Q1A) Prepare statement of Comprehensive Income from the information given below of ABC SAOC for
the year ended 31st December 2018:
Sales Revenue 19,138,619
Cost of sales 13,860,741
Gross profit 5,277,878
Other income 99,941
Salaries and other employee related costs 2,130,157
General and administrative expenses 485,347
Selling and distribution expenses 2,259,883
Net finance costs 12,225
Taxation 131,691
Fair value gain on financial assets 197,449
Unrealized holding loss on Investments classified as available for sale 29,618
Answer: NP = 358,516 : TCI = 526,347
Q1B) Prepare statement of financial position for the information given below of XYZ SAOG for the year
ended 31st December 2018:
Property, plant and equipment 6,084,712
Inventories 3,498,707
Accounts and other receivables 2,881,997
Bank balances and cash 160,028
Equity Share capital 3,000,000
Share premium 90,811
Legal reserve 465,243
General reserve 53,378
Revaluation reserve 836,608
Retained earnings 357,158
Deferred tax liability 311,063
Employees’ end of service benefits 56,882
Non-current portion of term loans 634,399
Current portion of term loans 299,044
Accounts and other payables 4,511,960
Bank borrowings 1,927,501
Taxation payable 81,397
Answer: 12,625,444
Q2) Following information is available for the year 2017 of CDB SAOG. You are required to prepare
Statement of comprehensive income and Statement of financial position.
2017 2018
Sales 20,819,106 21,422,950
Cost of sales 13,836,239 13,106,330
Other income 500,643 413,010
Salaries and other employee related costs 2,277,444 2,139,086
General and administration 550,908 563,218
Selling and distribution 2,421,498 1,349,220
Net finance charges 16,258 11,167
Taxation expense 409,459 272,895
Unrealized gain on Fair value changes on available for sale
investments 154,344 1,132,329
Property, plant and equipment 17,705,507 19,164,728
Available for sale investments – Long term 1,594,058 1,575,226
Non-current portion of held-to-maturity investments 1,929,389 2,902,128
Other Investments -- 770,400
Current portion of held-to-maturity investments 5,465,317 3,000,000
Inventories 5,167,251 4,253,524
Accounts and other receivables 9,210,149 7,368,532
Bank balances and cash 1,355,891 3,971,622
Share capital 29,621,368 29,621,368
Legal reserve 6,388,661 6,207,867
Retained earnings 1,871,460 2,614,016
Fair value reserve 121,757 (32,587)
Employees’ end of service benefits 864,832 796,724
Deferred tax liability 408,030 310,515
Non-current portion of staff incentive 13,470 67,346
Accounts and other payables 2,803,757 3,043,188
Taxation payable 334,227 377,723
Answer: 2017: NP 1, 807, 943; TCI 1,962,287; SOFP 42,427,562
2018: NP 4,394,044; TCI 5,526,373; SOFP 43,006,160
Q3) Following information is available for the year 2018 of national detergent SAOG. You are required to
prepare Statement of comprehensive income and Statement of financial position.
Revenue 21,813,781
Cost of sales 15,475,360
Selling and distribution expenses 4,046,401
Administrative and general expenses 1,036,448
Other operating income 37,010
Finance costs 226,318
Directors’ remuneration 27,000
Taxation expenses 192,018
Property, plant and equipment 10,113,129
Inventories 3,352,713
Trade and other receivables 5,174,072
Assets held-for-sale 5,785,796
Cash and bank balances 645,907
Share capital 1,701,250
Share premium 364,263
Legal reserve 567,083
Revaluation reserve 7,322,250
Retained earnings (opening) 3,065,666
Long term loans 3,540,338
Current portion of long term loans 748,068
Short term borrowings 1,786,146
Trade and other payables 5,010,253
Taxation payable 119,054
ANSWER: NP 847,246; SOFP 25,071,617
