Question
Following information is available for the year 2020 of ABC SAOG. You are required to prepare Statement of comprehensive income and Statement of financial position.
- Following information is available for the year 2020 of ABC SAOG. You are required to prepare Statement of comprehensive income and Statement of financial position.
Share premium |
728,526 |
Legal reserve |
1,134,166 |
Revaluation reserve |
14,644,500 |
Trade and other payables |
10,020,506 |
Taxation payable |
238,108 |
Directors remuneration |
54,000 |
Taxation expenses |
384,036 |
Property, plant and equipment |
20,226,258 |
Revenue |
43,627,562 |
Cost of sales |
30,950,720 |
Finance costs |
452,636 |
Administrative and general expenses |
2,072,896 |
Other operating income |
74,020 |
Inventories |
6,705,426 |
Trade and other receivables |
10,348,144 |
Assets held-for-sale |
11,571,592 |
Cash and bank balances |
1,291,814 |
Retained earnings (opening) |
6,131,332 |
Long term loans |
7,080,676 |
Share capital |
3,402,500 |
Selling and distribution expenses |
8,092,802 |
Current portion of long term loans |
1,496,136 |
Short term borrowings |
3,572,292 |
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