find the attached document.

Write a memo to Matthew outlining the key problems with the statement of financial position prepared, with references made clearly to requirements of AASB101 where appropriate. Show the corrected version of the statement of financial position of DL Vision Ltd for the year ended 30 June 2016 and attach it at the end of the memo. Your corrected statement of financial position should be prepared in accordance with AASB101, using the captions that a listed company is likely to use. At this stage, you would not worry about the notes to the accounts.

Preparation of a statement of financial position You are the chief accountant of Wisdom, a big accounting firm in town. You requested one of your trainee accountants, Matthew to prepare the balance sheet for one of your clients, DL Vision Ltd which is a manufacturing company. Matthew later presented you with the following balance sheet of DL Vision Ltd for the year ended 30 June 2016, which you are not very happy with. DL Vision Ltd Statement of financial position for the year ending 30 June 2016 Assets $ Liabilities and Capital Cash at bank 5,000 Allowance for doubtful debts Cash on deposits, at call 37,500 Acc. depreciation - machinery Trade debtors 185,000 Acc. depreciation - land and building Other debtors 38,500 Bank loans Loan to employee 65,000 Other loans Raw materials inventory 13,250 Trade creditors Finished goods inventory 297,500 Provision for employee benefits Investment in associates 108,750 Provision for restructuring Machinery 106,500 Current and deferred tax liabilities Land and building 525,000 Provision for warranty Goodwill 362,500 Share capital Dividends paid 37,500 Retained earnings, 1 July 2015 Revaluation reserve Profit for the year 1,782,000 $ 6,000 15,250 235,000 27,750 202,500 205,000 38,250 15,500 32,500 10,000 730,000 190,000 3,750 70,500 1,782,000 Additional information related to DL Vision Ltd: Current tax payable is $7,500 and deferred tax liability amounted to $25,000. Provision for warranty is in respect of a 6-month warranty on certain goods sold. $6,250 of bank loans is repayable within 1 year. $100,000 of other loans is repayable within 1 year. Loan to employee includes $12,500 receivable within 1 year. Provision for employee benefits includes $27,500 payable within 1 year. The planned restructuring is intended to be fully implemented within 1 year. Required: Write a memo to Matthew outlining the key problems with the statement of financial position prepared, with references made clearly to requirements of AASB101 where appropriate. Show the corrected version of the statement of financial position of DL Vision Ltd for the year ended 30 June 2016 and attach it at the end of the memo. Your corrected statement of financial position should be prepared in accordance with AASB101, using the captions that a listed company is likely to use. At this stage, you would not worry about the notes to the accounts