Details/Accounts IS Premises at cost 12,500,000 Fixtures and fittings at cost 4,000,000 Depreciation, January 1, 2013 buildings 4,000,000 Depreciation, January 1, 2013 fixtures and fittings 1,300,000 Inventory, January 1, 2013 625,000 Trade receivables 840,000 llCash at bank 60,000 $1 ordinary shares 625,000 Share premium 850,000 Retained earnings, January 1, 2013 3,400,000 Bank loan 5,000,000 Trade payables 900,000 Other payables 510,000 Revenue 8,935,000 Purchases 4,900,000 Administrative expenses 1,200,000 Distribution costs 1,255,000 Tax for the year 140,000 Total 25,520,000 25,520,000 Additional Information: Depreciation is charged to administrative expenses on the following basist Premises, 5% straight line. Fixtures and fittings, 10% reducing balance. 2. Inventory on December 31, was valued at $700,000. 3. Included within distribution costs is $300,000 legal costs incurred on the sudden reorganization of the distribution function. 4. 125,000 ordinary shares were issued during the year at $4.00 each. Required: In accordance with the requirements of IAS 1, prepare the following statements for the year ended December 31, 2013 (show all relevant workings): (a) The statement of profit or loss and other comprehensive income. (b) The statement of financial position. (c) The statement of changes in equity. 1.
Details/Accounts IS Premises at cost 12,500,000 Fixtures and fittings at cost 4,000,000 Depreciation, January 1, 2013 buildings 4,000,000 Depreciation, January 1, 2013 fixtures and fittings 1,300,000 Inventory, January 1, 2013 625,000 Trade receivables 840,000 llCash at bank 60,000 $1 ordinary shares 625,000 Share premium 850,000 Retained earnings, January 1, 2013 3,400,000 Bank loan 5,000,000 Trade payables 900,000 Other payables 510,000 Revenue 8,935,000 Purchases 4,900,000 Administrative expenses 1,200,000 Distribution costs 1,255,000 Tax for the year 140,000 Total 25,520,000 25,520,000 Additional Information: Depreciation is charged to administrative expenses on the following basist Premises, 5% straight line. Fixtures and fittings, 10% reducing balance. 2. Inventory on December 31, was valued at $700,000. 3. Included within distribution costs is $300,000 legal costs incurred on the sudden reorganization of the distribution function. 4. 125,000 ordinary shares were issued during the year at $4.00 each. Required: In accordance with the requirements of IAS 1, prepare the following statements for the year ended December 31, 2013 (show all relevant workings): (a) The statement of profit or loss and other comprehensive income. (b) The statement of financial position. (c) The statement of changes in equity. 1.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Details/Accounts
IS
Premises at cost
12,500,000
Fixtures and fittings at cost
4,000,000
Depreciation, January 1, 2013 buildings
4,000,000
Depreciation, January 1, 2013 fixtures and fittings
1,300,000
Inventory, January 1, 2013
625,000
Trade receivables
840,000
llCash at bank
60,000
$1 ordinary shares
625,000
Share premium
850,000
Retained earnings, January 1, 2013
3,400,000
Bank loan
5,000,000
Transcribed Image Text:Trade payables
900,000
Other payables
510,000
Revenue
8,935,000
Purchases
4,900,000
Administrative expenses
1,200,000
Distribution costs
1,255,000
Tax for the year
140,000
Total
25,520,000 25,520,000
Additional Information:
Depreciation is charged to administrative expenses on the following basist
Premises, 5% straight line.
Fixtures and fittings, 10% reducing balance.
2. Inventory on December 31, was valued at $700,000.
3. Included within distribution costs is $300,000 legal costs incurred on the sudden reorganization of the distribution function.
4. 125,000 ordinary shares were issued during the year at $4.00 each.
Required:
In accordance with the requirements of IAS 1, prepare the following statements for the year ended December 31, 2013 (show all relevant workings):
(a) The statement of profit or loss and other comprehensive income.
(b) The statement of financial position.
(c) The statement of changes in equity.
1.
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