Preparation of a statement of financial position LO3 The summarised general ledger trial balance of Lucas
Question:
Preparation of a statement of financial position LO3 The summarised general ledger trial balance of Lucas Ltd, an investment company, includes the following accounts at 30 June 2019. Cash at bank $ 7 000 Deposits (at call) 112 869 Dividends receivable 15 693 Interest receivable 478 Settlements receivable 4 900 Trading securities 68 455 Listed securities 1 880 472 Deferred tax asset 655 Settlements payable $ 10 253 Interest payable 280 Other payables 83 Current tax payable 242 Provision for employee benefits 752 Deferred tax liability 56 414 Share capital 1 368 024 Revaluation surplus — investments 376 090 Retained earnings 278 384 $2 090 522 $ 2 090522 Additional information • Provision for employee benefits includes $525 payable within 1 year. • Listed securities are held as long-term investments. Revaluation gains and losses will not be reclassified. • The deferred tax asset and deferred tax liability do not satisfy the criteria for offsetting in accordance with AASB 112/IAS 12. Required Prepare the statement of financial position of Lucas Ltd at 30 June 2019 in accordance with AASB 101/IAS 1, using the captions that a listed company is likely to use.
Step by Step Answer:
Financial Reporting
ISBN: 978-0730363361
2nd Edition
Authors: Janice Loftus ,Ken Leo ,Sorin Daniliuc ,Belinda Luke ,Hong Nee Ang ,Karyn Byrnes