some political issues is at stake.

6.5 National Social Accounting

National accounts and those of local authorities are prepared using historic cost accounting it is
for the government to decide how best national accounts should be presented in certain
government departments as well as in local authorities. Management accounting is well
established in order to arrive at the best decision. In local government decisions are carefully
made so that:
minimum economic is archived by acquiring goods and services at the lowest possible cost
maximum efficiency is archived in converting goods and services into an output ( e.g.
administering housing or running a home help services)
Maximum effectiveness is attained in archiving the goals of the service ( e.g. by keeping
delinquent youth away from parked cars).

Examples
a) You are required to discuss the advantages and disadvantages of using Historical cost accounts
in preparing financial statements which are presented to shareholders (10 marks)
b) Explain what accountants mean by the convention of objectivity. (5 marks)
c) Discuss the alternatives to Historical Cost Accounting and state the advantages and
disadvantages of each method.

7.0 Investments Accounts

7.1 General background

It is fairly common practice for a business to invest in stocks and/or shares and/or debentures of
other companies. There are numerous and varied reasons for this practice.
For some companies (investment companies) it is the sole reason for their existence; the
investment income is their main, or only, revenue.
Investments may be acquired by any business as a temporary but profitable refuge for surplus
funds. Alternatively funds may be set aside and invested to provide finance for a specific future
objective. This might be a major expansion programme or the redemption of the companys
debentures. In both these instances the investments would be sold, as required, to provide cash to
enable the objective to be achieved.
An investing company may acquire a controlling interest in another company by obtaining a
majority holding, that is, in excess of 50% of the companys voting shares. The company thus
controlled is then termed a subsidiary of the investing company, which is referred to as a holding
company.
In lieu of gaining outright control, the investing company may secure a substantial, but not a
controlling, interest in another company, in order to influence that companys policy decisions.
Where the investment comprises 20% to 50% of the other companys voting shares, the latter
may be termed an associated company.
A company may also place money on short term deposit to take advantage of high interest rates
but this practice is not further considered in this section.

7.2 Operating arrangements

There are two basic categories of trade investments.
Those which carry a fluctuating rate of return on nominal value ordinary shares (equities),
Those which carry a fixed rate of return on nominal value preference shares and debentures
etc.
A distinction can be made between those investments which are
Listed, that is, quoted on a recognized Stock Exchange, and
Unlisted, that is, unquoted on a recognized Stock Exchange

On the acquisition of trade investments the capital costs include brokerage and other charges
associated with the purchase. On disposal the capital proceeds are the net amount after deducting
of all expenses associated with selling. In each case, also, further adjustment may need to be
made in the light of accrued fixed interest or fixed dividend.
Fixed rate securities are ordinarily bought cum dividends or cum interest, that is, inclusive of
accrued dividend or interest. The quotation is given per $100 nominal. These terms are shortened
to cum div and to cum int . The implication of cum div \ cum int quotation is that the buyer
receives the whole of the next payment of dividends or interest without having held the
investment for the whole of the period to which that payment relates. Payments maybe on a
quarterly, half yearly or annual basis. Quotations are always cum dividends\ int unless
specifically stated to be ex div \ ex int.
The institutions paying the dividends or interest do so the registered owners of the shares. Each
time the shares change hands the institution has to amend the appropriate statutory records, for
example, the Register of Shareholders. On payment date, the dividend or interest is paid to the
latest registered holder. About one month before paid date, each institution closes its transfer list
and ceases to record changes of ownership of its shares. This is done for administrative
convenience. If it were not done, the institutions would be placed in a position of great difficulty
and would be unable to prepare the payment documents until after payment date in order to make
those documents out to shareholders who had acquired their holdings at or near payment date.
The effect of suspending the recording of transfers until after payment date means that, where
securities have changed hands during this period, payment of dividend or interest will be made to
the original, not to the current, holder. On suspension of recording of transfers, the quotation
changes from cum div or cum int to ex dividend or ex interest, shortened to ex div and to ex int.
The application of this is that the next payment of dividend or interest is paid in its entirely to the
original holder despite the fact that he is no longer the holder at the time. However, in an ex div
or ex int quotation that part of the dividend or interest which the new holder will not receive
from the paying institution reduces the buying price.
These arrangements are inapplicable to type securities. An investing company may receive
additional shares of a class which it already holds by means of a bonus issue.

7.3 Accounting arrangements

In the books of the investing business a separate account is opened for each security. Each
investment account has three columns on each side of the account:Column 1-

a memorandum column in which is recorded the nominal

value of each transaction in either value or quantitative terms.

Column 2-

a (double entry) income column to record investment income

transactions.

Column 3-

a (double entry) capital column to record the investment

capital transaction.

And is ruled thus:

Ordinary\ preference shares\ debentures in.
Nom
No\$ Inc
$ Cap
$ Nom
No\$ Inc
$ Cap
$

EX DIV/INT PURCHASES
When securities are acquired cum div or cum int. the accrued dividend \ interest element is
debited to income column and the balance, being the capital cost is debited to the capital column.
In practice the accrued interest would be debited less income tax.

EX DIV/INT PURCHASES
When securities are acquired ex div or ex int, the amount of dividend or interest by which the
buying price has been reduced, is debited to capital column and credited to income column and
the whole of the purchase cost is debited to capital column as well.

EX DIV/INT PURCHASES

When securities are sold cum div or cum int, the accrued dividend/interest element is credited to
income column and the balance being capital proceeds, is credited to capital column.

When securities are sold ex div or ex int, the amount of dividend or interest by which the selling
price has been reduced is debited to income column and credited to the capital column and the
whole of the net sale proceeds are credited to capital column as well.

7.4 Profit and loss on Investment

Investments are ordinarily valued at cost of actual acquisition, adjusted, where necessary for the
cum or ex div\int quotation as illustrated in the foregoing subscriptions. Overtime the acquisition
fluctuate in the light of the prevailing economic, marketing and other conditions. Subject to what
is stated, its not usual to record these market profit\losses.
In investment accounts, profits or losses are normally recognized only when actually realized.

7.5 Partial disposal of the Holding

In the example given so far, the sale has been of complete holding. Minor complications arise
when there is a sale of only part of a holding. The question arises how to value the cost of the
investment sold (for comparison with the sale proceeds to see whether a profit or loss results).
Where, as in the examples up to this point, the holding was acquired at a single point in time, it is
simply a matter of taking that proportion of the original cost which the nominal disposals to the
total original nominal holding.

Example
On 1 January 19-4 Green Ltd bought $4 000 6 per cent Government Stock at $90, the cheque of
$3 680 paid being $3 600 for the stock and $80 for the brokerage charges. Interest is receivable
each year on 31 March, 30 June, 30 September, and 31 December.
On 1 February 19-5 $1000 nominal value of the stock is sold cum div, the net proceeds being
$950.

1 June 19-5, $2 000 nominal value sold ex div, net proceeds after brokerage being $1 710.
1 February 19-6, $5 000 nominal value bought cum div, the cost including brokerage being $4
370.
1 June 19-6, $1 000 nominal value bought ex div, cost including brokerage being $910.
Below is the Investment Account in Greens books for the financial years ended 31 December
19-4, 19-5, 19-6. Taxation is ignored.

Investment 6 per cent Government Stock

Nominal Income
$

Capital
$

19-4
Jan

Nominal
$

IncomeCapital
$

19-4
1 Cash

4 000

3 680 Mar 31 Cash

Dec 31 Investment Income to Profit and Loss

60
Jun 30

240

60
Sep 30

60

Dec 31

60

31 Balance c/d
4 000 240

3 680

19-5
Jan

4 000 240

3 680
3 680

19-5
1 Balance b/d

(A) 1 000
Jun

4 000

4 000

3 680 Feb

Cash sale proceeds

945

1 Adjustment for sale @ ex div price

3 months)

(B)

10

Mar 31 Cash ($3 000 x 6% x

45

Dec 31 Investment income to Profit and Loss (C)

proceeds

2 000

115

Jun 1Cash sale

1 710

1 Adjustment for sale @ ex div price (B)

10
30 Cash ($3 000 x 6% x 3 months)
Sep 31

45

Cash ($1 000 x 6% x 3 months)

15
Dec 31 Cash ($1 000 x 6% x 3 months)

15

31 P & L loss on sale of Investments (D)

95
31 Balance c/d
4 000 125
19-6
Jan
90

3 680

1 000

4 000 125

920
3 680

19-6
1 Balance b/d

1 000

920 Mar 31 Cash ($6 000 x 6% x 3 months)

Feb

Cash

5 000

25

4 345 Jun

1 Adjstmnt for purchase @ ex div price (E)

5
Jun

1 000

910

30 Cash ($6 000 x 6% x 3 months)

1 Adjstmnt for purchase @ ex div price (E)

3 months)

5 Sep 30 Cash ($7 000 x 6% x

105

Dec 31 Investment income to Profit and Loss (F)

3 months)

370

Dec 31 Cash ($7 000 x 6% x

105
31 Balance c/d
7 000 395

6 180

7 000 395

19-7
Jan

90

1 Balance b/d

7 000

6 180

7 000
6 180

6 180

Notes:
(A) The sale proceeds $950 represent the sale of the right to one months interest, $1 000 x 6%
per annum for one month = $5, plus the right to the actual stock itself. This must therefore be the
balance of the net sale proceeds, $950 - $5 = $945.
(B) The sale at an ex div price means that Green Ltd will receive interest for June on this
$2 000 of stock even though the stock itself had passed out of Greens ownership. The actual net
sale price is therefore $1 720, which is made up of $1 710 actually received plus $10 for the right
to one months interest retained. This is adjusted by debiting the Income column with $10 to
cancel the income which was not equated with ownership, and crediting the Capital column with
$10 representing the actual reduction in the sale price by selling at an ex div price. Note (C) will
illustrate the validity of debiting the income column, as without this entry the amount of
investment income transferred to the Profit and Loss account would not agree with the facts
relating to the duration of the investment and the rate of interest.
(C) The correctness of this can be proved if the interest actually accrued during ownership is
calculated:
$
6% per annum on $4 000 for one month

20

6% per annum on $3 000 for four months

60

6% per annum on $1 000 for seven months =

35
115

(D)
$

Cost of $1 000 nominal value of stock $3 680 x =

920

Sold on 1 February 19-5 for

945 25 profit

Cost of $2 000 nominal value of stock $3 680 x =

1 840

Sold on 1 June 19-5 for (adjusted net sale price)

1 720 120 loss

95 net loss

(E) The stock bought on 1 June 19-6 for $910 ex div meant that Junes ownership would not
bring in any interest on the stock. The price paid for the stock would have been reduced by the
amount of Junes interest, i.e. $1 000 at 6% per annum for one month = $5. The true price paid

was therefore $915. This is represented by a debit of $5 in the Capital column, while a credit of
$5 in the Income column is made to show that ownership of fixed interest stock does in fact
bring in a return of interest in accordance with the length of ownership.
(F) This can be proved to be correct.
$
$1 000 at 6% per annum for one month

$6 000 at 6% per annum for four months

120

$7 000 at 6% per annum for seven months

245
370

7.6 PRACTICE QUESTION

The following transactions of Trust Ltd took place during the year ended 30 June 2007:
2006
1 July Purchased $12 000 4% Consolidated Loan (interest payable 1 February and
1 August) at 60 cum div.
12 July Purchased 2 000 ordinary shares of $0.50 each in Abee Ltd for $4 000.
1 August

Received half-years interest on 4% consolidated loan.

15 August

Abee Ltd made a bonus issue of three ordinary shares for every two held.

Trust Ltd sold 2 500 of the bonus shares for $1 each.

1 October

Purchased 5 000 ordinary shares of $1 each in Ceedee Ltd at $0.775 each.

2007
2 January

Sold $3 000 4% Consolidated Loan at 61 ex div.

1 February

Received half-years interest on 4% Consolidated Loan.

1 March

Received dividend of 18% on shares in Abee Ltd.

1 April Ceedee Ltd made a rights issue of one share for every two held at
$0.50 per share. Rights sold on market for $0.25 per share.

1 June Received dividend of 12 % on shares in Ceedee Ltd.

REQUIRED:

Write up the relevant investment accounts as they would appear in the books of Trust Ltd for the
year ended 30 June 2007, bringing down the balances as to that date.
Ignore brokerage and stamp duty.

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