You are the financial accountant at Smashit (Pty) Ltd. Smashit (Pty) Ltd is a tennis academy situated in Cape Town. As the June 2023 year-end is fast approaching, you have been assigned a junior accountant to assist you in the preparation of the 30 June 2023 annual financial statements.

The junior accountant appointed is currently in her second year of studying for her B.Com (Accounting) degree and has been introduced to the International FinancialReporting Standards (IFS) and Conceptual Framework in her accounting studies.

You would like to assist her in becoming more familiar with and better understanding the Conceptual Framework, including the definitions and recognition criteria of the elements of the financial statements.

You are required to complete the Excel template provided to the best of your ability based on the information and instructions provided, and you need to make use of Excel's functions as far as possible.

Prepare a checklist to assist the assistant accountant to gain a better understanding of the elements of financial statements which includes the definitions and recognition criteria of each element (refer to the clement classification tab).

Prepare a user-friendly dropdown menu to classify each line item on the trial balance into the various elements of the financial statements. Include the following classification items in the drop-down menu (refer to the TB June 2023 tab):

-Asset

- Liability

- Equity

- Revenue

- Expense

- Negative asset

- Other income

Prepare the Statement of Profit or Loss and Other Comprehensive Income of

Smashit (Pty) Ltd for the financial year ended 30 June 2023 in accordance with International Financial Reporting Standards. Hint: When preparing the statement, you will be required to make use of Excel functions to populate the figures from the trial balance. (refer to the profit and loss tab).

Prepare the Staterent of Financial Position of Smashit (Pty) Lid as at 30 June 2023 in accordance with International Financial Reporting Standards. Comparative figures are not required. Hint: When preparing the statement, you will be required to make use of Excel functions to populate the figures from the trial balance. (refer to the statement of financial position tab).

Evidence required:

Each tab in the Excel template should be saved in PDF format. Please ensure that the PDF is clear and understandable when you save your Excel sheets as PDF.

You are also required to save a copy of your Excel sheets using the formula view.

Specifically the Statement of Profit or Loss and Other Comprehensive Income and the Statement of Financial Position.

Your completed Excel template.

SMASHIT (PTY) LTD STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2023 SMASHIT (PTY) LTD STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2023