The Sydney Company Limited provided the following Trial Balance in regard to its operation for the year ended 30 June 2016
Additional information for the June end 2016.
All sales and purchase are in credit.
All the expenses except depreciation, impairment and bad debts is cash expenses.
Company is maintaining tax as per tax payable method.
Dividend payable of 2015 is paid.
Company paid interim dividend $15,000.
The company has book value of land and building $190,000 and revaluation was done by company where valuator revalue same assets worth $185,000.
10% of retained earning transferred to General Reserve.
Company issued share capital $10,000 at June end 2016.
Company transferred its assets revaluation loss to retained earnings.
Requirement
Comprehensive Income Statement
Statement of Change in Equity
Statement of Financial Position
Cash Flow Statement
The Sydney Company Limited
Comprehensive Income Statement
For the year ended 30 June 2016
Note 1: Rental
Note 2: Consist of Wages, Superannuation and Long Service Leave $127,308, $5,092 and $5,000 respectively.
Note 3: Consist of Advertising, general expenses and bad debts $9,600, $22,305 and $809 respectively.
Note 4: Building and Motor vehicle $7,200 and $13,500 respectively.
Note 5: Interest expenses
Note 6: Revaluation of building decreased.
The Sydney Company Limited
Statement of Change in Equity
For the year 30 June 2016
You have to adjust the value of revaluation of Land and Building in your final Statement of Financial Position. At this time, the value is $190,000 but when you prepare the final balance sheet, then you have to decreased this value to $185,000. But before to adjust, you have to also check the opening and closing value of Land and Building. Sometime, your accountant can give you the adjusted Land and Building value where opening and closing value may not be same.
Additional share issue also has same impact. You have to increase the share capital by $10,000 in your final statement of financial position. For this you have to also check the opening and closing balance. If the closing value is more than opening value by $10,000 then you don’t need to adjust.
The Sydney Company Limited
Statement of Financial Position
As of 30 June 2016
Note 1: Cash, call deposit and petty cash are included.
Note 2: All prepaid expenses are included.
Note 3. The revaluation value is reported.
Note 4: Provision for long service leave, wages accrued and rental income in advance are included.
Note 5: From Statement of changes in equity
The Sydney Company Limited
Cash Flow Statement
For the year ended 30 June 2016
Cash and cash equivalents at end of period should be equal with the balance of statement of financial position. You can check with your question.
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