ACCA考试F4考试模拟试题(2020-08-13)

发布时间：2020-08-13

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2 Food Shop sent a fax to Sanyi Farm to inquire about the price of tomatoes as follows: ‘100,000 kg of tomatoes is urgently needed. Reply as soon as possible.’

Upon receipt of the fax, Sanyi Farm shipped 100,000 kg of tomatoes to Food Shop. The latter took delivery of the goods without any objection. On selling the goods Food Shop found that the quality of tomatoes did not meet the standard required and had to sell the goods at a 20% discount. Food Shop considered that there was no contract between the two parties, since its fax to Sanyi Farm did not contain the price, which was one of the essential factors to be an effective offer.

Required:

In accordance with the Contract Law:

(a) Explain the legal nature of the fax sent by Food Shop. (2 marks)

(b) Describe the legal nature of the act to take delivery of the goods by Food Shop.

(c) Explain whether there was a contract between the two parties.

答案：

2 (a) The legal nature of the fax sent by Food Shop was an invitation to offer, not an effective offer, since this fax contained only the name and quantity of the goods, lacking the essential and necessary factor for an effective offer, i.e. the price of the goods.

Hence, it was only an invitation to offer.

(b) The legal nature of taking delivery of the goods by Food Shop was an acceptance. Since the delivery of the goods by Sanyi Farm indicated its expression to enter into a contract with Food Shop in the way of action, it constituted an offer. According to the Contract Law, an offeree may take various ways to accept the offer, such as written form, oral form or action. In this case Food Shop took delivery of the goods; it was an acceptance in the form of action.

(c) There was a contract between Sanyi Farm and Food Shop. According to relevant provisions of the Contract Law, the formation of a contract takes place by way of offer and acceptance. Where an acceptance made by the offeree reaches the offeror, a contract is formed. In this case Sanyi Farm delivered the goods, which was an offer. Food Shop, as an offeree, took over the goods and resold the goods. This meant Food Shop accepted the offer by Sanyi Farm. Therefore, a contract was formed.

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下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

(c) State the tax consequences for both Glaikit Limited and Alasdair if he borrows money from the company, as

proposed, on 1 January 2006. (3 marks)

正确答案：
(c) Alasdair is not employed, nor is he a director, of Glaikit Limited. As he holds 25% of the shares in Glaikit Limited, he is a
participator in a close company and therefore the special close company provisions will apply. Thus Alsadair will be taxed
under the ‘loans to participator’ rules.
When the loan is written off, the amount waived will be treated as a gross distribution of ￡16,667 (￡15,000 x 10/9). This
will be assessed in the tax year in which the loan is written off (expected to be 2006/07 or 2007/08). To the extent that this
additional income makes Alasdair a higher rate taxpayer in that year, he will have to pay additional income tax of 32·5% of
the gross amount, less the available 10% tax credit.
From the company’s perspective, Glaikit Limited will have to pay 25% of the net value of any loan made to Alasdair which
has not been repaid to the company (or written off) within nine months of the year end. As the loan will remain outstanding
as at 31 March 2006, Glaikit Limited will have to pay ￡3,750 (25% x ￡15,000) to the Revenue by 1 January 2007. This
amount will not be repaid until the loan is repaid or written off. This usually takes place nine months after the year end in
which the loan is written off, so Glaikit Limited should ensure that any write-off occurs prior to 31 March 2007, or else the
repayment may be delayed for up to one year.
As the loan is tax free, the Revenue may also seek to tax Alasdair under the beneficial loan rules. If the Revenue were to seek
an assessment in this manner, the value of the benefit would be calculated and taxed as a deemed distribution. However, as
Alasdair has no connection with the company other than as an investor, it is unlikely that the beneficial loan benefit will lead
to such a deemed distribution.

(b) The directors of Carver Ltd are aware that some of the company’s shareholders want to realise the value in their

shares immediately. Accordingly, instead of investing in the office building or the share portfolio they are

considering two alternative strategies whereby, following the sale of the company’s business, a payment will be

made to the company’s shareholders.

(i) Liquidate the company. The payment by the liquidator would be ￡126 per share.

(ii) The payment of a dividend of ￡125 per share following which a liquidator will be appointed. The payment

by the liquidator to the shareholders would then be ￡1 per share.

The company originally issued 20,000 ￡1 ordinary shares at par value to 19 members of the Cutler family.

Following a number of gifts and inheritances there are now 41 shareholders, all of whom are family members.

The directors have asked you to attend a meeting to set out the tax implications of these two alternative strategies

for each of the two main groups of shareholders: adults with shareholdings of more than 500 shares and children

with shareholdings of 200 shares or less.

Required:

Prepare notes explaining:

– the amount chargeable to tax; and

– the rates of tax that will apply

in respect of each of the two strategies for each of the two groups of shareholders ready for your meeting

with the directors of Carver Ltd. You should assume that none of the shareholders will have any capital

losses either in the tax year 2007/08 or brought forward as at 5 April 2007. (10 marks)

Note:

You should assume that the rates and allowances for the tax year 2006/07 will continue to apply for the

foreseeable future.

正确答案：

 

(ii) Deema Co. (4 marks)

正确答案：
(ii) Deema Co
The claim is an event after the balance sheet date. If the accident occurred prior to the year end of 30 September 2007,
the claim gives additional evidence of a year end condition, and thus meets the definition of an adjusting post balance
sheet event. In this case the matter appears to have been properly disclosed in the notes to the financial statements per
IAS 10 Events After the Balance Sheet Date and IAS 37 Provisions, Contingent Liabilities and Contingent Assets. A
provision would only be necessary if the claim was probable to succeed and there is sufficient appropriate evidence that
this is not the case. There is therefore no disagreement, and no limitation on scope.
Therefore the senior is correct to propose an unqualified opinion.
However, it is not necessary for the audit report to contain an emphasis of matter paragraph.
ISA 701 Modifications to the Independent Auditor’s Report states that an emphasis of matter paragraph should be used
to highlight a matter where there is significant uncertainty.
Uncertainties are normally only regarded as significant if they involve a level of concern about the going concern status
of the company or would have an unusually great effect on the financial statements. This is not the case here as there
is enough cash to pay the damages in the unlikely event that the claim goes against Deema Co. This appears to be a
one-off situation with a low risk of the estimate being subject to change and thus there is no significant uncertainty.

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