P2 Pass Year Paper
Corporate Reporting
(International)
Time allowed
Reading and planning:
Writing:
15 minutes
3 hours
This paper is divided into two sections:
Section A – This ONE question is compulsory and MUST be attempted
Section B – TWO questions ONLY to be attempted
Do NOT open this paper until instructed by the supervisor.
During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor.
This question paper must not be removed from the examination hall.
The Association of Chartered Certified Accountants
Paper P2 (INT)
Professional Pilot Paper – Essentials module
Section A – This ONE question is compulsory and MUST be attempted
1
The following draft financial statements relate to Zambeze, a public limited company:
Draft Group Balance Sheets at 30 June
Assets:
Non-current assets:
Property, plant and equipment
Goodwill
Investment in associate
2006
$m
2005
$m
1,315
30
270
1,005
25
290
1,615
1,320
650
610
50
580
530
140
1,310
1,250
2,925
2,570
Equity and liabilities:
Share capital
Share premium account
Revaluation reserve
Retained earnings
100
30
50
254
85
15
145
250
Minority interest
434
60
495
45
Total equity
494
540
Non-current liabilities
Current liabilities
850
1,581
600
1,430
Total liabilities
2,431
2,030
Total equity and liabilities
2,925
2,570
Current assets:
Inventories
Trade receivables
Cash at bank and cash equivalents
Total assets
Draft Group Income Statement for the year ended 30 June 2006 Revenue
Cost of sales
Gross profit
Distribution and administrative expenses
Finance costs (interest payable)
Share of profit in associate
$m
4,700
(3,400)
1,300
(600)
(40)
30
Profit before tax
Income tax expense (including tax on income from associate $10 million)
690
(210)
(International)
Time allowed
Reading and planning:
Writing:
15 minutes
3 hours
This paper is divided into two sections:
Section A – This ONE question is compulsory and MUST be attempted
Section B – TWO questions ONLY to be attempted
Do NOT open this paper until instructed by the supervisor.
During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the supervisor.
This question paper must not be removed from the examination hall.
The Association of Chartered Certified Accountants
Paper P2 (INT)
Professional Pilot Paper – Essentials module
Section A – This ONE question is compulsory and MUST be attempted
1
The following draft financial statements relate to Zambeze, a public limited company:
Draft Group Balance Sheets at 30 June
Assets:
Non-current assets:
Property, plant and equipment
Goodwill
Investment in associate
2006
$m
2005
$m
1,315
30
270
1,005
25
290
1,615
1,320
650
610
50
580
530
140
1,310
1,250
2,925
2,570
Equity and liabilities:
Share capital
Share premium account
Revaluation reserve
Retained earnings
100
30
50
254
85
15
145
250
Minority interest
434
60
495
45
Total equity
494
540
Non-current liabilities
Current liabilities
850
1,581
600
1,430
Total liabilities
2,431
2,030
Total equity and liabilities
2,925
2,570
Current assets:
Inventories
Trade receivables
Cash at bank and cash equivalents
Total assets
Draft Group Income Statement for the year ended 30 June 2006 Revenue
Cost of sales
Gross profit
Distribution and administrative expenses
Finance costs (interest payable)
Share of profit in associate
$m
4,700
(3,400)
1,300
(600)
(40)
30
Profit before tax
Income tax expense (including tax on income from associate $10 million)
690
(210)