Financial Accounting Case Study: ABC Ltd 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…show more content…
Provision for Employee benefits 34,200 34200 68,400 Deferred Tax Liability 18,400 16500 34,900 Allowance for Doubtful Debts 12,800 12,800 Accumulated Depreciation-Plant and Equipment 42,500 42,500 Accumulated Impairment-Goodwill 10,000 10,000 Cash 500 100000 100500 Accounts Receivable 58,000 58000 Inventory 87,700 87700 Prepaid Insurance 7,000 7000 Plant & Equipment 222,500 222500 Land 195,000 25000 220000 Buildings 350,000 30000 380000 Goodwill 105,000 105000 Deferred Tax Asset 9,800 9800 Sales Revenue 825,000 825,000 Cost of Sales 450,000 450000 Administrative Expenses 265,000 28700 236,300 Annual Leave expense 18000 18000 Long-service Leave expense 16200 16200 Other Expenses 10,000 10000 Interest Revenue 2,500 2,500 Dividends Revenue 3,500 3,500 Income Tax Expense 50,400 50,400 Interest expense 30100 30,100 Dividend Paid 20,000 20,000 Dividends Declared 10,000 10,000 Transfer to General Reserve 25,000 25,000 Total 1,865,900 1,865,900 252467 252467 2089667

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