每日一练F7 (UK) 答案回复可见
<p>5 Pingway issued a £10 million 3% convertible loan note at par on 1 April 2007 with interest payable annually in<br/>arrears. Three years later, on 31 March 2010, the loan note is convertible into equity shares on the basis of £100 of<br/>loan note for 25 equity shares or it may be redeemed in cash at par at the option of the loan note holder. One of the<br/>company’s financial assistants observed that the use of a convertible loan note was preferable to a non-convertible<br/>loan note as the latter would have required an interest rate of 8% in order to make it attractive to investors. The<br/>assistant has also commented that the use of a convertible loan note will improve the profit as a result of lower interest<br/>costs and, as it is likely that the loan note holders will choose the equity option, the loan note can be classified as<br/>equity which will improve the company’s high gearing position.<br/>The present value of £1 receivable at the end of the year, based on discount rates of 3% and 8% can be taken as:<br/>3% 8%<br/>£ £<br/>End of year 1 0·97 0·93<br/>2 0·94 0·86<br/>3 0·92 0·79<br/>Required:<br/>Comment on the financial assistant’s observations and show how the convertible loan note should be accounted<br/>for in Pingway’s profit and loss account for the year ended 31 March 2008 and balance sheet as at that date.<br/>(10 marks)</p><p></p><p>5 Accounting correctly for the convertible loan note in accordance with FRS 25 Financial Instruments: Disclosure and Presentation<br/>and FRS 26 Financial Instruments: Recognition and Measurement would mean that virtually all the financial assistant’s<br/>observations are incorrect. The convertible loan note is a compound financial instrument containing a (largely) debt component<br/>and an equity component – the value of the option to receive equity shares. These components must be calculated using the<br/>residual equity method and appropriately classified (as debt and equity) on the balance sheet. As some of the proceeds of the<br/>instrument will be equity, the gearing will not be quite as high as if a non-convertible loan was issued, but gearing will be increased.<br/>However, if the loan note is converted to equity in March 2010, gearing will be reduced. The interest rate that would be applicable<br/>to a non-convertible loan (8%) is representative of the true finance cost and should be applied to the carrying amount of the debt<br/>to calculate the finance cost to be charged to the profit and loss account thus giving a much higher charge than the assistant<br/>believes.<br/>Accounting treatment: financial statements year ended 31 March 2008<br/>Profit and loss account:<br/>Finance costs (see working) £693,920<br/>Balance sheet:<br/>Creditors: amount falling due after more than one year<br/>3% convertible loan note (8,674 + 393·92) £9,067,920<br/>Capital and reserves<br/>Option to convert £1,326,000<br/>Working (figures in brackets in £’000)<br/>cash flows factor at 8% present value £’000<br/>year 1 interest 300 0·93 279<br/>year 2 interest 300 0·86 258<br/>year 3 interest and capital 10,300 0·79 8,137<br/>–––––––<br/>total value of debt component 8,674<br/>proceeds of the issue 10,000<br/>–––––––<br/>equity component (residual amount) 1,326<br/>–––––––<br/>The interest cost in the profit and loss account should be £693,920 (8,674 x 8%), requiring an accrual of £393,920 (693·92 –<br/>300 i.e. 10,000 x 3%). This accrual should be added to the carrying value of the debt.</p> fdsafdsag <p>look 1 look</p> STUDY <p>学习</p> TQ^^至爱的JOJO我走了保重自己
至爱的JOJO我走了保重自己[img]http://pic.yesky.com/imagelist/07/32/4468541_m_4468543_4452.jpg[/img]
我至爱的JOJO,经过我和她的交往的这段日子，我认为她是这世界上最好的女孩，
她有颗善良温柔体贴的心，有张微笑如春风带点忧郁的脸蛋，《除了偶尔吃点小醋外，不过都怪我眼贱手贱》是个值得男人去爱，为她付出一切包括生命的人。JOJO虽有个快乐的童年但她却有个痛苦的少年，因爸爸过早的去世，让JOJO承受了她这个年龄不应该承受的痛苦，但她面对妈妈的伤悲与弟弟眼泪，她把满腔的悲伤都化做了滴血的微笑来减轻家人的悲痛，我现在的JOJO虽有坚强的外表，但她的心却是柔弱易脆的，原本我想照顾她[url=http://www.51.am/2009/0915/25450.html][color=black]如何丰胸[/color][/url]，可天不随人愿我们的爱情被世俗而扼杀，缘起却份尽，我尽力可也只能仰天哀嚎，我身心皆累却无力改天，
JOJO是我永远的牵挂与伤痛，因我不能履行我的承诺不能在照顾她，
所以决定为JOJO征婚找个能替我照顾JOJO一生一世的人，前题是必须有责任心、包容心，善良、体贴、顾家、脾气好、能有点幽默与[url=http://www.51.am/][color=black]隆鼻[/color][/url]，能以她的快乐而快乐痛苦而痛苦，真心的爱她的男生为伴，我希望JOJO从此在您的关爱与包容下可以忘记以前的伤痛与哀愁，幸福快乐的生活，本人就算在天堂也会对您感激不尽，您要注意JOJO不吃[姜][url=http://www.51.am/2010/0428/165164.html][color=black]瘦脸[/color][/url]、最喜欢喝[橙汁]、不喜欢吃[面条]喜欢吃[青椒炒瘦肉]，不过青椒要炒熟点，她喜欢吃[大米]，最爱的听的歌是许茹芸的[好听]她肚子有时候会痛，您要叮嘱她，要是疼多喝开水轻轻的用手揉，晚上睡觉就算在热也要用毯子把肚子盖好，生病要看医生，她怕吃药，您要看她吃，您要叮嘱她不要喝冷水，不要洗冷水，少吃泡面容易上火，又没营养，骑车要小心，她怕胖，听别人说她胖她就不吃饭了，所以您要劝她吃饭，您要对她说[url=http://www.51.am/][color=black]整容[/color][/url]，多给她聊聊天，多替她分担些痛苦，让她少操劳点，少些委屈，讲些[url=http://www.51.am/2009/0915/25479.html][color=black]脱毛[/color][/url]的事物，如您能多学点厨艺最好，那样就可以给她做好吃的了，切记切记。jojo.wanan.wanan.wanan.wanan
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