An assistant accountant of Changeling plc has been requested to prepare a profit and loss account…

An assistant accountant of Changeling plc has been requested to prepare a profit and loss account using the CPP model for the year ended 31 March 1991. He has calculated the net operating profit for the year and the remaining entries are yet to be completed. The profit and loss accounts for the year ended 31 March 1991 are set out below, comprising the historic cost profit and loss account and partially completed CPP profit and loss account. Required (a) Calculate the retained profit (loss) for the year using the CPP Model for the year ended 31 March 1991. (b) Explain what the method of indexing is attempting to deal with and discuss the process from the viewpoint of both the entity and the proprietors. (c) Write a brief report to the principal shareholder of Changeling Ltd who holds 20% of the issued share capital on the management of the company commenting on profitability, liquidity and financial structure. ACCA, Advanced Financial Accounting, December 1991

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