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Can someone please explain the answer in details You are recently appointed as junior accountant at Zero Ltd. The chief financial officer has assigned you
Can someone please explain the answer in details
You are recently appointed as junior accountant at Zero Ltd. The chief financial officer has assigned you to prepare the statement of profit or loss and other comprehensive income for the company. You were supplied with the following trial balance extract. Zero Ltd Adjusted Trial Balance As at 30 June 2019 + Debit ($) Credit ($) 72 500 605 000 6 500 000 3 200 16 200 402 500 Interest received Proceeds from sale of land Sales revenue Sundry revenue Dividends received Changes in inventories of finished goods and work in progress Cost of land sold De tion and amortisation expense Interest paid Other employee benefits expenses Other expenses Raw materials used Salaries and wagos expense Sales returns and allowances 485 000 112 000 15 500 200 000 175 700 4 000 000 750 000 85 500 O The company tax rate is 30%. Required: Prepare the statement of profit or loss and other comprehensive income for the year ended 30 June 2019 in accordance with AASB 101 (classify expenses by nature)Step by Step Solution
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