Fox Ltd is an Australian public company. The accounting staff of Fox Ltd have asked for your assistance in preparing the company’s financial position for the year ended 30 June 2023
based on following information:
Fox Ltd Year ended 30 June 2023
Inventory1
$48 320
Accrued rental payable $4 000
Accrued wages payable $1 134
Cash on hand $670
Accrued commissions payable $540
Receivables from customers $2 868
General reserves $30 000
Shares held in three listed Australian companies2
$88 900
Accounts payable $970
Loan payable3
$40 000
Issued share capital $412 000
Retained profits $100 214
Accrued long-service leave entitlements4
$14 500
Deferred tax liability5
$1 200
Non-controlling interests’ (minority) share of equity $56 000
Land and buildings6
$460 000
Equipment6
$80 000
1. One-quarter of the inventory comprises last season’s fashions that have not yet been sold.
2. Shown at cost. Net realisable value at 30 June 2023 is equal to $68 700.
3. The loan payable is due for repayment in full on 31 January 2024. However, there is an option
for the managers of Bright Ltd to refinance the loan for an additional 24 months provided they
give the lender 30 days’ notice of their intention.
4 The long-service leave entitlements are expected to be settled in four years’ time.
5 One-third of the deferred tax liability is expected to be settled within 12 months.
6 Land and buildings and equipment are shown net of any relevant impairment and depreciation.
Required
Prepare the statement of financial position for Fox Ltd in accordance with the requirements of AASB101 ‘Presentation of Financial Statements’.