From the information below: List all double entries to record the above adjustments to the financial statements
Question:
From the information below:
- List all double entries to record the above adjustments to the financial statements
- Prepare the statement of comprehensive income for ACRYLO for the year ended 31 March 2020
- Prepare the statement of changes in equity
- Prepare the statement of financial position for ACRYLO as at 31 March 2020
- Prepare Notes and explanations to the statement of comprehensive income and statement of financial position.
- Reference should be made to applicable IAS’s and IFRS’s, the treatment necessary according to that standard, conditions & disclosure requirements.
The following trial balance related to ACRYLO at 31 March 2020:
€ €
Revenue 1,634,000
Purchases 800,000
Opening Inventory 43,000
Distribution costs 8,000
Administrative expenses 26,000
Investment property (NBV) 240,000
Interest paid on loan 3,000
Dividends paid on equity shares 8,240
Land 500,000
Labour costs 96,000
Property, plant and equipment at cost 31/03/2019 55,000
Accumulated depreciation at 31/03/2019 25,850
Machinery 125,000
Accumulated depreciation at 31/03/2019 12,500
Trade receivables 553,000
Cash and cash equivalents 20,000
Trade payables 418,500
Long term interest bearing borrowings 50,000
Lease rentals 20,000
Issued equity capital 377,390
Facility 50,000
Retained earnings at 31 March 2019 29,000
2,547,240 2,547,240
Horngrens Accounting
ISBN: 978-0133855388
10th Canadian edition Volume 2
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood