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BAF1012 Financial Accounting
Questions:
Q1.
Syafiq Kylex started HealthPro Pte Ltd on 1 January 2021. The shop sells a wide range of health supplements and also conducts short classes on nutrition.
Syafiq prepared the following Profit and Loss Statement and Balance Sheet for the business after 6 months of operations and thinks that there are errors in the statements. He needs your assistance to check and prepare the corrected classified Profit and Loss Statement and Balance Sheet.
|
Syafiq Kylex |
|||
|
Profit and Loss Statement as at 30 June 2021 |
|||
|
$ |
$ |
$ |
|
|
Course Fee Revenue |
54,760 |
||
|
Accrued Revenue |
5,800 |
||
|
Sales Revenue |
90,500 |
151,060 |
|
|
Less: Cost of Goods Sold |
60,400 |
||
|
Gross Profit |
90,660 |
||
|
Less: Operating Expense |
|||
|
Selling Expense |
|||
|
Office Salaries Expense |
27,600 |
||
|
Advertising Expense |
3,000 |
||
|
Accrued Expense |
800 |
31,400 |
|
|
General and Administrative Expense |
|||
|
Salesmen Salaries Expense |
7,800 |
||
|
Interest Expense |
480 |
||
|
Depreciation – Delivery Van |
16,500 |
||
|
Delivery Van Expense |
2,300 |
27,080 |
|
|
Financial Expense |
|||
|
Prepaid Expense |
6,500 |
||
|
Bank Charges |
300 |
||
|
Rent Expense (refer to Note 1) |
8,800 |
15,600 |
74,080 |
|
Net Profit |
16,580 |
||
|
Syafiq Kylex |
|||
|
Balance Sheet for the year ended 30 June 2021 |
|||
|
Equity |
$ |
$ |
$ |
|
Capital |
65,000 |
||
|
Add: Net Profit |
16,580 |
||
|
Less: Drawings |
7,000 |
||
|
Represented by: |
|||
|
Current Assets |
|||
|
Cash at Bank |
35,280 |
||
|
Inventories |
34,000 |
||
|
Accounts Payable |
3,400 |
||
|
Delivery Van |
26,500 |
||
|
Add: Accumulated Depreciation – Delivery Van |
3,300 |
29,800 |
102,480 |
|
Less: Current Liabilities |
|||
|
Loan from DBS (refer to Note 2) |
19,500 |
||
|
Working Capital |
82,980 |
||
|
Non-Current Assets |
|||
|
Unearned Revenue |
5,000 |
||
|
Total Assets |
87,980 |
||
Additional Information
- Rent expense is allocated based on floor areas. A0% (Ais the 4th digit of your admin number) of the floor area is used for the shop and the remaining floor area is for the office.
e.g. if your admin number is 2012345J, then the figure is 20%
if your admin number is 2003202J, then the figure is 30%
if the 4th digit of your admin number is 0 (e.g. 2000002J), then use 40%.
- Bank loan of $B,000 (Bis the 5th digit of your admin number) is due on 31 December 2021. The balance is due on 31 December 2023.
e.g. if your admin number is 2012435J, then the figure is $4,000
if your admin number is 2002532J, then the figure is $5,000
if the 5th digit of your admin number is 0 (e.g. 2011000J), then use $5,000.
Q 2.
Kimly Limited are public companies limited by shares.
About Kimly Limited
Kimly Limited is principally engaged in operating the Sheng Siong groceries chain. Its stores are primarily located in retail locations in the heartlands of Singapore.
- a) Refer to the company’sfinancial statements and compute the following financial ratios. Show your workings and round your figures to 2 decimal places.
|
Ratio |
2020 |
2019 |
|
Net Profit Margin (%) (use Profit for the Year) |
||
|
Current Ratio (use Group figures) |
||
|
Debt Ratio (%) (use Group figures) |
b) Based on the ratios calculated in part (a), evaluate the company’s financial performance and position in 2020 as compared to 2019.
c) Identify and briefly explain twonon-current liabilities of the company (use group figures) in 2020. You can also find the information in the “Notes to the Financial Statements”.
d) Read the article on the company’s initial public offering (IPO) that is assigned to you and answer questions (i) to (v):
|
i) Which stock exchange is the company listed? (1m) |
|
ii) When were the company’s shares first publicly traded on the stock exchange? (1m) |
|
iii) What is the IPO issue price? (1m) |
|
iv) How much net proceeds was raised from this IPO? (1m) |
|
v) How does the company plan to use the proceeds? (1m) |
|
vi) Assume that the company is planning for a rights issue to raise S$20 million at the beginning of 2021. Research and give a detailed recommendation (e.g. rights issue price) on a rights issue for the company. Show relevant workings. You may use the company’s annual report, website, etc., to support your recommendation. Attach your research in Appendix A (page 11). (8m) |
Q 3.
Powerhouse Fitness Pte Ltd is a retailer of gym equipment with a retail shop at Velocity Novena Square. As at 1 October 2021, the cash at bank balance is $300,000. The company’s policy is to maintain a minimum cash balance of $150,000.
Powerhouse Fitness Pte Ltd is developing a cash budget for October, November and December 2021, and the following information was gathered:
|
Cash Receipts |
|
|
1 |
Sales revenue for August and September 2021 are $150,000 and $200,000 respectively. The forecasted sales revenue for October, November and December 2021 are $190,000, $280,000 and $300,000 respectively. Historically, 70% of the firm’s sales are in cash, 20% are collected in the next month, and the remaining 10% are collected in the second month following the sale. |
|
2 |
Monthly commission income is received from the wholesaler based on C% of the current month’s sale (C is the 6th digit of your admin number). (Use 6% if the 6th digit of your admin number is 0) |
|
3 |
Dividend income of $15,000 will be received in December 2021. |
|
Cash Disbursements |
|
|
4 |
The expected purchases are $120,000, $150,000 and $170,000 for the months of October, November and December 2021 respectively. The company pays all its purchases in the month of purchase. |
|
5 |
Salaries paid monthly is $D0,000. (D is the 7th digit of your admin number) (Use $70,000 if the 7th digit of your admin number is 0) |
|
6 |
Rental of $10,000 is paid monthly. |
|
7 |
Investment in a joint venture amounting to $500,000 is scheduled in December 2021. |
Use the following templates to prepare the cash budget for October, November and December 2021:
a) Projected Cash Receipts
|
Receipts |
Aug $ |
Sep $ |
Oct $ |
Nov $ |
Dec $ |
|
Sales |
150,000 |
200,000 |
190,000 |
280,000 |
300,000 |
|
Cash sales (70%) |
|||||
|
Lag 1 month (20%) |
|||||
|
Lag 2 months (10%) |
|||||
|
Commission income (C%) |
|||||
|
Dividend income |
|||||
|
Total Cash Receipts |
b) Projected Cash Disbursements
|
Disbursements |
Oct $ |
Nov $ |
Dec $ |
|
Cash purchase |
|||
|
Salaries ($D0,000) |
|||
|
Rental payment |
|||
|
Investment |
|||
|
Total Cash Disbursements |
c) Cash Budget
|
Oct $ |
Nov $ |
Dec $ |
|
|
Total cash receipts |
|||
|
Less: Total cash disbursements |
|||
|
Net cash flow |
|||
|
Add: Beginning cash |
|||
|
Ending cash |
|||
|
Minimum cash |
|||
|
Required Financing |
|||
|
Excess Cash Balance |
BAF1012 Financial Accounting
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