You are given the following additional information to enable you to prepare a draft set of financial
Question:
You are given the following additional information to enable you to prepare a draft set of financial statements:
1. Inventory at 31 December 2013 was
2. Land is to be re-valued to £250,000 at 31 December 20X3.
3. Depreciation is to be provided as follows:
· Buildings – straight line over 50 years and no residual value
· Fixtures and fittings - straight line method assuming a useful economic life of 5 years with residual value of £3,000
· Motor vehicles – 30% annually on a reducing balance basis. Residual Value is £4,000
Depreciation is processed through the following expense accounts:
Buildings – 50% COS, 30% S & D expenses and 20% Admin expenses.
F & F – 100% Admin
Motor Vehicles – 100% S&D Expenses
4. Wages, Rent, Light & Heating and Bad Debts are shown in Admin Expenses
This is information - No Action
5. Motor Expenses, Business Rates and Insurance are processed through S & D Expenses.
Required:
For the business of GD Ltd prepare in IAS1 Format
a) Statement of Profit or Loss for the year ended 31 December 20X3
b) Statement of Financial Position as at 31 December 20X3
c) Statement of Changes in Equity for the year ending 31 December 20X3
Financial Accounting and Reporting
ISBN: 978-1292162409
18th edition
Authors: Barry Elliott, Jamie Elliott