Essay about Comprehensive Income Statement For The Year Ended 30

Essay about Comprehensive Income Statement For The Year Ended 30

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ABC LTD
COMPREHENSIVE INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2012


NOTE 2012
Revenue 2 828,500
Cost of sales 3 (460,000)
Gross profit 368,500

Other income 4 2,500
Operating expenses 5 361000

Profit before income tax 10000
Income tax expense (30%) 3,000
Profit for the year 7000
Other comprehensive income

change in revaulation surplus 38500

Other comprehensive income for the year, net of tax 38500
Total comprehensive income for the year 45500














ABC LTD STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2012


NOTES 2012
ASSETS
Current assets
Cash and cash equivalents 6 100500
Trade and other receivables 7 45,200
Inventories 8 87700
Other current assets 9 7000
Deferred Tax Asset 10 20,400
Total current assets 260800

Non-current assets
Property, plant and equipment 11 780000
Intangible assets 12 105000
Total non-current assets 885000
Total assets 1145800

LIABILITIES
Current liabilities
Trade and other payables 13 220867
Total current liabilities 220867

Non-current liabilities
Long-term borrowings 14 382,533
Deferred tax liabilities 15 34,900
Total non-current liabilities 417433
Total liabilities 638300

Net assets 507500

EQUITY
Share capital 300000
Reserves 68500
Retained earnings 139000
Total equity 507500




ABC Ltd
Statement of changes in Equity
for the year ended 30 June 2012
Share capital Reserves Retained earnings Total equity
Balance at 1/7/11 200,000 25,000 128,400 353400
Total comprehensive income for the year 100000 45500 45500
shares issued
Dividend –Declared 34900 34900
Dividend –Paid -20000 -20000
Revalua...


... middle of paper ...


... themselves would not be adjusted (unless the subsequent event ndicates that the entity is no longer a going concern), but note disclosure could be required depending upon the materiality of the event. As paragraph 10 of AASB 110 states:
An entity shall not adjust the amounts recognised in its financial statements to
reflect non-adjusting events after the reporting period.
the debentures issued by the organization is an adjusting event as the condition of issuing the debentures to a private investor was approved by the board of directors on 28 June 2011 before the reporting date, atlhough the issue took place in July but the approval of issuance was made before the end of reporting period, hence as per AASB 110, W Ltd should disclose the debentures on its financial statements. the treatemnet would be to report it as
Dr Debenture Receivbles and Cr Debture payable.

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