CASE STUDY INFORMATION:The following information has been extracted from the accounting records of Lubners Limited on 31 December2020.20202019DrCrDrCrOrdinary share capital1728 0001728 000Non-current assets3 462 9642910206inventories665 856584 640Accounts payableAccounts receivablecashRetained earnings ( 1 Jan)Long term Loan311 328290 304832 608800 064338 688362 304244 2761 090 944809 568932 256Other Current liabilities1 057 824Total Sales (80% credit sales)Cost of sales (80% credit purchases)4 816 5124 535 4242 530 6562 340 288Interest income77769 504taxation207 009192 159Selling and admin expenses1 141 3441 069 056Interest expensesOther expenses149 161174 551263 808274 752REQUIRED:QUESTION 1(25)Compile the Statement of Comprehensive Income for the year ended 31 December 2020.(with 2019 comparative figures)QUESTION 2(25)Compile the Statement of Financial Position as at 31 December 2020.(with 2019 comparative figures)

Statement of comprehensive income includes income from continuing operation as well as income from…

Answered: he following information has been…

Business

Accounting

he following information has been extracted from the accounting records of Lubners Limited on 31 December 2020.

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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Question

CASE STUDY INFORMATION:
The following information has been extracted from the accounting records of Lubners Limited on 31 December
2020.
2020
2019
Dr
Cr
Dr
Cr
Ordinary share capital
1728 000
1728 000
Non-current assets
3 462 964
2910206
inventories
665 856
584 640
Accounts payable
Accounts receivable
cash
Retained earnings ( 1 Jan)
Long term Loan
311 328
290 304
832 608
800 064
338 688
362 304
244 276
1 090 944
809 568
932 256
Other Current liabilities
1 057 824
Total Sales (80% credit sales)
Cost of sales (80% credit purchases)
4 816 512
4 535 424
2 530 656
2 340 288
Interest income
7776
9 504
taxation
207 009
192 159
Selling and admin expenses
1 141 344
1 069 056
Interest expenses
Other expenses
149 161
174 551
263 808
274 752
REQUIRED:
QUESTION 1
(25)
Compile the Statement of Comprehensive Income for the year ended 31 December 2020.
(with 2019 comparative figures)
QUESTION 2
(25)
Compile the Statement of Financial Position as at 31 December 2020.
(with 2019 comparative figures)

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