The following details are taken from the accounting records of Mercy Ltd as at 30 June 2016:
| Debit | Credit | ||||||
| Plant and equipment (net of depreciation) Land Buildings (net of depreciation) Investments (long-term) Accounts receivable Allowance for impairment of receivables Inventory Bank overdraft Accounts payable Dividend payable Goodwill (net of impairment) Share capital (3200000 shares) General reserve | $ 800000 600000 900000 460000 600000 520000 300000 | $ 60000 200000 400000 256000 2400000 290000 | |||||
| Retained earnings Income tax payable Other debtors | 50000 | 375000 249000 | |||||
| $4230000 | $4230000 | ||||||
Additional information
(a) Profit for the year was $581000.
(b) Balance of retained earnings at 1 July 2015 was $80000.
(c) During the year $30000 was transferred from retained earnings to general reserve.
(d) A final dividend of 8c per share has been declared by directors and is not subject to shareholders’ approval.
Required
Prepare the statement of financial position and statement of changes in equity to comply with AASB 101. Include Notes to the accounts for the above financial statements
Place your order now for a similar paper and have exceptional work written by our team of experts to guarantee you A Results
Why Choose US
6+ years experience on custom writing
80% Return Client
Urgent 2 Hrs Delivery
Your Privacy Guaranteed
Unlimited Free Revisions