The following information relates to Dunadeal Ltd at 30 June 2020.

Additional information

During the year ended 30 June 2020:
1. directors declared and paid dividends of 5% on the preference shares and 10c per share interim on ordinary shares 

2. assume the tax rate is 30% for estimating income tax expense.
Required

(a) Prepare a statement of profit or loss and other comprehensive income for the year ended 30 June 2020 in accordance with current accounting standards.

(b) Prepare a statement of changes in equity for Dunadeal Ltd for the year ended 30 June 2020.

Transcribed Image Text:

Share capital 100000 10% cumulative preference shares issued at $1 each 200000 ordinary shares issued at $1 each General reserve (balance 1 July 2019) Retained earnings (balance 1 July 2019) Revenue Profit before income tax (and items listed below) Interest expense Paid damages on lawsuit Gain on sale of property, plant and equipment $ 100 000 200 000 55 000 50 000 1 550 000 190 000 23 000 50 000 105 000