The following information was extracted from the financial statements of I. Ching (Booksellers) plc for the year
Question:
The following information was extracted from the financial statements of I. Ching (Booksellers) plc for the year to 31 May 2015:
................................................................................................................£000
Finance charges .......................................................................................40
Cost of sales ............................................................................................460
Distribution expenses ............................................................................110
Revenue ...................................................................................................943
Administrative expenses ........................................................................212
Other expenses ..........................................................................................25
Gain on revaluation of property, plant and equipment ........................20
Loss on foreign currency translations on foreign operations ..............15
Tax on profit for the year ...........................................................................24
Tax on other components of comprehensive income 1
Required:
Prepare a statement of comprehensive income for the year ended 31 May 2015 that is set out in accordance with the requirements of IAS 1 Presentation of Financial Statements.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Step by Step Answer:
Accounting and Finance An Introduction
ISBN: 978-1292088297
8th edition
Authors: Peter Atrill, Eddie McLaney