The summarised balance sheet of Magic Cadre Ltd at 30 June 2020 for presentation to management is below.

Required

Prepare the statement of financial position for external reporting purposes of Magic Cadre Ltd at 30 June 2020 in accordance with the format illustrated in figure 17.4

Figure 17.4

 

Transcribed Image Text:

MAGIC CADRE LTD Balance Sheet as at 30 June 2020 CURRENT ASSETS Cash at bank CURRENT LIABILITIES $158000 Accounts payable Accounts receivable (net) 50 000 Dividends payable $ 45000 6000 Inventory 85000 Current tax liability 5000 $ 56000 Assets held for sale 15000 $308.000 NON-CURRENT LIABILITY NON-CURRENT ASSETS Mortgage payable Property, Plant and Equipment 465 000 EQUITY Accumulated depreciation (30 000) Share capital Goodwill 55000 General reserve Accumulated impairment (11000) 479000 Retained earnings 600 000 68000 53000 10000 721 000 $787 000 $787000