Trial Balance of Berry Ltd at 30 June 2020:

Debit

Credit

Revenue

5,005,280

Interest Income

6,720

Cost of goods sold

3,345,440

Distribution expense

96,320

Sales and marketing expense

918,400

Administration expenses

282,240

Interest expense

49,280

Borrowing Expense

4,480

Income tax expense

95,200

Cash

4,480

Cash on deposit, at call

112,000

Trade debtors

504,000

Allowance for doubtful debts

15,680

Other debtors

104,160

Raw materials

210,560

Finished goods inventories

799,680

Financial assets recognised at fair value through other comprehensive income

252,000

Land

112,000

Buildings

175,840

Accumulated depreciation buildings

40,320

Plant and equipment

1,411,200

Accumulated depreciation - plant and equipment

631,680

Patents

53,760

Accumulated amortisation patent

3,360

Goodwill

974,400

Bank loans

73,920

Other loans

638,400

Trade creditors

571,200

Provision for employee benefits

104,160

Provision for warranty

41,440

Tax payable

28,000

Deferred tax liability

151,200

Retained earnings, 30 June 2018

365,120

Dividends paid

168,000

Land revaluation surplus

56,000

Financial assets revaluation surplus

47,040

Share capital

1,893,920

Total

9,673,440

9,673,440

Additional information: Question 1 continued

a. Shares were issued during 2020 for $134, 400

b. Share capital was $1, 726, 320 at June 2019.

c. From the $168 000 dividend, $33, 600 was reinvested as part of a dividend investment scheme.

d. The balances of the land revaluation surplus and the financial assets revaluation surplus at 30 June, 2019 were $16, 800 credit and $39, 200 credit respectively. Both of these revaluation surplus will not be reclassified subsequently to P&L.

e. At the end of 30 June, 2020 entity has recognised land revaluation surplus by $56, 000 (related income tax $16, 800) and financial assets revaluation surplus by $11,200 (related income tax $3, 360). The financial assets are held as part of a long-term investment strategy.

f. $33, 600 of the bank loans is repayable within 12 months.

g. $123, 200 of other loans is repayable within 12 months.

h. The provision for employee benefits includes $69, 440 payable within the calendar year.

i. The warranty provision is in a respect of 12-month warranty given on certain goods sold.

j. Berry Ltd uses the single statement format for the state of profit and loss and other comprehensive income and classifies expenses by function within the statement.

Required:

1. Prepare the statement of profit or loss and other comprehensive income of Berry Ltd for the year ended 30 June 2020. (20 marks)

2. Prepare the statement of changes in equity of Berry Ltd for the year ended 30 June 2020. (10 marks)

3. Prepare the statement of financial position of Berry Ltd as at 30 June, 2020. (35 marks)

erences Mailings Review View 12 AA AL AaBbCcDd AaBbCcDd AaBbcc Aa 1 Normal 1 No Spacing Heading 1 He x A 18 ont Paragraph Styles ... 1 1...2...3.....4...5....6 Question 1. TOTAL 65 Marks Trial Balance of Berry Ltd at 30 June 2020- Debit Credit 5,005,280 6.720 Revenue Interest Income Cost of goods sold Distribution expense Sales and marketing expense Administration expenses Interest expense Borrowing Expense Income tax expense Cash Cash on deposit, at call Trade debtors Allowance for doubtful debts Other debtors Raw materials Finished goods inventories Financial assets recognised at fair value through other comprehensive income Land Buildings Accumulated denracintion building 3,345,440 96,320 918,400 282,240 49,280 4,480 95,200 4.480 112,000 504,000 15,680 104,160 210.560 799.680 252,000 112,000 175,840 10220 wa (hp) Table Tools ge Layout ACCY201 2020 Spring Session Mid semester Exam Final Version M References Mailings Review View Design Layout es New Roman 12 * A E21 1 I U X x ES 1 Normal 1 No Spacing Heading 1 Heading 2 Title Font Paragraph Styles 57 112,000 175,840 40,320 1.411,200 631,680 53.760 6.360 974.400 73,920 638,400 571,200 wand Buildings Accumulated depreciation - buildings Plant and equipment Accumulated depreciation - plant and equipment Patents Accumulated amortisation - patent Goodwill loans Other loans Trade creditors Provision for employee benefits Provision for warranty Tax payable Deferred tax liability Retained earnings. 30 June 2018 Dividends paid Land revaluation surplus Financial assets revaluation surplus Share capital Total Bank loan 104,160 41,440 28.000 151,200 365.120 168.000 56,000 47.040 1.893.920 9.673.440 9,673,440 Wycol Spring 2020 Mid Session Exam Page of 80% 13 16 17 18 ho 112 SCION wml pouse t & * 1 U backsp 3 4 5 O 7 8 9 0 5 6 Table Tools ACCY201 2020 Spring Session Mid semester Exam Final Version M ge Layout References Mailings Review View Design Layout es New Roman 12 * 2+ ! 1 U X X la A >> 1 Normal 1 No Spacing Heading 1 Heading 2 Title Font Paragraph Styles 1 3. 4 : 55 Additional information: Question 1 continued a. Shares were issued during 2020 for $134,400 b. Share capital was $1. 726, 320 at June 2019. c. From the $168 000 dividend, $33.600 was reinvested as part of a dividend investment scheme. d. The balances of the land revaluation surplus and the financial assets revaluation surplus at 30 June, 2019 were $16, 800 credit and $39. 200 credit respectively. Both of these revaluation surplus will not be reclassified subsequently to P&L. e. At the end of 30 June 2020 entity has recognised land revaluation surplus by $56. 000 (related income tax $16, 800) and financial assets revaluation surplus by $11.200 (related income tax 53, 360) The financial assets are held as part of a long-term investment strategy f. $33,600 of the bank loans is repayable within 12 months g. $123,200 of other loans is repavable within 12 months. h. The provision for employee benefits includes $69. 440 payable within the calendar year i. The warranty provision is in a respect of 12-month warranty given on certain goods 80% * UIT will fo f8 19 F10 12 50100 ma & * 1 bocap 4 5 6 7 8 9 Page Layout References ACCY201 2020 Spring Session Mid semester Exam Final Version - Microsoft Word Mailings Review View Calibri (Body) 11 3 - E- 2+ ccpa ! ! B U whe X X VE 1 Normal 1 No Spacing Heading 1 Heading 2 Title Font Styles 1 Paragraph 1 2 3 4 f. $33,600 of the bank loans is repayable within 12 months 56 7 g. $123,200 of other loans is repayable within 12 months h. The provision for employee benefits includes $69.440 payable within the calendar year i. The warranty provision is in a respect of 12-month warranty given on certain goods sold j. Berry Ltd uses the single statement format for the state of profit and loss and other comprehensive income and classifies expenses by function within the statement Required: 1. Prepare the statement of profit or loss and other comprehensive income of Berry Ltd for the year ended 30 June 2020. (20 marks) 2. Prepare the statement of changes in equity of Berry Ltd for the year ended 30 June 2020. (10 marks) 3. Prepare the statement of financial position of Berry Ltd as at 30 June, 2020. (35 marks) ds: 898 120 16 GB 17 00 18 E 19 O f10 12 CION com) ce S % 9 1 - tos backspu 3 4 5 6 7 8 9 0 WE RT Y 5 0 P erences Mailings Review View 12 AA AL AaBbCcDd AaBbCcDd AaBbcc Aa 1 Normal 1 No Spacing Heading 1 He x A 18 ont Paragraph Styles ... 1 1...2...3.....4...5....6 Question 1. TOTAL 65 Marks Trial Balance of Berry Ltd at 30 June 2020- Debit Credit 5,005,280 6.720 Revenue Interest Income Cost of goods sold Distribution expense Sales and marketing expense Administration expenses Interest expense Borrowing Expense Income tax expense Cash Cash on deposit, at call Trade debtors Allowance for doubtful debts Other debtors Raw materials Finished goods inventories Financial assets recognised at fair value through other comprehensive income Land Buildings Accumulated denracintion building 3,345,440 96,320 918,400 282,240 49,280 4,480 95,200 4.480 112,000 504,000 15,680 104,160 210.560 799.680 252,000 112,000 175,840 10220 wa (hp) Table Tools ge Layout ACCY201 2020 Spring Session Mid semester Exam Final Version M References Mailings Review View Design Layout es New Roman 12 * A E21 1 I U X x ES 1 Normal 1 No Spacing Heading 1 Heading 2 Title Font Paragraph Styles 57 112,000 175,840 40,320 1.411,200 631,680 53.760 6.360 974.400 73,920 638,400 571,200 wand Buildings Accumulated depreciation - buildings Plant and equipment Accumulated depreciation - plant and equipment Patents Accumulated amortisation - patent Goodwill loans Other loans Trade creditors Provision for employee benefits Provision for warranty Tax payable Deferred tax liability Retained earnings. 30 June 2018 Dividends paid Land revaluation surplus Financial assets revaluation surplus Share capital Total Bank loan 104,160 41,440 28.000 151,200 365.120 168.000 56,000 47.040 1.893.920 9.673.440 9,673,440 Wycol Spring 2020 Mid Session Exam Page of 80% 13 16 17 18 ho 112 SCION wml pouse t & * 1 U backsp 3 4 5 O 7 8 9 0 5 6 Table Tools ACCY201 2020 Spring Session Mid semester Exam Final Version M ge Layout References Mailings Review View Design Layout es New Roman 12 * 2+ ! 1 U X X la A >> 1 Normal 1 No Spacing Heading 1 Heading 2 Title Font Paragraph Styles 1 3. 4 : 55 Additional information: Question 1 continued a. Shares were issued during 2020 for $134,400 b. Share capital was $1. 726, 320 at June 2019. c. From the $168 000 dividend, $33.600 was reinvested as part of a dividend investment scheme. d. The balances of the land revaluation surplus and the financial assets revaluation surplus at 30 June, 2019 were $16, 800 credit and $39. 200 credit respectively. Both of these revaluation surplus will not be reclassified subsequently to P&L. e. At the end of 30 June 2020 entity has recognised land revaluation surplus by $56. 000 (related income tax $16, 800) and financial assets revaluation surplus by $11.200 (related income tax 53, 360) The financial assets are held as part of a long-term investment strategy f. $33,600 of the bank loans is repayable within 12 months g. $123,200 of other loans is repavable within 12 months. h. The provision for employee benefits includes $69. 440 payable within the calendar year i. The warranty provision is in a respect of 12-month warranty given on certain goods 80% * UIT will fo f8 19 F10 12 50100 ma & * 1 bocap 4 5 6 7 8 9 Page Layout References ACCY201 2020 Spring Session Mid semester Exam Final Version - Microsoft Word Mailings Review View Calibri (Body) 11 3 - E- 2+ ccpa ! ! B U whe X X VE 1 Normal 1 No Spacing Heading 1 Heading 2 Title Font Styles 1 Paragraph 1 2 3 4 f. $33,600 of the bank loans is repayable within 12 months 56 7 g. $123,200 of other loans is repayable within 12 months h. The provision for employee benefits includes $69.440 payable within the calendar year i. The warranty provision is in a respect of 12-month warranty given on certain goods sold j. Berry Ltd uses the single statement format for the state of profit and loss and other comprehensive income and classifies expenses by function within the statement Required: 1. Prepare the statement of profit or loss and other comprehensive income of Berry Ltd for the year ended 30 June 2020. (20 marks) 2. Prepare the statement of changes in equity of Berry Ltd for the year ended 30 June 2020. (10 marks) 3. Prepare the statement of financial position of Berry Ltd as at 30 June, 2020. (35 marks) ds: 898 120 16 GB 17 00 18 E 19 O f10 12 CION com) ce S % 9 1 - tos backspu 3 4 5 6 7 8 9 0 WE RT Y 5 0 P