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(pdf) Financial Reporting: Sample Assignment

   

Added on  2021-06-15

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FINANCIAL REPORTINGPREPARATION OF FINANCIAL STATEMENTS AND APPLICATION OF AUSTRALIANACCOUNTING STANDARDS, INTERNATIONAL FINANCIAL REPORTINGSTANDARDS AND AUSTRALIAN ACCOUNTING FRAMEWORKS ANDREGULATIONS.NameCourse: Professors NameInstitutionCityDate

FINANCIAL REPORTINGAccording to IAS 1 all entities must prepare and present its financial statements as per this Internal Accounting Standard as well as per the International Financial Reporting Standards.In both questions 1&2 IAS 1 paragraph 9 is applicable whereby it outlines how profit and loss and comprehensive income statement Gazzola(2015.Pg 7) is to be prepared and presented as well as statement of changes in equity and cash flow as well.Question 1;(a) Park Ltd (Note 2)Consolidated Statement of Profit or Loss and Other Comprehensive IncomeFor The Year Ended 31st December 2017. Notes; AmountRevenue (sales of goods) 3 4469000 Less Cost Of Good Sold; Cost of Sales 3 (2987000)Gross Profit 1482000Add Other Incomes;Interest Income 6000Total Income 1488000Less Expenses; Distribution Expenses 86000 3Administration Expenses 252000 3Other Expenses; 3Sales and Marketing Expense 820000 3 Employee benefit 62000 3Warrant expense 37000 3Finance Cost;Other Borrowing Expenses 4000 4 Interest Expense 44000 4Total Expense (1305000)

FINANCIAL REPORTINGProfit Before Tax 183000Less Tax;Income Tax Expense Note 3 (85000)Year After Tax Profit From continuing operation 98,000Add Profit from the Period 0Profit for the Year 98,000Other Comprehensive Income 0Gain on land and investment revaluation (note 7) 42000Total Comprehensive Income 140000Park LtdStatement of Changes in EquityFor Year Ended 31st Dec 2017Retained Asset Revaluation Equity/Capital Earnings Reserve/Surplus Contributed Total EquityBall b/f (Note2) 326000 50000 1541000 1917000 Profit For Period 98000 0 0 98000 Other ComprehensiveIncome/loss (Note 7) For Period 0 0 0 0Issue of Share Capital/Right Issue 0 0 120000 120000Dividend Reinvest (Note 5) 0 0 30000 30000 Revaluation Surplus (Note 6) 0 92000 0 92000Less;

FINANCIAL REPORTINGDividend paid (Note 5) (150000) 0 0 (150000)Income tax on (Note 6) Revaluation 0 (18000) 0 0Closing Balance AsAt 31st Dec 2017Attributable To Shareholder 274000 124000 1691000 2089000Park LtdStatement of Financial Position as At 31st Dec 2017Assets;Current Asset’Cash & Cash Equivalent 4000Deposits at Call 100000Trade and Other Receivables 436000Other Debtors 93000Finished Goods Inventory 714000Raw Materials Inventory 188000Current Assets 1535000Non-Current Assets’Good will (IFRS3.64) 870000Patent (note 11) 45000Property Plant & Equipment (note 8) 952000List Investment (note 9) 232000 2099000Total Assets 3634000Liabilities;Current LiabilityBank Loan (note10) 36000Other loan (note10) 460000Trade Creditors 510000

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