The following unadjusted trial balance is for the year ended 30 June 2019:

	BILLY GOAT LTD Unadjusted Trial Balance as at 30 June 2019
		Debit			Credit
	Bank overdraft Vehicle rental expenses Cash at bank Investment in government bonds Goodwill Interest revenue Insurance expense Land Buildings Office furniture and equipment Retained earnings (1/7/18) Revaluation surplus Accumulated depreciation – office furniture and equipment Accumulated depreciation – buildings Accumulated impairment losses – goodwill Allowance for doubtful debts Cost of sales Advertising expense Sales returns and allowances Sales Mortgage payable GST payable Inventory Share capital (issued and paid to $1 per share) General reserve Interest expense on overdraft Discount received Discount allowed Fees revenue Proceeds on sale of furniture Carrying amount of furniture sold Accounts payable Accounts receivable Salaries of sales staff Administrative wages Interest expense on mortgage	$	72 000 7 500 150 000 30 000 3 000 230 000 1 000 000 127 000 197 400 12 300 8 700 106 000 11 300 12 000 5 000 225 400 60 000 70 620        4 500		$	178 050 4 800 89 000 15 000 23 000 100 000 6 000 14 700 478 120 90 000 15 000 1 140 000 18 000 11 250 17 900 13 000 118 900
		$	2 332 720		$	2 332 720

Additional information

 (a)  Billy Goat Ltd is involved in the computer services industry. Leased vehicles are used mainly for delivery and service of computers. The company’s head office, which houses its administrative staff, is located on a prime piece of real estate in the local township.

(b)   There have been no share issues during the year.

(c)   The following adjustments are required before preparation of Billy Goat Ltd’s financial statements for the year:

1.    Depreciation to be provided on a straight-line basis on buildings at 5% p.a. and on office furniture and equipment at 10% p.a. The sale of office furniture occurred at the beginning of the current financial year.

2.    Goodwill is considered to have fallen in value through impairment by 10% of its original cost.

3.    Management was informed that a particular debtor was bankrupt and the full account of $12 000 needs to be written off.

4.    The Allowance for Doubtful Debts account needs to be adjusted to 8% of accounts receivable, after considering the adjustment in (3) above.

5.    Current income tax expense (and tax liability) for the year is estimated to be $8000.

6.    Accrued wages to staff: sales $1500, administrative $2000.

7.    Vehicle rental paid in advance at 30 June 2019 amounted to $30 000.

8.    A dividend of 3c per share is to be declared on shares.

9.    Land is to be revalued to its fair value of $250 000.

10.  Transfer $10 000 from the general reserve to retained earnings.

Required

A. Prepare the journal entries (in general journal form) required by items 1–10 above.

B. Prepare the adjusted trial balance as at 30 June 2019.

C. Prepare the statement of profit or loss and other comprehensive income, with expenses classified by function, for Billy Goat Ltd for the year ended 30 June 2019 in accordance with the requirements of IAS 1/ AASB 101.

D. Prepare the statement of changes in equity for the year ended 30 June 2019 in accordance with the requirements of IAS 1/AASB 101.

E. Prepare the company’s classified statement of financial position as at 30 June 2019 in accordance with the requirements of IAS 1/AASB 101, using the current/non-current classification.