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