Kamalnayan Ltd records the following extract from the financial statements for the year ended 30 Junecurrent year.Kamalnayan Ltd: Statement of comprehensive income for the year ended 30 June 2019Profit before taxIncome tax expenseProfit for the yearBalance at 30 June 2017Profit for the yearDistributionsBalance at 30 June 2018Denfit for the unstanding, 30 June 20102019650017400(5220)Kamalnayan Ltd: Statement of changes in equity for the year ended 30 June 2019Share capital Retained earnings Total65001218028609800(3900)876020181310014000(4200)980093609800(3900)1526012:30 Balance at 30 June 2018Profit for the year ending 30 June 2019DividendsBalance at 30 June 2019650076500A-(3900)8760B I EE12180(3900)17040(3900)The accountants also noted the following additional information:During the preparation of the 2019 financial statements, it became apparent that electricity expens-of $2800 had been omitted when the 2018 financial statements were prepared. The Tax Office hasindicated that electricity expense will be permitted as a deduction for tax purposes. The tax rate is 3per cent.15260Prepare the statement of profit or loss and other comprehensive income and statement ofchanges in equity as per the relevant accounting standards.201912180(3900)201823540<>> X QKamalnayan Ltd statement of comprehensive income for the year ended 30 June 2019

Statement of Comprehensive Income shows the profit of the company after all the expenses including…

Balance at 30 June 2018 Profit for the year ending 30 June 2019 Dividends Balance at 30 June 2019 6500 6500 8760 12180 (3900) 17040 15260 12180 (3900) 23540 The accountants also noted the following additional information: During the preparation of the 2019 financial statements, it became apparent that electricity expens- of $2800 had been omitted when the 2018 financial statements were prepared. The Tax Office has indicated that electricity expense will be permitted as a deduction for tax purposes. The tax rate is 3 per cent. Prepare the statement of profit or loss and other comprehensive income and statement of changes in equity as per the relevant accounting standards.

Balance at 30 June 2018 Profit for the year ending 30 June 2019 Dividends Balance at 30 June 2019 6500 6500 8760 12180 (3900) 17040 15260 12180 (3900) 23540 The accountants also noted the following additional information: During the preparation of the 2019 financial statements, it became apparent that electricity expens- of $2800 had been omitted when the 2018 financial statements were prepared. The Tax Office has indicated that electricity expense will be permitted as a deduction for tax purposes. The tax rate is 3 per cent. Prepare the statement of profit or loss and other comprehensive income and statement of changes in equity as per the relevant accounting standards.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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