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Following is the fixed assets schedule and partial income statement of Plastic Card (Pvt.

) Limited for the year ended 30 June, 2003: Fixed Asset Schedule Particulars Land Building Plant Off. Equip Vehicles Total Cost as on Rs. 1,000,000 3,500,000 56,000,000 1,680,000 1,082,977 63,262,977 Addition Rs. *** *** *** *** 52,902 52,902 Total Rs. 1,000,000 3,500,000 56,000,000 1,680,000 1,135,789 63,315,879 Rate % -5% 10% 10% 20% Acc. Dep. Rs. -175,000 5,600,000 168,000 216,595 6,159,589 Dep. For the Yr. Rs. -175,000 5,600,000 168,000 227,176 6,170,176 WDV on 30.06.2003 Rs. 1,000,000 3,150,000 44,800,000 1,344,000 692,108 50,986,108

Partial Income Statement 2003 2002 Rupees 5,650,000 4,560,000 Profit before tax 2,429,500 2,052,000 Tax @ 43% (2002: 45%) 3,220,500 2,508,000 Net profit after tax 2,508,000 -Retained earnings opening 5,728,500 2,508,000 Retained earnings closing The company was incorporated in the month of July 2001 and acquired assets just after incorporation. At the time of finalizing of financial statements of the company for the year ended June 30, 2003 it was found that the vehicle was acquired on lease having cost of Rs. 1,000,000 and subsequent additions to vehicle are in fact, markup paid to the leasing company. There were no other additions. Companys policy is to charge depreciation on reducing balance method. Required: (a) Redraft fixed assets schedule. (b) Prepare partial income statement and statement of changes in equity as per related IAS. The list of account balance of Perseus, a limited liability company, contains the following items at December 3, 2000: Cr. Rupees 3,850,000 -2,980,000 1,970 14,300 1,210,400 770,000 -94,000 --36,000 Dr.

Opening inventory A/R ledger balances A/P ledger balances Prepayments Cash at bank A O/D at bank B

The closing inventory amounted to Rs. 4,190,000 before allowing for the adjustments required by items (2) and (3) below. In the course of preparing the financial statements at 31st December 2000, the need for a number of adjustments emerged, as detailed below: i. ii. The opening inventory was found to have been overstated by Rs. 16,000 as a result of errors in calculations of values in the inventory sheets. Some items include in closing inventory at cost of Rs. 16,000 were found to be defective and were sold after the balance sheet date for Rs. 10,400. Selling costs amounted to Rs. 600.

iii. Goods with a sales value of Rs. 88,000 were in the hands of customers at 31st December 2000 on a sale or return basis. The goods had been treated as sold in the records and the full sales value of Rs. 88,000 had been included in trade receivables. After the balance sheet date, the goods were returned in good conditions. The cost of the goods was Rs. 66,000. iv. Accounts receivables amounting to Rs. 92,000 are to be written off. v. An allowance for doubtful debts is to be set-up for 5% of the accounts receivable total. vi. The manager of the main selling outlet of Perseus is entitled, from 1st January 2000 to a commission of 2% of the companys profit after charging that commission. The profit amounted to Rs. 1,101,600 before including the commission, and after adjusting for items (1) to (5) above. The manager has already received Rs. 25,000 on account of the commission due during the year ended 31st December 2000. Required: (a) (i) Explain how adjustment should be made for the error in the opening inventory, according to IAS-8 (assume that it constitute a material and fundamental amount). (ii) State two disclosure required by IAS-8 in the financial statements as at 31st December 2000 for the adjustment in (i) above. (b) Show how the final figures for current assets should be presented in the balance sheet at 31st December 2000.

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