ACCA F7(United Kingdom)历年考试真题及答案大全(2002年-2008

ACCA F7(United Kingdom)历年考试真题及答案大全(2002年-2008年)

包含(2002年-2008年)ACCA F7(United Kingdom)历年考试真题及答案,文件列表如下:

Financial Reporting
(United Kingdom)

Section A – This ONE question is compulsory and MUST be attempted
1 Parentis, a public listed company, acquired 600 million equity shares in Offspring on 1 April 2006. The purchase
consideration was made up of:
a share exchange of one share in Parentis for two shares in Offspring
the issue of £100 10% loan note for every 500 shares acquired; and
a deferred cash payment of 11 pence per share acquired payable on 1 April 2007.
Parentis has only recorded the issue of the loan notes. The value of each Parentis share at the date of acquisition was
75 pence and Parentis has a cost of capital of 10% per annum.
The balance sheets of the two companies at 31 March 2007 are shown below:
Parentis Offspring
£ million £ million £ million £ million
Tangible fixed assets (note (i)) 640 340
Investments 120 nil
Intellectual property (note (ii)) nil 30
—- —-
760 370
Current assets
Stock (note (iii)) 76 22
Trade debtors (note (iii)) 84 44
Bank nil 4
—- —-
160 70
—- —-
Creditors: amounts falling due within one year
Trade creditors (note (iii)) 130 57
Taxation 45 23
Overdraft 25 nil
—- —-
200 80
—- —-
Net current liabilities (40) (10)
Creditors: amounts falling due after more than one year
10% loan notes (120) (20)
—- —-
600 340
—- —-
Capital and reserves:
Equity shares of 25 pence each 300 200
Profit and loss account – 1 April 2006 210 120
– year ended 31 March 2007 90 300 20 140
—- —- —- —-
600 340
—- —-
The following information is relevant:
(i) At the date of acquisition the fair values of Offspring’s net assets were approximately equal to their carrying
amounts with the exception of its properties. These properties had a fair value of £40 million in excess of their
carrying amounts which would create additional depreciation of £2 million in the post acquisition period to
31 March 2007. The fair values have not been reflected in Offspring’s balance sheet.
(ii) The intellectual property is a system of encryption designed for internet use. Offspring has been advised that
government legislation (passed since acquisition) has now made this type of encryption illegal. Offspring will
receive £10 million in compensation from the government.
(iii) Offspring sold Parentis goods for £15 million in the post acquisition period. £5 million of these goods are included
in the stock of Parentis at 31 March 2007. The profit made by Offspring on these sales was £6 million.
Offspring’s trade creditor account (in the records of Parentis) of £7 million does not agree with Parentis’s trade
debtor account (in the records of Offspring) due to cash in transit of £4 million paid by Parentis.



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