GETFIT Led, a retail sports equipment company commenced pets10 May 2019 by issuing 200 000 $1.25 shares, payable in full con application on fint.com, ferved basis my 20 June 2019 the shares were fully subcribed and daily allotted. There were so share costs. The company did not commence trading until July 2013 For the younding 30 June 2006, the company recorded the following regleransactions 3000 651 000 13 000 Intimme Cost of Sales Sunday income Employees entitlements espeses - Selling Depreciation expens to be calculated Selling Distributions Administratie Wages & Selarus selling Wages & Salaries office Double Interspense Other boring 000 000 7600 3000 28500 The following additional information was noted during the preparation of financial statement for the year ended 30 June 2020 (a) A cash dividend of 5 cents per share was declared and paid during the 2020 financial year and a final dividend for 2020 of 522000 was proposed but not recognised in the financial s) The land was revalued upward by 520 000 related income tax 600) by Real Valuations Pty Led during the year ended 30 June 2020. (c) Transferred 516 000 out of retained earnings into general reserve (d) 540 000 of other loans is payable in one year (*) The Bank loan is for 5 years and repayable in full at the end of the terms. The interest rate is and it is secured over the land ( The provision for employee entitlements includes 54 000 payable within you () GETFIT Laduses the single statement format for the statement of profits and other comprehensive income and classifies espees by function within the met (A) GETFIT Led measures inventory at the lower of cost and netrable value. The cost model is applied to building, plant and equipment The following sets were purchased on 1 July 2010 - Annet Fixtures & Pinings 0000 fel life year Summarised account balances are provided below: Year-end balances, 30 June 2020 Bank Overdra Cash on hand Cash on deposit, at call Accounts receivable-trade Allowance for doubtful debts impairment Other receivables Inventories, 10 June 2020 Land 12.000 3500 59700 4800 00 100 000 Accumulated amortisation of reline Debestures 10 year 100 000 55 000 30 000 250 4500 Other loans Accounts payablerade Provision for employee entitlements Current tax liability Defemed tests Den lily Retained earnina Transfer to General Reserve Share Capital Dividend paid Land relation surplus 10 000 10000 1400 5. Prepare appropriate notes to the accounts. (You do not need to prepare notes related to income taxes. Include the following note as note 1. You may optionally add accounting policies to this note)_(20 marks). "1. Summary of significant accounting policies Basis of accounting The financial report is a general purpose financial report which has been prepared on the historical cost basis, except where stated otherwise. Statement of Compliance The financial statements have been prepared in accordance with the requirements of the Corporations Act, Australian Accounting Standards which include Australian equivalents to International Financial Reporting Standards (AIFRSs) and AASB Interpretations. Compliance with AIFRSs ensures the financial statements and notes comply with International Financial Reporting Standards" GETFIT La retail sportsment company, commenced to 10 May 2009 by ning 200 125 shares, payable in alles application of macrved basi By 20 June 2019 the shares were fully subscribed and duly allotted. There were shares costs. The company did not commence trading until 1 July 2019. For the year ending 30 June 2020, the company recorded the following pregatesc 5000 Deterest income Cost of Sales Sundry income Deployee entitlements espectacs - Salles Deprecate pe to be calculated Een Distrito Administra expenses Worces & Salaries case Wages & Sales office Double best expense 3000 7800 1000 The following additional information was noted during the preparation of financial statements for the year ended 10 June 2000: (a) A cash dividend of conta per share was declared and paid during the 2000 financial year and final dividend for 2020 of 522 000 was proposed to recognised the final (b) The land was revalued upward by 520 000 related income tax 600 by Real Valls Pty Led during the year ended 30 June 2020. Transferred 510 000 out of retained earning integraleve. d) 540 000 of other one is payable in one year (e) The Thank loan is for years and repayable in full at the end of the term. The interest rate is 75 and it is secured over the land. The provision for employee entitlements includes $4000 payable within 1 year GETFIT Ledes the single statement format for the statement of pritom other comprehensive income and life expenses by function within the (A) GET IT Lad measures inventory at the lower af cost and not reliable wale. The cost model is applied to buildings, plant and equipment The following were purchased on 1 July 2013 Asset Useful de Cest 150 000 30 000 mmarised account balances are provided below: Year-end balances, 30 June 2020 Thank Ovedra 500 Accounts receivable-trade Allowance fordel debts impairment Other receivables Inventories, 30 June 2030 Land Franchise Accumulated amortisation of franchise Debentures 100 000 0 000 100 000 5500 1000 Otherland Accounts payable-trade Provision for employee entitlements Current tax liability Deferred tax asset Defelicity Retained earnings Transfer to General Reserve Share Capital Duvidends paid Land revelation plus 2500 4500 30 10 000 14 000 GETFIT Led, a retail sports equipment company commenced pets10 May 2019 by issuing 200 000 $1.25 shares, payable in full con application on fint.com, ferved basis my 20 June 2019 the shares were fully subcribed and daily allotted. There were so share costs. The company did not commence trading until July 2013 For the younding 30 June 2006, the company recorded the following regleransactions 3000 651 000 13 000 Intimme Cost of Sales Sunday income Employees entitlements espeses - Selling Depreciation expens to be calculated Selling Distributions Administratie Wages & Selarus selling Wages & Salaries office Double Interspense Other boring 000 000 7600 3000 28500 The following additional information was noted during the preparation of financial statement for the year ended 30 June 2020 (a) A cash dividend of 5 cents per share was declared and paid during the 2020 financial year and a final dividend for 2020 of 522000 was proposed but not recognised in the financial s) The land was revalued upward by 520 000 related income tax 600) by Real Valuations Pty Led during the year ended 30 June 2020. (c) Transferred 516 000 out of retained earnings into general reserve (d) 540 000 of other loans is payable in one year (*) The Bank loan is for 5 years and repayable in full at the end of the terms. The interest rate is and it is secured over the land ( The provision for employee entitlements includes 54 000 payable within you () GETFIT Laduses the single statement format for the statement of profits and other comprehensive income and classifies espees by function within the met (A) GETFIT Led measures inventory at the lower of cost and netrable value. The cost model is applied to building, plant and equipment The following sets were purchased on 1 July 2010 - Annet Fixtures & Pinings 0000 fel life year Summarised account balances are provided below: Year-end balances, 30 June 2020 Bank Overdra Cash on hand Cash on deposit, at call Accounts receivable-trade Allowance for doubtful debts impairment Other receivables Inventories, 10 June 2020 Land 12.000 3500 59700 4800 00 100 000 Accumulated amortisation of reline Debestures 10 year 100 000 55 000 30 000 250 4500 Other loans Accounts payablerade Provision for employee entitlements Current tax liability Defemed tests Den lily Retained earnina Transfer to General Reserve Share Capital Dividend paid Land relation surplus 10 000 10000 1400 5. Prepare appropriate notes to the accounts. (You do not need to prepare notes related to income taxes. Include the following note as note 1. You may optionally add accounting policies to this note)_(20 marks). "1. Summary of significant accounting policies Basis of accounting The financial report is a general purpose financial report which has been prepared on the historical cost basis, except where stated otherwise. Statement of Compliance The financial statements have been prepared in accordance with the requirements of the Corporations Act, Australian Accounting Standards which include Australian equivalents to International Financial Reporting Standards (AIFRSs) and AASB Interpretations. Compliance with AIFRSs ensures the financial statements and notes comply with International Financial Reporting Standards" GETFIT La retail sportsment company, commenced to 10 May 2009 by ning 200 125 shares, payable in alles application of macrved basi By 20 June 2019 the shares were fully subscribed and duly allotted. There were shares costs. The company did not commence trading until 1 July 2019. For the year ending 30 June 2020, the company recorded the following pregatesc 5000 Deterest income Cost of Sales Sundry income Deployee entitlements espectacs - Salles Deprecate pe to be calculated Een Distrito Administra expenses Worces & Salaries case Wages & Sales office Double best expense 3000 7800 1000 The following additional information was noted during the preparation of financial statements for the year ended 10 June 2000: (a) A cash dividend of conta per share was declared and paid during the 2000 financial year and final dividend for 2020 of 522 000 was proposed to recognised the final (b) The land was revalued upward by 520 000 related income tax 600 by Real Valls Pty Led during the year ended 30 June 2020. Transferred 510 000 out of retained earning integraleve. d) 540 000 of other one is payable in one year (e) The Thank loan is for years and repayable in full at the end of the term. The interest rate is 75 and it is secured over the land. The provision for employee entitlements includes $4000 payable within 1 year GETFIT Ledes the single statement format for the statement of pritom other comprehensive income and life expenses by function within the (A) GET IT Lad measures inventory at the lower af cost and not reliable wale. The cost model is applied to buildings, plant and equipment The following were purchased on 1 July 2013 Asset Useful de Cest 150 000 30 000 mmarised account balances are provided below: Year-end balances, 30 June 2020 Thank Ovedra 500 Accounts receivable-trade Allowance fordel debts impairment Other receivables Inventories, 30 June 2030 Land Franchise Accumulated amortisation of franchise Debentures 100 000 0 000 100 000 5500 1000 Otherland Accounts payable-trade Provision for employee entitlements Current tax liability Deferred tax asset Defelicity Retained earnings Transfer to General Reserve Share Capital Duvidends paid Land revelation plus 2500 4500 30 10 000 14 000