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The trial balance of Red Excitement Ltd as at 30 June 2016 disclosed: $ $ Cash at bank 18,285 Petty cash 1,500 Accounts Receivable 51,385

The trial balance of Red Excitement Ltd as at 30 June 2016 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 2014)

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

1,304,455

1,304,455

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 2016 to $420,000.

Buildings were revalued by the directors on 30 June 2016 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 2016.

( b ) Prepare the notes for the Non-Current Assets and the Current Liabilities sections ONLY of the balance sheet.

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