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The following information were used in determining profit for Gus Ltd for the year ended 30 June 2021 sales revenue 390 000 cost of sales
The following information were used in determining profit for Gus Ltd for the year ended 30 June 2021 sales revenue 390 000 cost of sales (245 000) Other income 20 667 Distribution Costs (9000) Administration Costs (20 000) Other Expenses (2 100) Interest Expense (8 000) During the year plant was revalued and a gain of 10 000 was recorded. Assume the company tax rate is 30%. Required Prepare the statement of Profit and Loss and Other Comprehensive Income for Gus Ltd for the year ended 30 June 2021, in accordance with AASB101. (10 marks)
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