Prepare a statement of profit or loss and other comprehensive income for Green (cost of sales method)
*Additional info - one of the office buildings was revaluated upwards by 30,000 - 400,000 preference shares were issued at $1 per share. Share cost was $4,000 - Income tax rate is 30%
2019 $AUD Note # 4 Revenue 5 Cost of sale 6 Gross profit 7 Service revenue 8 Other income 9 Selling expenses 10 Administration expenses 11 Other expenses 12 Finance costs 13 Profit before income tax expense 14 Income tax ex 15 Profit for the year 16 17 18 19 20 Other comprehensive income 21 Items that will not be reclassified to profit or loss 22 Gain on revaluation of retail store 23 Income tax relating to items not reclassified 24 Other comprehensive income for the year, net of tax 25 Total comprehensive income for the year 1.2 Sand LTD - Statement of Comprehensive Income For vear ended 30 June 2019 Section 1 - Presentation of financial statements (10 MARKS) he adjusted trial balance of Sand Ltd as at 30 June Debit Credi Accounts receivable Accumulated depreciation (KotVehicle for sales s Accumulated depreciation (Office Furniture Accumulated depreciation (Store Administrative stafi salaries expense Advertising expense 10,000 197,000 5,000 Bad debts expense 900 amount of office furniture sold 40,000 835,000 urrent tax liabil 9,00 4,000 45,000 t at cal reciation motor vehicles reciation office furniture reciation- sales baildi 0,000 Development costs Dividend declared 60,000 60,000 ,000 erence shares Dividend receivable Dividend revenae Emplovee szlaries and benefits payable 10,000 39,000 5,000 ,000 enerzl reserve Goodwill (at cost) 140,000 able ,000 76,740 0,000 1,500 250,000 100,000 Land Loan payable Motor vehicle for sales staff (at cost Office furniture (at cost) Ordinary dividend payable Preference dividend payable 90,000 60,000 60,000 4,000 Proceeds on sale of office furniture 16,500 50,000 Salas iligEavale Sales discount allowed 15 1,435,000 193,800 Sales staff telephone expense Shares investment 00,000 60,000 Transfer to General reserve derwriting commission and share issue costs Total 2019 $AUD Note # 4 Revenue 5 Cost of sale 6 Gross profit 7 Service revenue 8 Other income 9 Selling expenses 10 Administration expenses 11 Other expenses 12 Finance costs 13 Profit before income tax expense 14 Income tax ex 15 Profit for the year 16 17 18 19 20 Other comprehensive income 21 Items that will not be reclassified to profit or loss 22 Gain on revaluation of retail store 23 Income tax relating to items not reclassified 24 Other comprehensive income for the year, net of tax 25 Total comprehensive income for the year 1.2 Sand LTD - Statement of Comprehensive Income For vear ended 30 June 2019 Section 1 - Presentation of financial statements (10 MARKS) he adjusted trial balance of Sand Ltd as at 30 June Debit Credi Accounts receivable Accumulated depreciation (KotVehicle for sales s Accumulated depreciation (Office Furniture Accumulated depreciation (Store Administrative stafi salaries expense Advertising expense 10,000 197,000 5,000 Bad debts expense 900 amount of office furniture sold 40,000 835,000 urrent tax liabil 9,00 4,000 45,000 t at cal reciation motor vehicles reciation office furniture reciation- sales baildi 0,000 Development costs Dividend declared 60,000 60,000 ,000 erence shares Dividend receivable Dividend revenae Emplovee szlaries and benefits payable 10,000 39,000 5,000 ,000 enerzl reserve Goodwill (at cost) 140,000 able ,000 76,740 0,000 1,500 250,000 100,000 Land Loan payable Motor vehicle for sales staff (at cost Office furniture (at cost) Ordinary dividend payable Preference dividend payable 90,000 60,000 60,000 4,000 Proceeds on sale of office furniture 16,500 50,000 Salas iligEavale Sales discount allowed 15 1,435,000 193,800 Sales staff telephone expense Shares investment 00,000 60,000 Transfer to General reserve derwriting commission and share issue costs Total
