Name Sarmad Saleem Awan

Roll NO # 22-11259

BUSN-301 Financial Reporting

Mid Term

Maple Leaf Cement Factory Limited

Annual Report 2021

In the accounting policy note link each of the items with the relevant accounting standards i.e. IFRS and IAS. You must link specific wordings with
Point 1
the IAS/IFRS and also confirm whether the policies are in line with the accounting standards.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note No #

3.1 Employee benefits IAS-19 Employee benefits

3.2 Taxation IAS-12 Income taxes
3.3 Leases IFRS-16 Leases
3.4 Property, plant and equipment IAS-16 Property, Plant and Equipment
3.5 Investment in equity instruments of subsidiary IAS-28 Investments in Associates and Joint Ventures
3.6 Stores, spare parts and loose tools IAS-16 Property, Plant and Equipment
3.7 Stock-in-trade IAS-2 Inventories
3.8 Financial instruments IFRS-9 Financial Instruments
3.9 Impairment IAS-36 Impairment of Assets
3.10 Off setting of financial instruments IFRS-9 Financial Instruments
3.11 Cash and cash equivalents IAS-7 Statement of cash flows
3.12 Revenue recognition IFRS-15 Revenue from contracts with customers
3.13 Contract liabilities IFRS-15 Revenue from contracts with customers
3.14 Foreign currency translations IAS-21 The Effects of Changes in Foreign Exchange Rates
3.15 Borrowings IAS-23 Borrowing Costs
3.16 Provisions IAS-37 Provisions, Contingent Liabilities and Contingent Assets
3.17 Earnings per share (EPS) IAS-33 Earning per share
3.18 Dividend to ordinary shareholders IAS-33 Earning per share
3.19 Mark-up bearing borrowings IAS-23 Borrowing Costs
3.20 Share Capital IAS-1 Presentation of Financial Statements
3.21 Contingent liabilities IAS-37 Provisions, Contingent Liabilities and Contingent Assets
3.22 Government Grant IAS-20 Accounting for Government Grants
Point 2 For each of the items of the SOFP, link it to the IAS/IFRS that applies to it

NON CURRENT LIABILITIES

Long term loans from financial institutions - secured IFRS-9 Financial Instruments
Deferred grant IAS-20 Accounting for Government Grants
Long term loan from Subsidiary Company IFRS-9 Financial Instruments
Long term deposits IFRS-9 Financial Instruments
Deferred taxation IAS-12 Income taxes
Retention money payable IFRS-15 Revenue from contracts with customers
Payable to government authority IAS-20 Accounting for Government Grants
Retirement benefits IAS-19 Employee benefits

CURRENT LIABILITIES

Current portion of:

- Long term loans from financial institutions - secured IFRS-9 Financial Instruments
- Deferred grant IAS-20 Accounting for Government Grants
Trade and other payables IFRS-9 Financial Instruments
Unclaimed dividend IAS-7 Statement of cash flows
Mark-up accrued on borrowings IAS-23 Borrowing Costs
Short term borrowings IAS-7 Statement of cash flows

NON CURRENT ASSETS

Property, plant and equipment IAS-16 Property, Plant and Equipment
Intangible assets IAS-38 Intangible assets
Long term investment IFRS-9 Financial Instruments
Long term loans to employees - secured IFRS-9 Financial Instruments
Long term deposits IFRS-9 Financial Instruments

CURRENT ASSETS
Stores, spare parts and loose tools IAS-16 Property, Plant and Equipment
Stock-in-trade IAS-2 Inventories
Trade debts IFRS-9 Financial Instruments
Loans and advances IFRS-9 Financial Instruments
Short term investment IFRS-9 Financial Instruments
Short term deposits and prepayments IFRS-9 Financial Instruments
Accrued profit IFRS-9 Financial Instruments
Other receivables IFRS-9 Financial Instruments
Advance income tax - net of provision IAS-12 Income taxes
Cash and bank balances IAS-7 Statement of cash flows
Point 3 Find out how many more shares the company can issue without getting any further change in its limits

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES Rs.(1000)
Authorized share capital
15,000,000 (2019: 15,000,000) Ordinary shares of Rs.10 each 15,000,000
Issued, subscribed and paid up capital 10,983,462
Capital reserves 6,588,813
Accumulated profits 16,880,291
Surplus on revaluation of fixed assets - net of tax 3,089,975
37,542,541

No of shares that can be issued 401653.8

Point 4 Calculate the amount of dividends that the company has given in each year per share and total amount

2021 2020

Final dividend 19,919,000 289,361,000

Total 19,919,000 289,361,000

No of shares 10,983,462 10,983,462

Total dividend per share (Rupees) 1.813544764 26.3451542

Point 5 Calculate the percentage of material, labor and overrheads in the companies production activities

COST OF SALES (Rs,1000)

Raw materials consumed 2,283,399
Salaries, wages and other benefits 1,163,144
Packing materials consumed 2,824,094
Fuel 10,246,397
Power and associated costs 6,291,475
Stores, spare parts and loose tools consumed 1,073,117
Water charges 135,430
Rent, rates and taxes 2,576
Insurance 77,563
Repairs and maintenance 348,147
Depreciation 3,215,918
Amortization 1,110
Vehicles running and maintenance 155,105
Freight and forwarding 543,688
Other expenses 104,362
28,465,525

Percentage

Material 8%
Labor 4%
Overhead 88%
100%
Point 6 Calculate the per month salary per top executive of the company

Chief
Chairman Executives
Executive
------Rupees in thousand-------

Managerial remuneration 32625 30015 17534

House rent 7425 6831 1,310
Medical 0 0 142
Conveyance 1627 914
Utilities 0 0 655

Post employment benefits

Contribution to Provident
Fund Trust 2475 2277 1,310
9,900 10,735 4,331
Number 1 1 1
Per month salary 825 895 361

Point 7 Calculate the total depreciation charged in the Statement of P&L

(Rs,1000)
Cost of sales 3,215,918
Distribution costs 7,110
Administrative expenses 61,669
Total depriciation charged 3,284,697

Point 8 Find out the amount paid to the auditors for auditing the company.

(Rs,1000)
Annual statutory audit 1,610
Interim review 540
Other certification 315
Taxation 1,418
Out of pocket expenses 600
4,483

Point 9 Mention the number of units of the company and their location

Business Unit Address

Generation plant Iskanderabad, District Mianwali, Punjab, Pakistan
Registered office 42 - Lawrence Road, Lahore.