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This course covers complete syllabus of ACCA Diploma in IFRS Exam as prescribed by ACCA. The course includes detailed topic lectures, extensive practice question videos, tutor slides, detailed notes, online quizzes plus tutor support. This course is a global best seller course on IFRS and has above average pass rates. 1 Advanced Financial
Accounting Sample Paper 2 Questions & Suggested Solutions Page 1 of 27 2 INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY Candidates must indicate clearly whether they are answering the paper in accordance with the law and practice of Northern Ireland or the Republic of Ireland. In this examination paper the / symbol may be
understood and used by candidates in Northern Ireland to indicate the UK pound sterling by candidates in the Republic of Ireland to indicate the Euro. Answer ALL THREE questions in Section A and TWO of the THREE questions in Section B. If more than TWO questions is answered in Section B, then only the first TWO questions, in the order filed,
will be corrected. Candidates should allocate their time carefully. All workings should be shown. All figures should be labelled, as appropriate, e.g. s, s, units etc. Answers should be illustrated with examples, where appropriate. Question 1 begins on Page 2 overleaf. NOTE: This sample paper and solution have been prepared in recognition that public
companies are now required to prepare accounts implementing the language of International Accounting Standards (I.A.S. s) but that other companies and non corporate entities are not required to do so. Examinees would be at liberty to use the language of either (i) I.A.S. s or (ii) the Companies (Amendment) Act 1986 and F.R.S. s/s.s.a.p s in
answering questions relating to non public companies Advanced Financial Accounting Sample Paper 2 Page 2 of 27 3 SECTION A Answer ALL THREE Questions in this Section (The total marks for section A will be 60, made up of a theory question of 20 marks, a multiple choice question of 15 marks and a further question of 25 marks) QUESTION 1 (i)
The ASB and the IASB are responsible for issuing new accounting standards. What are accounting standards and describe the objective of such standards. 8 marks (ii) Describe the steps involved in the standard setting process and the measures taken to improve transparency within the process. 12 marks Total 20 marks QUESTION 2 The following
multiple choice question consists of TEN parts, each of which is followed by FOUR possible answers. There is ONLY ONE right answer in each part. Each part carries 1½ marks. foe helper opera download Requirement Indicate the right answer to each of the following TEN parts. Total 15 Marks N.B. Candidates should answer this question by ticking
the appropriate boxes on the special green answer sheet which is supplied with the examination paper. [Link] [1] In accordance with IAS 2 Inventories net realisable value is defined as: (a) the actual or estimated selling price (b) the actual or estimated selling price less all further costs to completion and all costs to be incurred in marketing,
selling and distribution (c) the actual or estimated selling price less all costs to be incurred in marketing selling and distribution (d) the actual or estimated selling price less all further costs to be completion Advanced Financial Accounting Sample Paper 2 Page 3 of 27 4 QUESTION 2 (cont d) BACKGROUND INFORMATION TO PARTS [2] & [3] Brian
and Jean are in partnership and their capital account balances are / 56,000 and / 84,000 respectively. The partnership agreement details appropriation of partnership profits as follows: Brian Jean Annual salary / 19,500 / 28,000 Interest on capital 10 % 10 % Share of residual profit 40 % 60 % [2] If the profit for the year, before appropriation, was /
112,000 what would Brian s entitlement be in total: [a] / 25,100 [b] / 30,300 [c] / 45,300 [d] / 20,200 [3] If the profit for the year, before appropriation, was / 112,000 what would Jean s entitlement be in total: (a) / 45,300 (b) / 30,300 (c) / 25,100 (d) / 66,700 [4] In accordance with IAS 10 Events after the balance sheet date the clarification after balance
sheet date of proceeds from assets sold before the balance sheet date is an example of: (a) (b) (c) (d) an adjusting event a non-adjusting event a material event an immaterial event [5] The formula for price earnings ratio is: (a) (b) (c) (d) dividend per share / market value per share earnings per share / market value per share market value per share /
earnings per share market value per share / dividend per share Advanced Financial Accounting Sample Paper 2 Page 4 of 27 5 QUESTION 2 (cont d) [6] Company A has inventory days of 23 and receivable days of 38. Ideally payable days should be: (a) greater than 38 but less than 61 (b) greater than 61 (c) less than 61 (d) greater than 23 but less
than 61 [7] If a capital grant is recognised as deferred income in the balance sheet what are the entries to be made each year over the useful life of the associated asset: (a) (b) (c) (d) debit deferred income, credit other operating income credit deferred income, debit other operating income debit deferred income, credit bank credit deferred income,
debit bank BACKGROUND INFORMATION TO PARTS [8] & [9] The business premises of ABC Limited went on fire on 30 November 2010 and financial records were destroyed. However the following information is available: / Receivables : opening 45,000 Closing 56,000 Inventory : opening 60,000 Closing 44,000 Sales (credit) 270,000 Bad debts
14,000 Gross margin 20% [8] Using the information available what is the value of purchases: (a) / 112,000 (b) / 209,000 (c) / 121,000 (d) / 200,000 [9] Using the information available what is the value of sales receipts: (a) / 295,000 (b) / 245,000 (c) / 273,000 (d) / 259,000 Advanced Financial Accounting Sample Paper 2 Page 5 of 27 6 QUESTION 2
(cont d) [10] In preparing a cash flow statement in accordance with IAS 7 a profit on disposal of a fixed asset should be: (a) (b) (c) (d) deducted from operating profit in computing the net cash flow from operating activities added back to operating profit in computing the net cash flow from operating activities Deducted from payments to acquire
tangible fixed assets to compute capital expenditure Added to payments to acquire tangible fixed assets to compute capital expenditure Advanced Financial Accounting Sample Paper 2 Page 6 of 27 7 QUESTION 3 WIRE Ltd., a retailing company, has an authorised share capital of / 2,500,000, comprised of 4,000,000 ordinary shares of 50 cent/pence
each and / 500,000 of 5% preference shares of / 1 each. oral and written language scales scoring manual
The following trial balance was extracted as at 31 st December 2009 / 000 / 000 Ordinary share capital... 1,500 5% preference share capital Share premium account General reserve Retained profits at 1 January % debenture stock (redeemable in 2013) Freehold premises at cost at 1 st January ,500 Freehold premises accumulated depreciation at 1 st
January Plant & machinery at cost at 1 st January Plant & machinery accumulated depreciation at 1 st January Motor vehicles at cost at 1 st January Motor vehicles accumulated depreciation at 1 st January Computer equip at cost Computer equip accumulated depreciation at 1 st January Additions to non-current assets at cost: Plant & machinery
Motor vehicles Computer equipment Disposal of motor vehicles (sale proceeds) Inventory at 31 December Receivables & payables Bank VAT Corporation tax Prepayments & accruals Long term investments Short term investments Retained profit for the year (after providing for dividends and... debenture interest but before adjusting for items 1 to 3
below) Deferred government grants at 1 st January ,669 3,669 ADDITIONAL INFORMATION (1) Depreciation is to be provided on non-current assets as follows: Freehold premises... [Link] 2% on cost Plant & machinery... 10% on cost Motor vehicles... 20% on cost Computer equipment /3 % on cost A full year s depreciation is provided in
the year of purchase and none in the year of disposal. Advanced Financial Accounting Sample Paper 2 Page 7 of 27 8 QUESTION 3 (Cont d) (2) During the year motor vehicles which cost / 45,000 in 2006 were disposed of for / 24,000. The only entries made (before extracting the above trial balance) were to debit the bank account and credit the
disposal of motor vehicles account. (3) The deferred government grants balance included in the above trial balance arises in respect of a grant of / 100,000 received in 2008 to help finance the cost of plant and machinery purchased during that year. In addition a grant of / 18,000 was received on 29 th December 2009 towards the cost of new
computers purchased during the year. [Link] This grant has not yet been recorded in the company s books. (4) Prepaid expenses valued at / 24,000 were incorrectly included in operating costs. Requirement (a) Prepare, in a form suitable for publication, the statement of financial position for WIRE Ltd., for the year ended 31 st December
2009 in as far as the information provided permits. N. B. [Link] You are NOT required to prepare an Statement of Profit & Loss or notes to the accounts. You are required to submit workings to show the make-up of the figures in the statement of financial position. (b) Prepare the following notes to the accounts for the year ended 31
December 2009: 17 Marks (i) Non-current assets (ii) Deferred government grants 6 Marks Presentation 2 marks Total 25 Marks Advanced Financial Accounting Sample Paper 2 Page 8 of 27 9 SECTION B Answer TWO of the THREE questions in this Section QUESTION 4 CARTER Limited is installing a new production plant at a cost of / 1 million, in
respect of which government grants have been approved as follows: Capital cost - 40% Training costs - 100% The company depreciates its plant and equipment on the basis of 20% on original cost. The directors are aware that the accounting treatment for grants is dealt with in IAS 20 Accounting for Government Grants and Disclosure of Government
Assistance, and they have asked you to advise them on the accounting options available to them and the effect which they would have on the company s financial statements. Requirement You are required to draft a report to the directors which: (a) outlines the accounting treatment of the foregoing grants under IAS 20; (b) recommends (with reasons)
the treatment which you believe would be most suitable in the case of CARTER Limited; and (c) indicate the form of accounting policy or other notes which should be included in the annual financial statements of the company. 18 Marks QUESTION 5 Presentation 2 marks Total 20 Marks The following errors were identified by the financial accountant
of CUSACK Limited (a VAT registered company) when reviewing the year end draft financial statements: [i] A cheque was written for / 20,000 to MAC GARAGE Limited and was entered into the motor expense account. No other entries were made in the financial records. The cheque was in respect of the balancing payment for the purchase of a new
car. A car which has originally cost / 13,000 and which had a net book value of / 6,500 at 1 st January 2010 was traded in as part exchange. yaskawa a1000 manual fault codes Assume no loss or gain was made on the trade-in. [ii] Depreciation on motor vehicles is charged at 25% per annum with a full year s depreciation charged in the year of
acquisition and none in the year of disposal. No account was taken of the transactions in note (i) above when calculating the depreciation for the year to December [iii] During the year a new machine was purchased for / 484,000 (which is inclusive of VAT of 21%). [Link] CUSACK Limited received a government grant of / 60,000 towards
the cost of the new machine. Plant and machinery is depreciated at a rate of 10% per annum including a full year s depreciation in the year of acquisition. No entries were made to record this transaction. Advanced Financial Accounting Sample Paper 2 Page 9 of 27 10 QUESTION 5 (cont d) Requirement (a) Prepare the journal entries to show how
each of the above items should be dealt with in the final accounts for the year ended 31 st December Narratives for the journals are required. 15 marks (b) Compute the adjusted net profit before taxation for the year ended 31 st December 2010 taking into account the adjustments made at (a) above. The net profit before taxation as per the draft
accounts was / 350, marks Presentation 2 marks Total 20 Marks QUESTION 6 The Statement of Financial Position, Statement of Changes in Equity and other relevant information of CLINIC Limited, for the year ended 31 December 2010, are as follows: Statement of Changes in Equity as at 31 December 2010 Ord share capital Share premium
Retained profits Total equity / '000 / '000 / '000 / '000 As at 1 January Net profit for year end 31 December Share issue Ordinary dividends ( 60) (60) Advanced Financial Accounting Sample Paper 2 Page 10 of 27 11 QUESTION 6 (cont d) Statement of Financial Position as at 31 December 2010 / '000 / '000 / '000 / '000 ASSETS Non-current assets
1,440 1,320 Current assets Inventory 1,890 1,530 Receivables 2,850 2,130 Cash & cash equivalents ,770 3,690 Total assets 6,210 5,010 EQUITY and LIABILITIES Capital and reserves / 1 ordinary shares Preference shares Share premium account 30 - Retained earnings Non-current liabilities Bank loans 2,190 1,800 10% debentures 1, ,330 2,700
Current liabilities Bank overdraft 30 - Current installments due on loans % debentures Trade payables 1, Taxation ,040 1,560 Total equity and liabilities 6,210 5,010 Advanced Financial Accounting Sample Paper 2 Page 11 of 27 12 QUESTION 6(Cont d) Additional information: (1) On 1 July 2010 CLINIC issued / 1 ordinary shares at / 2 per share. (2)
During the year CLINIC sold non-current assets with a net book value of / 90,000 for cash. Included in the Statement of Profit & Loss is a profit on disposal of / 60,000. (3) Included in trade payables at 31 December 2010 is an amount of / 450,000 in respect of noncurrent assets purchased during the year. (4) The Statement of Profit & Loss includes
the following charges for the year: Dec Dec 2009 (i) Depreciation... handbook_for_the_sixteen_personality_factor_questionnaire.pdf / 600,000 / 550,000 (ii) Interest... / 540,000 / 270,000 (iii) Tax... / 30,000 / 60,000 Requirement (a) Prepare a statement of cash flows for CLINIC Limited for the year ended 31 December 2010 in accordance with IAS 7
Statement of Cash Flows.. N. B.

You are NOT required to prepare notes to the statement of cash flows. 18 Marks Presentation 2 marks Total 20 Marks Advanced Financial Accounting Sample Paper 2 Page 12 of 27 13 Advanced Financial Accounting Sample Paper 2 Suggested Solutions NOTE: This sample paper and solution have been prepared in recognition that public companies
are now required to prepare accounts implementing the language of International Accounting Standards (I.A.S. s) but that other companies and non corporate entities are not required to do so.

Examinees would be at liberty to use the language of either (i) I.A.S. s, (ii) the Companies (Amendment) Act 1986 and F.R.S. s/s.s.a.p s in answering questions relating to nonpublic companies. Advanced Financial Accounting Sample Paper 2 Page 13 of 27 14 Solution to question 1 (a) What are Accounting Standards and describe the objectives of these
standards. Accounting standards are a set of rules that describe how an item in financial accounting is treated and calculated and how accounts should be prepared and presented. The objective of accounting standards is to regulate the accounting profession and to provide guidance to both accounting practitioners and users of financial information
about how contentious and difficult areas should be treated. Accounting standards are issued by a national or international body of the accounting profession and are intended to apply to all financial accounts which are intended to give a true and fair view of the financial position and profit/loss of an entity. Standards are detailed working regulations
within the framework of government legislation and they cover areas in which the law is silent. (b) Standard setting process The standard setting process involves six steps and a consultation process which involves interested parties and organisations from around the world. The six steps are discussed below: 1. Setting the agenda This step in the
process involves deciding on what area in financial accounting needs to be addressed through a standard. When deciding if an item should be added to the agenda the IASB considers the following factors: i. the relevance of the information to users ii. the reliability of the information which would be provided iii. existing guidance in the area iv.
whether the new item increases the possibility of convergence and resource constraints.
2. Planning the project Once an item has been added to the agenda the next decision to be made is whether the IASB should undertake the project alone or in conjunction with another body such as the ASB in Ireland or the UK.

Once this has been determined a project team is assembled. 3. Developing and publishing the discussion paper The purpose of a discussion paper is to solicit early comment from interested parties in an effort to ensure all issues are identified and discussed. caged bird poem analysis A discussion paper will usually contain the following elements: i. a
detailed overview of the issue stating why a standard is required in this area ii. different potential approaches for dealing with the issue iii. preliminary views of the IASB on dealing with the issue, and iv. an invitation to comment on the issue. think and grow rich 21st century edition workbook pdf Advanced Financial Accounting Sample Paper 2 Page
14 of 27 15 4. Developing and publishing the exposure draft Once the IASB has received and discussed all comments received a draft standard is prepared detailing a specific proposal for dealing with the issue. The draft standard is then issued to interest parties for consideration and comment.
5. Developing and publishing the standard Once the exposure draft has been issued comments will be received by the IASB on the proposed treatment. 12 week mass workout plan pdf The IASB may then decide that it is satisfied with the proposed treatment and a draft IFRS is drawn up. This draft IFRS is referred to as a pre ballot draft. The pre
ballot draft is normally subjected to external review which is usually undertaken by IFRIC. draw horses with sam savitt pdf IASB members are then balloted and if the ballot is in favour of the publication of the standard then the IFRS is issued. Where the IASB is not satisfied that it is in a position to agree on the proposed treatment then a second
exposure draft may be issued suggesting a revised treatment of the item in question. 6. After the standard is issued The process is not complete once the standard is issued. At this stage the IASB hold further meetings with interested parties in order to understand any unanticipated issues relating to the practical application of the standard.
Transparency within the process As can be seen from the above discussion throughout the process public consultation is either invited or considered. physical_chemistry_quanta_matter_and_change_full_text.pdf It is not possible for an accounting standard to be issued without taking on board comments from interested parties. This avoids the
situation whereby the process becomes a pure academic exercise and ensures that the practical application is considered, understood and provided for. Advanced Financial Accounting Sample Paper 2 Page 15 of 27 16 Solution to question 2 (1) B (2) C (see working) (3) D (see working) (4) A (5) C (6) B (7) A (8) D (see working) (9) B (see working) (10)
A Workings: (2) 112,000 (19, ,000) 10%(56, ,000) = 50,500 x 40% = 20,200 20, , ,600 = 45,300 (3) 50,500 x 60% = 30, , ,400 = 66,700 (8) Sales 270,000 Gross margin 20% = 54,000 Cost of sales = 270, ,000 = 216, ,000 + closing inventory 44,000 opening inventory 60,000 = purchases 200,000 (9) Opening receivables 45,000 + sales 270,000 = 315,
,000 bad debts 14,000 closing receivables 56,000 = sales receipts 245,000 Advanced Financial Accounting Sample Paper 2 Page 16 of 27 17 Solution to question 3 (a) WIRE Ltd. Statement of financial position as at 31 December 2009 Non current assets Property, plant & equipment (Note 1) 2,343 Other financial assets 60 2,403 Current assets
Inventories 50 Trade receivables 156 Prepayments (W1) 36 Cash and cash equivalents (W2) Total assets 2,769 Equity and liabilities Capital (W4) 1,800 Reserves 380 Accumulated profits (W3) 64 2,244 Non current liabilities Interest bearing borrowings Current liabilities Trade and other payables (W7) Deferred government grants (Note 2) 92 2,769
Advanced Financial Accounting Sample Paper 2 Page 17 of 27 18 Solution to question 3(cont d) (b) WIRE LIMITED Notes to the Accounts for the year ended 31 December 2009 (1) Property, plant and equipment Freehold premises Plant & machinery Motor vehicles Computer equip Total Cost at 1st January , ,160 additions disposals (45) (45) at 31st
December , ,240 Accumulated depreciation at 1st January charge for year disposals 0 0 (27) 0 (27) at 31st December Net book value at 1st January , ,405 at 31st December , ,343 (2) Deferred government grants At 1 st January Received during the year Released to profit and loss account during the year (16) At 31 st December Advanced Financial
Accounting Sample Paper 2 Page 18 of 27 19 Solution to question 3(cont d) Workings (1) Prepayments (2) Cash and cash equivalents (3) Accumulated profits Prepayments per trial balance 12 Add prepayments omitted in error Bank balance 66 Short term investment Government grant received Retained profit for year per trial balance 146 Profit on
disposal of motor vehicle 6 Depreciation (Note 1) (169) Prepayments 24 Government grants released Retained Profit brought forward 1 Jan Accumulated profits 64 (4) Issued capital Ordinary share capital 1,500 8% preference capital 300 1,800 Advanced Financial Accounting Sample Paper 2 Page 19 of 27 20 Solution to question 3(cont d) (5)
Reserves Share premium 150 General reserves (7) Trade and other payables Trade payables per Trial Balance 85 Corporation tax 98 VAT 32 Accrued expenses (8) Disposal of motor vehicle Cost in Depreciation charge: NBV 18 Proceeds 24 Profit on disposal 6 Advanced Financial Accounting Sample Paper 2 Page 20 of 27 21 Solution to question 4 To :
The Directors From : A. Accountant Date : XX/MM/YY Subject : Accounting treatment of government grants A. Accounting treatment The grants which have been approved for the new production facility fall into two distinct categories: 1. Revenue based grant the grant for training costs 2.
Capital based grant the grant for plant The above two grants are treated differently for accounting purposes. IAS 20 provides that: (i) (ii) Revenue based grants are to be credited to revenue in the period in which the related revenue expenditure has been incurred and, where actual amounts are not known for certain, appropriate estimates must be
made; and Capital based grants on the other hand are to be credited to revenue over the life of the related non current asset by either: i. Reducing the cost of the asset by the full amount of the grants; or ii. Treating the amount of the grant as deferred credit, a portion of which is transferred to revenue annually. Where this method is used the amount
of the deferred credit, if material, should be shown separately in the statement of financial position and separate from shareholders funds. Where there is a contingent liability to repay any grants received this must be disclosed by way of note to the accounts. B. Recommendations As far as the company is concerned, I recommend that the following
accounting policies be adopted: Training grants these grants be credited to revenue as they are due; and Grants on plant these grants be treated as deferred credits and disclosed separately in the statement of financial position under the heading Government Grants and allocated to the statement of comprehensive income over the life of the asset
using the same rates of depreciation as applied to the relevant assets. C. Accounting policies The notes to the accounts of CARTER Limited should include the following: (i) Grants receivable on additions to non current assets are credited to the Government Grants Account and are allocated to the statement of comprehensive income over the
estimated useful lives of the assets concerned. Revenue based grants are credited directly to the statement of comprehensive income in the year in which they become due. Advanced Financial Accounting Sample Paper 2 Page 21 of 2722 (ii) Balance at start of year Received during the year Released to the profit and loss account during the year
Balance at end of year / XXXX XXXX XXXX XXXXX (iii) Contingent liabilities Under various agreements between the company and grant awarding bodies the Company has received grants amounting to / XXX during the year. There exists a contingent liability to repay in whole or in part the grants received if certain circumstances set out in the
agreement occur. Advanced Financial Accounting Sample Paper 2 Page 22 of 2723 Solution to question 5 (a) DR CR (i) DR Motor vehicles (B/S) 26,500 CR Motor vehicles (B/S) 13,000 DR Accumulated depreciation 6,500 CR Motor vehicles expense (P&L) 20,000 (ii) (iii) [Being correction of cheque debited to motor expense in error and disposal of
motor vehicle in part payment] DR Depreciation (P&L) 3,375 CR Accumulated depreciation (B/S) 3,375 [Being calculation of depreciation charge on additions (6,625 3,250)] DR Plant & machinery 400,000 DR VAT recoverable 84,000 CR Bank 484,000 [Being purchase of new machine] DR Depreciation (P&L) 40,000 CR Accumulated depreciation (B/S)
40,000 [Being calculation of depreciation on new machine] DR Bank 60,000 Cr Deferred income (B/S) 60,000 [Being receipt of government grant] DR Deferred income (B/S) 6,000 CR Grant released (P&L) 6,000 [Being release of proportion of grant to Statement of Profit & Loss] Advanced Financial Accounting Sample Paper 2 Page 23 of 2724
Solution to question 5 (cont d) (b) / Net profit before tax 350,000 (i) Motor vehicle expense 20,000 (ii) Motor vehicle depreciation (3,375) (iii) Plant and machinery (40,000) (iii) Grant released 6,000 Revised net profit 332,625 Advanced Financial Accounting Sample Paper 2 Page 24 of 2725 Solution to question 6 [a] CLINIC Limited Statement of Cash
Flows for the year ended 31 December 2010 Cash flows from operating activities / '000 / '000 Net profit before interest (W1) 660 Adjustments for: Depreciation 600 Profit on disposal (W3) (60) Changes in working capital Increase in inventory (W2) (360) Increase in receivables (W2) (720) Decrease in payables (W2) (240) (780) Cash generated from
operations (120) Interest paid (540) Tax paid (W4) (90) (630) Net cash from operating activities (750) Cash flows from investing activities Payment to acquire non-current assets (W5) (360) Receipt from sale of non-current assets (W3) 150 Cash flows from financing Proceeds from share issue (incl share prem) 60 New bank loans (W6) 390 Issue of new
debentures (W7) 540 Dividends paid (60) (210) 930 Decrease in cash and cash equivalents (30) Cash and cash equivalents at start of year 30 Cash and cash equivalents at end of year 0 Advanced Financial Accounting Sample Paper 2 Page 25 of 2726 Workings (1) Net profit before interest Net profit for year 90 Add: tax 30 Add : interest (2) Changes in
working capital Inventory (1,890 1,530) Receivables (2,850 2,130) Trade payables (1, ) 360 increase 720 increase 240 decrease (3) Non current asset disposal NBV 90 Profit on sale 60 Sale proceeds 150 (4) Taxation Opening balance 90 Charge for year 30 Closing balance (30) Amount paid 90 (5) Non current asset acquisition Opening balance 1,320
Less: disposal (90) Depreciation charge (600) 630 Closing balance (1,440) Purchases 810 Amount owing included in trade payables 450 Amount paid 360 Advanced Financial Accounting Sample Paper 2 Page 26 of 2727 (6) Bank loans Opening balance (1, ) 2,340 Closing balance (2, ) 2,730 New loans 390 (7) Debentures Opening balance 900 Closing
balance (1, ) (1,440) New debentures issued 540 Advanced Financial Accounting Sample Paper 2 Page 27 of 27 Page 2OpenTuition has arranged with BPP – the leading publisher of accounting study books – for OpenTuition students to get a 20% discount off the standard [Link] order ACCA or CIMA books at a discount, choose whether you want
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