Retake Finan Acc march 2011 - INTRODUCTION Sun Block Ltd....

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Sun Block Ltd. is a medium sized private limited company, established in 2004, that operates in the market selling sun screens. At the end of their fiscal (financial) year 31 December 2010, in accordance with legal requirements, they have prepared a set of financial statements for their shareholders and various government agencies. They operated in a routine fashion during 2010, but unfortunately their bookkeeper was sun struck and therefore none of their financial transactions have been recorded for 2010 and neither have the financial statements for 2010 been prepared, leaving Sun Block in an emergency situation. The full year they were fighting to regain market share and the CEO was constantly looking for cash to keep the operation running. Half way through the year it seemed that business was shooting up but the bookkeeper kept on pushing that cash was needed. The belief is there that he must have been sun struck far earlier in the year and as lending capacity has run out the CEO wants to know what is the current situation is. He has a meeting with the bank tomorrow. Because of your known aptitude for accounting, you have been transferred from your post as janitor to the post of accountant and are expected to fulfill the duties thereto related. GENERAL REQUIREMENT You will be required, as accountant, to prepare the three major financial statements (the balance sheet, the profit and loss account (income statement) and statement of cash flows) for the fiscal year 2010 using the prior-year (2009) financial statements as your starting point, recording all transactions (or categories of transactions) that occurred during 2010 to produce the financial statements for 2010. You will then need to calculate relevant financial ratios. NOTE : You are required to show all your calculations and work or you will not receive credit for the exam. You must write legibly (your writing must be able to be read by the exam marker). If the marker cannot read your work, or the marker is in doubt about what you have written, it will be impossible for the examiner to give you credit. Please see the following pages for important information and specific requirements.
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Retake Finan Acc march 2011 - INTRODUCTION Sun Block Ltd....

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