Translating FS of stand-alone entity from functional currency into presentation currency

SCI:	20x2
	CHF	Rate	SGD
Revenue
Cost of sales
Gross profit
Other income
Distribution costs
Admin expenses
Other expenses
Finance cost
Profit before tax
Income tax expense
Profit for the year

Entity A is a stand-alone entity (it is not part of a group). Its functional currency is Swiss Franc. However, Entity A is required by law to present its financial statements in Singapore dollars, which is the local currency of the country in which it operates. Entity A has a 31 December financial year-end. The exchange rates: - At 31 December 20X1 and 31 December 20X2 are CHF1 = SGD2 and CHF1 = SGD2.3 respectively. weighted average rate for the year ended 31 December 20X2 is CHF1 =SGD2.2. - In 20X2: Entity A paid a dividend of CHF3,000 when the rate of exchange was CHF1 = SGD2.25. The share capital was issued when the exchange rate was CHF1 = SGD1.8. Notes: - The weighted average exchange rate for the year ended 31 December 20X1 is CHF1 = SGD1.9. Net profit for the year end 20X1 is CHF8,000. - At 1 January 20X1, a cumulative gain of SGD2,800 has been recognised in the foreign exchange reserve, which is due to translation of entity's financial statements into SGD at previous periods. - Retained earnings at 1 January 20X1 were SGD22,000. The statement of comprehensive income and an extract from the statement of changes in equity for the year ended 31 December 20X2 prepared in the functional currency are as follows: Statement of comprehensive income for the year ended 31 December 202 202 \begin{tabular}{lc} Revenue & 146,114 \\ Cost of sales & (113,969) \\ \hline Gross profit & 32,145 \\ Distribution costs & (150) \\ Administrative expenses & (9,000) \\ Other expenses & (1,000) \\ Finance costs & (3,000) \\ Profit before tax & 18,995 \\ Income tax expense & (4,495) \\ Profit for the year & 14,500 \end{tabular} Extract from the statement of changes in equity RetainedearningsatthebeginningofyearProfitfortheyearDividendsRetainedearningsattheendofyear18,00014,500(3,000)29,500 Statement of financial position at 31 December 202 and 201 \begin{tabular}{|l|r|r|} \hline & 20X2 & 201 \\ \hline PPE & CHF & CHF \\ \hline Inventory & 85,000 & 90,000 \\ \hline Trade and other receivables & 8,000 & 3,000 \\ \hline Cash & 12,000 & 5,000 \\ \hline Total assets & 5,000 & 3,000 \\ \hline & 110,000 & 101,000 \\ \hline Trade and other payables & & \\ \hline Overdraft & 5,500 & 3,000 \\ \hline Loan & 5,000 & 10,000 \\ \hline Total liabilities & 50,000 & 50,000 \\ \hline Share capital & 60,500 & 63,000 \\ \hline Retained earnings & & \\ \hline Total equity & 20,000 & 20,000 \\ \hline Total liability and equity & 29,500 & 18,000 \\ \hline \end{tabular}