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Rs.000 Rs.000: Vitz Limited (Disposal + Acquisition of Foreign Operation)

The document provides financial information for the Grape Group for the years ended March 31, Year 3 and Year 4. It includes consolidated balance sheet line items for loans, current liabilities, and additional information on interest payments, income taxes, dividends, and the acquisition of Pip during the year. The requirement is to prepare a statement of cash flows and related notes for the Grape Group for the year ended March 31, Year 4.

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48 views1 page

Rs.000 Rs.000: Vitz Limited (Disposal + Acquisition of Foreign Operation)

The document provides financial information for the Grape Group for the years ended March 31, Year 3 and Year 4. It includes consolidated balance sheet line items for loans, current liabilities, and additional information on interest payments, income taxes, dividends, and the acquisition of Pip during the year. The requirement is to prepare a statement of cash flows and related notes for the Grape Group for the year ended March 31, Year 4.

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PRACTICE KIT

CFAP 1: ADVANCED ACCOUNTING AND FINANCIAL REPORTING


CHAPTER 20: CONSOLIDATION CASH FLOWS

Rs.000 Rs.000
8% Loan notes 6,900 6,900
10% Unsecured loan notes - 990
6,900 7,890
(3) Current liabilities
Year 4 Year 3
Rs.000 Rs.000
Accounts payable 6,422 6,219
Income tax 2,950 2,400
9,372 8,619

You are provided with the following additional information:


Interest on the 8% loan note is payable half-yearly on 30 September and 31 March.
Income tax is payable nine months after the year-end.
Dividends of Rs. 2.1m and Rs. 2.4m were proposed for Year 3 and Year 4 respectively

During the year, the Grape Group acquired 100% of the ordinary share capital of Pip. The purchase was
financed by Rs. 346,000 in cash and the issue of 54,000 ordinary shares of Rs. 1 each. The ordinary shares had
a market value of Rs. 152,000. The following figures related to Pip at the date of acquisition:

Rs.000
Property, plant and equipment 315
Inventory 139
Receivables 85
Cash at bank and in hand 3
Payables (68)
474
Share capital 180
Reserves 294
474
(4) The share capital consists of Rs. 1 ordinary shares.

Required
Prepare a statement of cash flows and related notes for the Grape Group for the year ended 31 March Year 4.

[ICAP WINTER 2018, Q.5]


7. Vitz Limited (Disposal + Acquisition of Foreign Operation)
Summarised consolidated statement of financial position of Vitz Limited (VL) as at 30 June 2018 is presented
below:
Assets 2018 2017 Equity and liabilities 2018 2017
Rs. in million Rs. in million
Property, plant & equipment 3,678 4,173 Share capital (Rs. 10 each) 2,800 2,500
Goodwill 569 639 Share premium 300 -
Investment in associate 670 - Other group reserves 3,519 2,451
Inventories 1,950 1,050 Non-controlling interest 1,638 874
Trade & other receivables 957 823 Trade & other payables 912 1,630
Cash and bank 1,568 770 Deferred consideration 223 -
9,392 7,455 9,392 7,455

From the desk of Hassnain R. Badami, ACA


TSB Education-Premium Accountancy Courses P a g e 67 of 318

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