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Four months into the financial year, the entity bought a motor vehicle for $11.7 million, but inadvertently recorded the debit to miscellaneous expenses. Motor vehicles
Four months into the financial year, the entity bought a motor vehicle for $11.7 million, but inadvertently recorded the debit to miscellaneous expenses. Motor vehicles are depreciated on a straight line basis over eight years to a nil residual value. All depreciation charges on motor vehicles are to be allocated to distribution costs. REQUIRED: a) Prepare the statement of profit or loss and other comprehensive income for the year ended March 31, 2022 (912 marks) b) Prepare the statement of changes in equity for the year ended March 31, 2022 (14 marks) c) Prepare the statement of financial position as at March 31, 2022 (2312 marks) d) Calculate the basic earnings per share for the year ended March 31, 2022 (3 marks) NB. The EPS calculations should take into account the impact of any additional shares issued during the year. e) Prepare all relevant workings and explanations, including, but not limited to: comprehensive listing of ALL journal entries a fixed assets schedule an intangible assets schedule an expense schedule all other appropriate supporting calculations (50 marks) NB. As there are well over 100 individual journal entries to be recorded, these are heavily weighted and so must be thoroughly and accurately done if maximum marks are to be achieved. Please note that you MUST cross-reference all composite figures presented in the financial statements to their associated workings though the use of note numbers. Additionally, Four months into the financial year, the entity bought a motor vehicle for $11.7 million, but inadvertently recorded the debit to miscellaneous expenses. Motor vehicles are depreciated on a straight line basis over eight years to a nil residual value. All depreciation charges on motor vehicles are to be allocated to distribution costs. REQUIRED: a) Prepare the statement of profit or loss and other comprehensive income for the year ended March 31, 2022 (912 marks) b) Prepare the statement of changes in equity for the year ended March 31, 2022 (14 marks) c) Prepare the statement of financial position as at March 31, 2022 (2312 marks) d) Calculate the basic earnings per share for the year ended March 31, 2022 (3 marks) NB. The EPS calculations should take into account the impact of any additional shares issued during the year. e) Prepare all relevant workings and explanations, including, but not limited to: comprehensive listing of ALL journal entries a fixed assets schedule an intangible assets schedule an expense schedule all other appropriate supporting calculations (50 marks) NB. As there are well over 100 individual journal entries to be recorded, these are heavily weighted and so must be thoroughly and accurately done if maximum marks are to be achieved. Please note that you MUST cross-reference all composite figures presented in the financial statements to their associated workings though the use of note numbers. Additionally
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