QuestionQuestion $2$

The trial balance of Red Excitement Ltd as at $30$ June $2021$ disclosed:

$ $

Cash at bank $18,285$

Petty cash $1,500$

Accounts Receivable $51,385$

Inventory $($at cost$)48,500$

Land & Buildings $($at director's valuation$)785,000$

Plant & Equipment $($at cost$)286,350$

Investments $($at market value$)52,635$

Goodwill $($at cost$)28,700$

Trademarks $($at cost$)25,200$

Deferred Tax asset $6,900$

Allowance for doubtful debts $1,350$

Accounts Payable $24,910$

Accrued Expenses $4,655$

Accumulated depreciation $$ Buildings $39,650$

Accumulated depreciation $-$ Plant & Equipment $79,420$

Accumulated impairment $$ Goodwill $11,700$

Taxation Payable $26,255$

Deferred Tax liability $3,100$

Mortgage $210,000$

Provision for Long Service Leave $13,600$

General Reserve $100,000$

Asset Revaluation Reserve $35,000$

Share Capital $650,000$

Retained Earnings $104,815$

$1,304,4551,304,455$

Additional information:

$$ Investments are shares in companies listed on the Australian Stock Exchange.

$$ The mortgage, secured by land & buildings, is due to be repaid in three equal instalments, due on $30$ June each year.

$$ Land was revalued by the directors on $30$ June $2021$ to $$420,000.$

$$ Buildings were revalued by the directors on $30$ June $2021$ to $$365,000.$

$$ Long service leave payable within the next twelve months is $$3,100.$

Required:

a$)$ Prepare the Statement of Financial Position for Red Excitement Ltd as at $30$ June $2021,$ using the template provided $2$

The trial balance of Red Excitement Ltd as at $30$ June $2021$ disclosed:

$ $

Cash at bank $18,285$

Petty cash $1,500$

Accounts Receivable $51,385$

Inventory $($at cost$)48,500$

Land & Buildings $($at director's valuation$)785,000$

Plant & Equipment $($at cost$)286,350$

Investments $($at market value$)52,635$

Goodwill $($at cost$)28,700$

Trademarks $($at cost$)25,200$

Deferred Tax asset $6,900$

Allowance for doubtful debts $1,350$

Accounts Payable $24,910$

Accrued Expenses $4,655$

Accumulated depreciation $$ Buildings $39,650$

Accumulated depreciation $-$ Plant & Equipment $79,420$

Accumulated impairment $$ Goodwill $11,700$

Taxation Payable $26,255$

Deferred Tax liability $3,100$

Mortgage $210,000$

Provision for Long Service Leave $13,600$

General Reserve $100,000$

Asset Revaluation Reserve $35,000$

Share Capital $650,000$

Retained Earnings $104,815$

$1,304,4551,304,455$

Additional information:

$$ Investments are shares in companies listed on the Australian Stock Exchange.

$$ The mortgage, secured by land & buildings, is due to be repaid in three equal instalments, due on $30$ June each year.

$$ Land was revalued by the directors on $30$ June $2021$ to $$420,000.$

$$ Buildings were revalued by the directors on $30$ June $2021$ to $$365,000.$

$$ Long service leave payable within the next twelve months is $$3,100.$

Required:

a$)$ Prepare the Statement of Financial Position for Red Excitement Ltd as at $30$ June $2021,$ using the template provided