At the end of its financial year, Apex Ltd. took the following information from its accounting books of record.

Apex Ltd

Trial Balance

As at 30 June 2018

Debit	Credit
Share Capital	-	$525,000
General Reserves	-	86,000
Retained Earnings 1/7/2017	-	161,500
Sales Revenue	-	920,000
Other Revenue - Interest	-	65,500
Adveristing Expense	$70,000	-
Sales commission	86,000	-
Interest Expense	4,200	-
Purchases	269,500	-
Interim dividend	7,500	-
Cash at bank	77,000	-
Inventories (01.07.17)	25,000	-
Accounts Receivable	93,400	-
Provision for Doubtful Debts	-	2,100
Term deposit - due 30th September, 2018	85,000	-
Land	230,000	-
Prepaid Insurance	12,500	-
Plant & Equipment	400,000	-
Accumulated Depreciation – Plant & Equipment	-	35,000
Motor Vehicles	117,000	-
Accumulated Depreciation – Motor Vehicles	-	25,000
Buildings	325,000	-
Accumulated Depreciation – Buildings	-	47,000
Salaries (60% administrative expense)	174,500	-
Utilities (40% selling expense	58,500	-
Accounting and Audit Fees	25,200	-
Office expenses	12,000	-
Marketing expenses	10,000	-
Accounts Payable	-	110,200
Bank Mortgage, secured over building due: 1/9/2023	-	105,000
2,082,300	2,082,300

Additional Information

1. Apex Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and presents an analysis of expenses by function in the statement. The financial statements are authorised for issue on 1st August 2018.
2. Apex Ltd. uses the periodic inventory system. The stock-take of 30th June shows closing inventory of $39,000 (considering lower of cost and net realizable value).
3. On 26 July 2018 the company enters into a contract to purchase 30 per cent of the issued capital of Surtex ltd for $350 000.
4. Interest on bank mortgage is 8% per annum and is payable twice yearly on 31st December and 30th June. The amount due at 30 June has not been recognised
5. A final dividend of five percent on paid-up-capital was declared and approved by the board on 30 June 2018 and $10,000 was to be transferred to the General Reserve.
6. Following straight-line method, the company charges depreciation on Plant and Equipment @ 10% of cost, on Motor Vehicles @ 20% of cost, and on Building @ 5% of cost.
7. The directors of Apex Ltd decided to revalue land at 30 June 2018, and the market value of the land is $260,000.
8. On 15 July 2018, Brexit ltd, a major customer of Apex ltd, indicated that it had found an alternative supplier. At this date, Brexit ltd owed no amount to Apex ltd.
9. On 5th August 2018, Apex Ltd. was notified of an impending legal suit for $55,000 against the company for breach of contract. The case was settled 15th August 2018.
10. Contributed Capital at 1/7/2017 consists of 525,000 ordinary shares issued and paid to $1.
11. The Income Tax Rate is 30%.

Required:

1. Prepare necessary adjusting journal entries for the above information.
2. Prepare a single Statement of Comprehensive Income, a Statement of Changes in Equity and a Statement of Financial Position in accordance with applicable accounting standards for financial year end 30^thJune 2018.
3. Prepare at least fifteen (20) notes to the financial statements according to the relevant accounting standards.