Question:

Prepare a statement of changes in equity for MIDNIGHT Ltd in accordance with the requirements of AASB 101?

MIDNIGHT Ltd, a manufacturing company, commenced operations on 1 September 2015 by issuing 461 250 $4.00 shares, payable in full on application on a first-come, first-served basis. By 10 October 2015 the shares were fully subscribed and duly allotted. There were no share issue costs. For the year ending 30 June 2017, the company recorded the following aggregate transactions: Sales Interest income Cost of Sales Sundry income Employee benefit expenses - Admin Depreciation expense- Admin Selling & Distribution Expenses Insurance expense - Admin Rental expenses - office Doubtful debts expense Interest expense Other borrowing expenses Income tax expense S 6 818 000 9 000 4 842 000 27 000 136 000 54 000 932 000 37 000 23 000 5 000 36 000 6 000 268 000