Appliance Ltd
Statement of comprehensive income for the year ended 30th of June 2018
Particulars	Ammount ($)	Ammount ($)
Revenue		12,230,000.00
(-) COGS		4,685,000.00
Gross profit		7,545,000.00
Other income		7,000.00
(-) Selling and distribution expense		749,000.00
(-) Administrative expense		3,473,000.00
(-) Finance cost		70,000.00
Profit before tax		3,260,000.00
(-) Tax
Tax expense	978,000.00
Defered tax	(142,200.00)	835,800.00
Profit of the year		2,424,200.00
Other comprehensive income :
Items that will not be reclassified to profit or loss		-
Items that reclassified subsequently to profit or loss		-
Total other comrehensive income		-
Total cpmrehensive income for the period		2,424,200.00

Appliance Ltd
Statement of Financial posistion as at 30 June 2018
	Ammount ($)
Assets
Current Assetes
Cash and cash equivalents	234,000.00
Trade and other receivables	3,057,000.00
Inventories	1,874,000.00
Total current assets	5,165,000.00
Non current assetes
Land & Building	1,370,000.00
Plant and equipment	2,345,000.00
Other intangible assetes	150,000.00
Differed tax assetes	142,200.00
Total non current assets	4,007,200.00
Total assets	9,172,200.00
Equity & Liabilities
Current liabilities
Trade ceditors	615,000.00
current tax liability	978,000.00
Provisions	255,000.00
Total current liabilities	1,848,000.00
Non current liabilities
Long term Borrowings	400,000.00
Total non current liabilities	400,000.00
Total liabilities	2,248,000.00
Equity
Capital and reserves
Issued capital	5,000,000.00
Retained earnings	1,924,200.00
Total equity	6,924,200.00
Total equity and liabilities	9,172,200.00

Required - Statement of changes in equity for the year ended 30 June 2018

Thanks.

Appliances Ltd, a manufacturing company, commenced operations on 1 July 2017. The draft trial balance for the year ended 30 June 2018 has been prepared as follows:

Appliances Ltd
Draft trial balance as at 30 June 2018
DATA
			DR ($)	CR ($)
Sales of goods				12,230,000
Interest income				7,000
Cost of sales			4,685,000
Marketing expense			623,000
Salaries and wages			2,740,000
Administration expenses			143,000
Annual leave expense			210,000
Doubtful debts expense			62,000
Depreciation expense			0
Interest expense			64,000
Other borrowing expenses			6,000
Other expenses			95,000
Warranty expense			64,000
Income tax expense			0
Cash on hand			41,000
Cash management account			193,000
Trade debtors			3,276,000
Allowance for doubtful debts				219,000
Raw material inventory			624,000
Finished goods inventory			1,250,000
Land			500,000
Buildings			900,000
Accumulated depreciation - buildings				0
Plant and equipment			2,600,000
Accumulated depreciation - plant and equipment				0
Patents			150,000
Deferred tax asset			0
Bank loan				400,000
Trade creditors				615,000
Provision for annual leave				200,000
Provision for warranty				55,000
Current tax liability				0
Dividends paid			500,000
Share capital				5,000,000
			18,726,000	18,726,000

Additional information:

The bank loan is repayable in 5 years.

The provision for annual leave is payable within 1 year.

The provision for warranty is in respect of a 12-month warranty given on certain goods sold.

Share capital consists of 1,000,000 ordinary shares, fully paid to $5.00 each.

Appliances Ltd is a reporting entity.

Appliances 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 on the statement.

In relation to the statement of financial position, where AASB 101 requires entities to disclose further sub-classifications of the minimum line items on the face of the statement or in the notes, the directors of Appliances Ltd want to report only the minimum line items on the face of the statement, and leave the sub-classifications to be disclosed in the notes.

Whilst reviewing the draft trial balance, you notice that depreciation and income tax have not been recognised as yet. The following information is available for these items:

The buildings were purchased on 1 July 2017, and have a useful life of 30 years and estimated residual value of nil. The plant and equipment was also purchased on 1 July 2017, and has a useful life of 10 years and estimated residual value of $50,000. Depreciation is to be recognised on a straight-line basis.

Income tax expense needs to be calculated at 30% of the accounting profit (you will need to prepare the statement of profit or loss and other comprehensive income after accounting for depreciation above to determine income tax expense). The deferred tax asset to be recognised as at 30 June 2018 is $142,200. The current tax liability to be recognised will be the sum of income tax expense and the deferred tax asset.

Required:

i) Prepare the journal entries to recognise depreciation and income tax in Appliances Ltds accounting records as at 30 June 2018. After preparing the journal entries, enter the amounts from your journal entries into the draft trial balance.

ii) Prepare the statement of profit or loss and other comprehensive income, statement of financial position, and statement of changes in equity of Appliances Ltd for the year ended 30 June 2018 in accordance with AASB 101. Notes and comparative figures are not required.

I NEED ONLY THE STATEMENT OF CHANGES IN EQUITY AS I HAVE ALREADY DONE THE OTHERS.