Bella Boats Ltd commenced trading many years ago. Equity at 30 June 2024 comprised the following.

Required

(a) Prepare entries in general journal format to record the above transactions. Ignore closing entries.

(b) Prepare the statement of profit or loss and other comprehensive income for the reporting period ended 30 June 2025 to comply with IAS 1/AASB 101.

(c) Prepare a statement of changes in equity for the year ended 30 June 2025.

Transcribed Image Text:

Share capital, 400 000 ordinary shares fully paid at $5 General reserve Retained earnings $ 2 000 000 670 000 343 000 $3 013 000 During the financial year ended 30 June 2025, the following transactions with respect to capital and dividends took place. 2024 Aug. 31 Oct. 31 2025 Mar. 31 June 30 Final dividend of 20c per share for year ended 30 June 2024 was ratified and paid. Issued 200 000 shares, fully paid at $5, in payment for assets with a fair value of $500 000. Interim dividend of 50c for the half-year ended 31 December 2024 paid on all shares. The company made a profit before tax of $980 000 for the financial year. Revenue for the year was $2 350 000 and interest expense was $48 000. The directors. decided: 1. to provide for income tax expense and current liability at 30% of profit before