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Required: Prepare Shuswap's statement of financial position as at 31 December 2022, complying as far as possible with IAS 1 "Presentation of Financial Statements".

Required: Prepare Shuswap's statement of financial position as at 31 December 2022, complying as far as possible with IAS 1 "Presentation of Financial Statements".

FINANCIAL ACCOUNTING
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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3 question The draft statement of financial position shown below has been prepared for Shuswap as at 31 December 2022: Assets Non-current assets Land and buildings Plant and equipment Current assets Inventories Receivables Cash at bank Retained earnings Non-current liabilities: Cost Total assets Equity and liabilities Equity Share capital (ordinary shares of 50c each) Loan notes (redeemable 2031) $000 9,000 21,000 30,000 Accumulated depreciation $000 1,000 9,000 10,000 Carrying amount $000 8,000 12,000 20,000 3,000 2,600 1,900 27,500 6,000 12,400 7,000 2,100 27,500 Current liabilities Trade payables Total Equity and liabilities The following further information is available: (1) On 30 November 2022 the company issued for cash 2,000,000 50c shares at $1-10 per share. Cash were received on 15 December. (2) It has been decided to revalue the land and buildings to $12,000,000 at 31 December 2022. (3) Trade receivables totalling $200,000 are to be written off. (4) Some inventory items included in the draft statement of financial position at cost $500,000 were sold after the reporting period for $400,000, with selling expenses of $40,000. (5) During the year there was a contra settlement of $106,000 in which an amount due to a supplier was set off against the amount due from the same company for goods sold to it. No entries have yet been made to record those transactions. Required: Prepare Shuswap's statement of financial position as at 31 December 2022, complying as far as possible with IAS 1 "Presentation of Financial Statements".
Transcribed Image Text:3 question The draft statement of financial position shown below has been prepared for Shuswap as at 31 December 2022: Assets Non-current assets Land and buildings Plant and equipment Current assets Inventories Receivables Cash at bank Retained earnings Non-current liabilities: Cost Total assets Equity and liabilities Equity Share capital (ordinary shares of 50c each) Loan notes (redeemable 2031) $000 9,000 21,000 30,000 Accumulated depreciation $000 1,000 9,000 10,000 Carrying amount $000 8,000 12,000 20,000 3,000 2,600 1,900 27,500 6,000 12,400 7,000 2,100 27,500 Current liabilities Trade payables Total Equity and liabilities The following further information is available: (1) On 30 November 2022 the company issued for cash 2,000,000 50c shares at $1-10 per share. Cash were received on 15 December. (2) It has been decided to revalue the land and buildings to $12,000,000 at 31 December 2022. (3) Trade receivables totalling $200,000 are to be written off. (4) Some inventory items included in the draft statement of financial position at cost $500,000 were sold after the reporting period for $400,000, with selling expenses of $40,000. (5) During the year there was a contra settlement of $106,000 in which an amount due to a supplier was set off against the amount due from the same company for goods sold to it. No entries have yet been made to record those transactions. Required: Prepare Shuswap's statement of financial position as at 31 December 2022, complying as far as possible with IAS 1 "Presentation of Financial Statements".
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