The general ledger of Emerates Traders Ltd includes the following accounts as at 30 June 2018:

		$000
Sales Revenue		8,280
Dividend Received		126
Interest Received		65
Cost of Sales		1,105
Selling and Distribution expenses		450
Administration expenses		1,550
Finance costs		16
Valuation loss on trading investments (considered a material item)		250
Income tax expense charged to profit and loss		1,500
Expenses classified by nature include:
Auditors Remuneration:
Audit of accounts	20
Information technology controls advice	5	25
Depreciation expense:
Buildings	120
Plant and Equipment	225	345

 

Additional Information

The valuation loss on investments held for trading is not tax deductible.

Task 4

• Complete a Statement of Comprehensive Income showing expenses classified by function on the face of the Income Statement together with notes to the income statement including the material item.

- Note that Emerates Traders Ltd discloses material items on the face of the Income Statement.

 

 

Answer rating: 100% (QA)

Notes to accounts Entity follows fair value through profit and loss for valuation o... View the full answer