Question
Additional information $20 000 of bank loans is repayable within 1 year. $90 000 of other loans is repayable within 1 year. Matthew Ltd uses
Additional information
$20 000 of bank loans is repayable within 1 year. $90 000 of other loans is repayable within 1 year. Matthew Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and presents an analysis of expenses by nature in the statement.
Required
Prepare the statement of financial position, statement of profit or loss and other comprehensive income and statement of changes in equity of Matthew Ltd for the year ended 30 June 2019 in accordance with the requirements of AASB 101/IAS 1, using statement captions that a listed company is likely to use.
16.20 Preparation of a statement of financial position, statement of profit or loss and other comprehensive income and statement of changes in equity ** LO3, 4, 5 The summarised general ledger trial balance of Matthew Ltd, a manufacturing company, for the year ended 30 June 2019 is detailed below. Dr Cr $5 000 000 22 000 25 000 $ 125 000 60 000 2 200 000 950 000 226 000 25 000 70 000 142 000 45 000 133 000 10 000 30 000 8 000 320 000 4000 80 000 495 000 18 000 Sales revenue Interest income Sundry income Change in inventories of work in progress Change in inventories of finished goods Raw materials used Employee benefit expense Depreciation expense Amortisation patent Rental expense Advertising expense Insurance expense Freight out expense Doubtful debts expense Interest expense Other expenses Income tax expense Cash Cash on deposit (at call) Trade debtors Allowance for doubtful debts Other debtors Raw materials inventories, 30 June 2019 Finished goods inventories, 30 June 2019 Land Buildings Accumulated depreciation land and buildings Plant and equipment Accumulated depreciation - plant and equipment Patents Accumulated amortisation - patent Goodwill Bank loans Other loans Trade creditors Provision for employee benefits Income tax payable Deferred tax liability Retained earnings, 30 June 2018 Dividends paid Share capital Dividends reinvested Deferred cash flow hedge (equity) 27 000 320 000 385 000 94 000 220 000 52 000 1380 000 320 000 140 000 50 000 620 000 92 000 450 000 452 000 120 000 35 000 140 000 310 000 210 000 1137 000 41 000 65 000 $8324 000 $8324 000Step by Step Solution
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