ACC201 Group Assignment 1 Questions | Financial Reporting I

Published: 10 Jul, 2025
Category Assignment Subject Accounting
University Module Title ACC201 Financial Reporting I
Assessment Type ACC201 Group Assignment 1

ACC201 Question 1

The following trial balance relates to Petrina Ltd at 31 December 2018.

ACC201 Financial Reporting I Group Assignment One Question

The following additional information is provided 

  • Petrina  Ltd.  purchased  10%  debentures  of  face  value  GH¢1,000,000  issued  by  Adom  Ltd.  for GH¢995,000 on January 1, 2018. The debentures will pay an annual coupon every December 31 and be repaid after five years at GH¢ 1001,000. Petrina Ltd. incurred transaction costs of GH¢ 2,000 and the effective rate of interest is 10.10%. The entity intends to hold this investment to maturity. No entries have been made in the books for this transaction. 
  • The tax charge for the year has been estimated at GH¢24,720,000.  

Required: 

Prepare, in a form suitable for publication, the statement of profit or loss and other comprehensive income, statement of financial position and statement of changes in equity for the year ended 31 December 2018 for Petrina Ltd.

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ACC201 Question 2 

Novar Court Ltd issued 1,000,000 GH¢1 shares on the BUEM Stock Exchange (BSE) which were fully subscribed for on 1 November 2018 at a market price of GH¢4.20 per share. At 31 December 2018, the shares have a market value of GH¢4.90.

The entity also issued 4% loan notes with a nominal value GH¢2,000, 000 at a discount of 2.5% on 1 January 20218. The loan will be repayable at a premium of 10% after five years and the effective rate of interest is 7%. Issue cost incurred amounted to GH¢53,400. All these transactions have not been recorded in the books of Novar Court Ltd. The following is the trial balance for Novar Court Ltd at 31 December 2018.

ACC201 Financial Reporting I-Group Assignment One Questions

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