Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Additional information:
1. No new share capital was issued in either of the financial years.
2. No revaluation of land was conducted in 2019.
3. Assume no tax consequences arose from the revaluation of the land in 2020.
Required:
Using the information provided, prepare the Statement of Profit or Loss and other
Comprehensive Income, using the function of expense method to classify expenses.
Comparatives are required, as is proper structure and identification of the financial statements
according to IAS1 – Presentation of Financial statements. No notes or other disclosures are
required.
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