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[主观题]

（c) In April 2006, Keffler was banned by the local government from emptying waste water in

(c) In April 2006, Keffler was banned by the local government from emptying waste water into a river because the

water did not meet minimum standards of cleanliness. Keffler has made a provision of $0·9 million for the

technological upgrading of its water purifying process and included $45,000 for the penalties imposed in ‘other

provisions’. (5 marks)

Required:

For each of the above issues:

(i) comment on the matters that you should consider; and

(ii) state the audit evidence that you should expect to find,

in undertaking your review of the audit working papers and financial statements of Keffler Co for the year ended

31 March 2006.

NOTE: The mark allocation is shown against each of the three issues.

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更多“（c) In April 2006, Keffler was…”相关的问题

第1题

（b) Peter, one of Linden Limited’s non-executive directors, having lived and worked in the

(b) Peter, one of Linden Limited’s non-executive directors, having lived and worked in the UK for most of his adult

life, sold his home near London on 22 March 2006 and, together with his wife (a French citizen), moved to live

in a villa which she owns in the south of France. Peter is now demanding that the tax deducted from his director’s

fees, for the board meetings held on 18 April and 16 May 2006, be refunded, on the grounds that, as he is no

longer resident in the UK, he is no longer liable to UK income tax. All of the company’s board meetings are held

at its offices in Cambridge.

Despite Peter’s assurance that none of the other companies of which he is a director has disputed his change of

tax status, Damian is uncertain whether he should make the refunds requested. However, as Peter is a friend of

the company’s founder, Linden Limited’s managing director is urging him to do so, stating that if the tax does

have to be paid, then Linden Limited could always bear the cost.

Required:

Advise Damian whether Peter is correct in his assertion regarding his tax position and in the case that there

is a UK tax liability the implications of the managing director’s suggestion. You are not required to consider

national insurance (NIC) issues. (4 marks)

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第2题

The following scenario relates to questions 1–5.

Adana died on 17 March 2016, and inheritance tax (IHT) of ￡566,000 is payable in respect of her chargeable estate. Under the terms of her will, Adana left her entire estate to her children.

At the date of her death, Adana had the following debts and liabilities:

(1) An outstanding interest-only mortgage of ￡220,000.

(2) Income tax of ￡43,700 payable in respect of the tax year 2015–16.

(3) Legal fees of ￡4,600 incurred by Adana’s sister which Adana had verbally promised to pay.

Adana’s husband had died on 28 May 2006, and only 20% of his inheritance tax nil rate band was used on his death. The nil rate band for the tax year 2006–07 was ￡285,000.

On 22 April 2006, Adana had made a chargeable lifetime transfer of shares valued at ￡500,000 to a trust. Adana paid the lifetime IHT of ￡52,250 arising from this gift. If Adana had not made this gift, her chargeable estate at the time of her death would have been ￡650,000 higher than it otherwise was. This was because of the subsequent increase in the value of the gifted shares.

What is the maximum nil rate band which will have been available when calculating the IHT of ￡566,000 payable in respect of Adana’s chargeable estate？

A.￡325,000

B.￡553,000

C.￡390,000

D.￡585,000

What is the total amount of deductions which would have been permitted in calculating Adana’s chargeable estate for IHT purposes？A.￡263,700

B.￡268,300

C.￡43,700

D.￡220,000

Who will be responsible for paying the IHT of ￡566,000 in respect of Adana’s chargeable estate, and what is the due date for the payment of this liability？A.The beneficiaries of Adana’s estate (her children) on 30 September 2016

B.The beneficiaries of Adana’s estate (her children) on 17 September 2016

C.The personal representatives of Adana’s estate on 30 September 2016

D.The personal representatives of Adana’s estate on 17 September 2016

How much IHT did Adana save by making the chargeable lifetime transfer of ￡500,000 to a trust on 22 April 2006, rather than retaining the gifted investments until her death？A.￡260,000

B.￡207,750

C.￡147,750

D.￡200,000

How much of the IHT payable in respect of Adana’s estate would have been saved if, under the terms of her will, Adana had made specific gifts of ￡400,000 to a trust and ￡200,000 to her grandchildren, instead of leaving her entire estate to her children？A.￡240,000

B.￡160,000

C.￡0

D.￡80,000

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第3题

3 On 1 January 2007 Dovedale Ltd, a company with no subsidiaries, intends to purchase 65%

of the ordinary share

capital of Hira Ltd from Belgrove Ltd. Belgrove Ltd currently owns 100% of the share capital of Hira Ltd and has no

other subsidiaries. All three companies have their head offices in the UK and are UK resident.

Hira Ltd had trading losses brought forward, as at 1 April 2006, of ￡18,600 and no income or gains against which

to offset losses in the year ended 31 March 2006. In the year ending 31 March 2007 the company expects to make

further tax adjusted trading losses of ￡55,000 before deduction of capital allowances, and to have no other income

or gains. The tax written down value of Hira Ltd’s plant and machinery as at 31 March 2006 was ￡96,000 and

there will be no fixed asset additions or disposals in the year ending 31 March 2007. In the year ending 31 March

2008 a small tax adjusted trading loss is anticipated. Hira Ltd will surrender the maximum possible trading losses

to Belgrove Ltd and Dovedale Ltd.

The tax adjusted trading profit of Dovedale Ltd for the year ending 31 March 2007 is expected to be ￡875,000 and

to continue at this level in the future. The profits chargeable to corporation tax of Belgrove Ltd are expected to be

￡38,000 for the year ending 31 March 2007 and to increase in the future.

On 1 February 2007 Dovedale Ltd will sell a small office building to Hira Ltd for its market value of ￡234,000.

Dovedale Ltd purchased the building in March 2005 for ￡210,000. In October 2004 Dovedale Ltd sold a factory

for ￡277,450 making a capital gain of ￡84,217. A claim was made to roll over the gain on the sale of the factory

against the acquisition cost of the office building.

On 1 April 2007 Dovedale Ltd intends to acquire the whole of the ordinary share capital of Atapo Inc, an unquoted

company resident in the country of Morovia. Atapo Inc sells components to Dovedale Ltd as well as to other

companies in Morovia and around the world.

It is estimated that Atapo Inc will make a profit before tax of ￡160,000 in the year ending 31 March 2008 and will

pay a dividend to Dovedale Ltd of ￡105,000. It can be assumed that Atapo Inc’s taxable profits are equal to its profit

before tax. The rate of corporation tax in Morovia is 9%. There is a withholding tax of 3% on dividends paid to

non-Morovian resident shareholders. There is no double tax agreement between the UK and Morovia.

Required:

(a) Advise Belgrove Ltd of any capital gains that may arise as a result of the sale of the shares in Hira Ltd. You

are not required to calculate any capital gains in this part of the question. (4 marks)

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第4题

KMP事务所的注册会计师周某于2006年初审查XYZ公司2005年度会计报表时，发现XYZ公司在200

3年10月为K公司向银行取得2年期、金额为100万元的借款提供了担保。2005年10月借款到期时，K公司因经营严重亏损，已进入了破产清算阶段，无力偿还该笔借款。贷款银行因此要求XYZ公司按担保协议的约定最迟于2005年底代为偿还，但XYZ公司未予答复。2006年初，银行向法院起诉，要求XYZ公司承担连带赔偿责任，支付借款本息110万元。2006年2月20日，法院判决贷款银行胜诉，由XYZ公司支付借款本息110万元。该荐判决已于2006年2月28日执行完毕。XYZ公司在执行完毕后作了借记“营业外支出”100万元、贷记“银行存款”100万元的会计处理，但以起诉、赔偿均发生在2006年为由既未在2005年度会计报表中反映该赔偿事项，也未在2005年度会计报表附注中进行披露。要求：（1）注册会计师是否应基于K公司破产发生于2005年而要求XYZ公司在2005年度会计报表中予以披露？（2）请指出注册会计师是否应基于担保发生于2003年而要求XYZ公司对2003年会计报表进行调整？（3）指出XYZ公司是否需要在编制2005年度会计报表时根据K公司已无力偿还借款的事实和担保协议的约定进行相应的会计处理？如认为不需要，请说明原因；如认为需要，请列示会计分录。（4）假定XYZ公司没有在2005年度对该担保事项进行任何会计处理，指出注册会计师应提出的审计建议。需要提出审计调整建议的，请列示审计调整分录（不考虑流转税费及损益结转，也不考虑对所得税及利润分配的影响）。

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第5题

By the end of April Peter_____ here for three years.

A.will have stayed

B.will stay

C.stays

D.has stayed

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第6题

Work ____on the construction site last April and was completed within fifty-two weeks.

A.varnished

B.commenced

C.departed

D.projected

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第7题

What day is it today？（)

A.It’s sunny

B.It’s Sunday

C.It’s the 16th of April

D.It’s May

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第8题

（c) Without changing the advice you have given in （b), or varying the terms of Luke’s will

(c) Without changing the advice you have given in (b), or varying the terms of Luke’s will, explain how Mabel

could further reduce her eventual inheritance tax liability and quantify the tax saving that could be made.

(3 marks)

The increase in the retail prices index from April 1984 to April 1998 is 84%.

You should assume that the rates and allowances for the tax year 2005/06 will continue to apply for the

foreseeable future.

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第9题

According to matching principle, Sally Smith had expenses of $500 in April which she

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第10题

（c) On 1 May 2007 Sirus acquired another company, Marne plc. The directors of Marne, who w

(c) On 1 May 2007 Sirus acquired another company, Marne plc. The directors of Marne, who were the only

shareholders, were offered an increased profit share in the enlarged business for a period of two years after the

date of acquisition as an incentive to accept the purchase offer. After this period, normal remuneration levels will

be resumed. Sirus estimated that this would cost them $5 million at 30 April 2008, and a further $6 million at

30 April 2009. These amounts will be paid in cash shortly after the respective year ends. (5 marks)

Required:

Draft a report to the directors of Sirus which discusses the principles and nature of the accounting treatment of

the above elements under International Financial Reporting Standards in the financial statements for the year

ended 30 April 2008.

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