Exam (elaborations)
Exam (elaborations) AcF 100 (ACF100)
- Module
- AcF 100 (ACF100)
- Institution
- Lancaster University (LU)
exam prep for accounting students
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2018 EXAMINATIONSPART I
ACCOUNTING AND FINANCE
AcF 100 INTRODUCTION TO ACCOUNTING AND FINANCE
3 hours + 15 minutes reading time
Answer ONE question each from both Sections A and B. Answer TWO
questions from Section C and then ONE question from Section D. All questions
in Sections A and B are worth 33 marks each. Sections C and D are worth 17
marks each.
Please answer each section in a separate booklet (4 booklets in total).
1
, SECTION A – FINANCIAL ACCOUNTING
ANSWER ONE QUESTION FROM THIS SECTION (EITHER QUESTION 1 OR
QUESTION 2) AND SHOW ALL YOUR WORKINGS
Question 1
(a) You are the accountant for MaeWest plc which had the following statement of
financial position as at 31 May 2017.
MaeWest plc
Statement of financial position at 31 May 2017
Acc. Net book
Non-current Assets Cost
deprecn value
£m £m £m
Property, plant and equipment 140.00 (56.00) 84.00
Motor vehicles 22.00 (8.00) 14.00
98.00
Current Assets
Inventory 36.80
Trade receivables 52.80
Prepayments (rent) 3.50
Cash at bank 47.15
140.25
Current liabilities
Trade payables 44.75
Accruals (heat and light) 3.00
(47.75)
Net current assets 92.50
Non-current liabilities
Long term loans (40.00)
Net assets 150.50
Equity
Share capital 90.00
Retained profits 60.50
150.50
During the year to 31 May 2018, MaeWest plc has suffered a major fire and theft of
computer records and as a result, you have to construct the financial statements for
31 May 2018 using information that you have gathered together, which is given below.
• Receivables at 31 May 2018 were £47.50m. This included a receivable of £3.50m
expected to be irrecoverable as the customer was bankrupt. A collective provision
for doubtful debts of 5% of receivables is made at 31 May 2018. There was no
collective provision at 31 May 2017.
Please turn over
2
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