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BCL – L1 – SA – Q72 – Types of Capital
Definition of a company’s share capital.
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BCL – L1 – SA – Q59 – Types of Capital
What represents a company's capital.
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BCL – L1 – SA – Q9 – Types of Capital
Explains purpose of share capital in a company.
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- 6 Marks
FR – L2 – Q79 – Business Combinations
Prepare Peak Ltd's consolidated statement of financial position as at 31 Dec 20X4, incorporating 60% acquisition of Riser Ltd.
Question
On 31 December 20X1, Peak Ltd acquired 60% of Riser for GH₵140,000, at that date Riser Ltd had a retained earnings balance of GH₵50,000. The following statements of financial position have been prepared as at 31 December 20X4.
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| Question Title | FR – L2 – Q79 – Business Combinations | |||||||||||||||||||||||||||||||||||||||
| Level | LEVEL 2 | |||||||||||||||||||||||||||||||||||||||
| Professional Bodies | Institute of Chartered Accountants, Ghana (ICAG) | |||||||||||||||||||||||||||||||||||||||
| Programs | PROFESSIONAL PROGRAM | |||||||||||||||||||||||||||||||||||||||
| Subjects | Financial Reporting | |||||||||||||||||||||||||||||||||||||||
| Topics | Business Combinations (IFRS 3) | |||||||||||||||||||||||||||||||||||||||
| Total Marks | 6 | |||||||||||||||||||||||||||||||||||||||
| Question Tags | Consolidated Financial Statements, Goodwill, Non-Controlling Interest, Net Assets, Acquisition, Retained Earnings, Share Capital, Current Liabilities, Financial Position, IFRS 3 | |||||||||||||||||||||||||||||||||||||||
| Question Short Summary | Prepare Peak Ltd’s consolidated statement of financial position as at 31 Dec 20X4, incorporating 60% acquisition of Riser Ltd. | |||||||||||||||||||||||||||||||||||||||
| Preamble | On 31 December 20X1, Peak Ltd acquired 60% of Riser for GH₵140,000, at that date Riser Ltd had a retained earnings balance of GH₵50,000. The following statements of financial position have been prepared as at 31 December 20X4. | |||||||||||||||||||||||||||||||||||||||
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| Requirement | Prepare the consolidated statement of financial position of Peak Ltd and its subsidiary as at 31 December 20X4. |
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- 15 Marks
FR – L2 – Q55 – Financial Instruments
Calculate capital, reserves, and liabilities for Jordana PLC after share issues and preference share transactions in Year 1.
Question
On 1 January Year 1 Jordana PLC has the following capital and reserves.
| Equity | GH₵ |
|---|---|
| Share capital (1 million ordinary shares) | 1,200,000 |
| Retained earnings | 5,670,300 |
| 6,870,300 |
During Year 1 the following transactions took place.
- 1 January: An issue of GH₵100,000 8% GH₵1 redeemable preference shares at a premium of 60%. Issue costs are GH₵2,237. Redemption is at 100% premium on 31 December Year 5. The effective rate of interest is 9.5%.
- 31 March: An issue of 300,000 ordinary shares at a price of GH₵1.30 per share. Issue costs, net of tax benefit, were GH₵20,000.
- 30 June: A 1 for 4 bonus issue of ordinary shares.
Profit for the year, before accounting for the above, was GH₵508,500. The dividends on the redeemable preference shares have been charged to retained earnings.
Required
Set out capital and reserves and liabilities resulting from the above on 31 December Year 1.
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