The ledger balances of Tasman Attire Ltd as at 30 June 2025 are shown below.

The following adjustments are yet to be taken into the accounts.

1. Inventory on hand at 30 June 2025 valued at $94  250.

2. Allowance for doubtful debts to be increased to $1 625, which was the balance of the account on 1 July 2024.

3. It was discovered that $580 for office equipment had been charged in error to the purchases account on 1 August 2024.

4. Depreciation of delivery vehicles and office equipment for the current year to be at the rate of 20% p.a. on cost, and on buildings at 5% on cost.

5. Interest expense accrued, $325.

6. Unexpired insurance, $130.

7. Declare a dividend to shareholders of $22  750 for the current year.

8. Transfer $6500 to general reserve and reduce goodwill by $13  000 because of impairment.

Required

(a) Prepare the statement of profit or loss and other comprehensive income for the year ended 30 June 2025 in accordance with the requirements of IAS 1/AASB 101.

(b) Prepare the statement of financial position as at 30 June 2025 in accordance with the requirements of IAS 1/AASB 101.

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Accounts receivable Accounts payable Advertising expense TASMAN ATTIRE LTD Trial balance as at 30 June 2025 Debit $ 81 250 4 875 585 Credit $ 40 700 Stationery expenses Share capital Bills receivable 6 175 Bank overdraft 325 000 10 650 Delivery vehicles (at 30 875 cost) Directors' fees 8 125 Discount allowed 3 250 First call (25c per 6 500 share) General expenses 5 070 Goodwill (at cost) 39 000 Income from 5 000 investments Insurance expense Interest expense 625 3 120 Investments (at cost) 104 000 Land (at cost) 26 650 Buildings (at cost) 100 000 Electricity expense 1 075