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The following details are taken from the accounting records of Lake Ltd on 30 June 2021. Debit Credit $31,500 132,000 Allowance for doubtful debts Accounts
The following details are taken from the accounting records of Lake Ltd on 30 June 2021. Debit Credit $31,500 132,000 Allowance for doubtful debts Accounts payable Accumulated depreciation: Motor vehicle Bank loan (long-term) Bank overdraft Current tax liability Dividend payable Provision for employee benefits (long-term) General reserve Ordinary share capital (1,600,000 shares) Revaluation surplus Retained earnings Accounts receivable Buildings (revalued 30 June 2021) Cash at bank Government bonds Inventories Land (revalued 30 June 2021) Motor vehicle (at cost) 19,950 93,500 5,000 186,900 48,000 65,000 285,000 1,600,000 253,500 405,640 $681,290 450,000 298,800 300,000 651,100 647,000 97,800 3,125,990 3,125,990 Required: Based on the ledger balances and the additional information provided, prepare the statement of financial position in accordance with AASB 101. Use the currenton-current presentation format. (8 marks)
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