Using the following trial balance please prepare the following;

The following additional information was noted during the preparation of financial statements for the year ended 30 June 2021:

• Trading securities are equity investments that are held for the purpose of selling and short-term profit taking.
• $20 000 of bank loans are repayable within 1 year. The remaining amount is payable in full at the end of 2030. The loans are secured over the land.
• $150 000 of other loans are repayable within 1 year. The remaining amount is payable in full at the end of 2024.
• The provision for employee benefits includes $20 000 payable within 1 year.
• The warranty provision is in respect of a 12-month warranty given on certain goods sold.
• The following assets were carried at cost:

• Land was revalued upward by $5 000 to $125 000 (assume zero income tax for this transaction). There had been no previously recognized reserve for revaluation surplus. The valuation was conducted by the registered valuer, The Invaluable Pty Ltd.

1. Prepare a statement of comprehensive income for NUSTAR Ltd in accordance with the requirements of AASB 101. NUSTAR Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and classifies expenses by function within the statement;
2. Prepare a statement of changes in equity for NUSTAR Ltd in accordance with the requirements of AASB 101;
3. Prepare a statement of financial position for NUSTAR Ltd in accordance with AASB 101. Use the current/non-current presentation format;
4. Prepare appropriate notes to the accounts. (You are not required to prepare a note related to income taxes. Include the following note as note 1. You may optionally add accounting policies to this note)
    

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NUSTAR Ltd - Trial Balance as at 30 June 2021 Sales of goods Gain from trading securities Cost of sales Administration charges Selling and distribution expenses Employee entitlement expenses (selling) Employee entitlement expenses (administrati/ Wages and salaries (selling) Wages and salaries (administrative) Doubtful debts expense Depreciation expense - buildings (administrative) Depreciation expense - warehouses and equipment (selling) Finance expense Other borrowing expense Income tax expense Cash on hand Cash on deposit, at call Trade debtors Allowance for doubtful debts Other debtors Raw materials Work in progress Finished goods Trading securities Land Buildings Accumulated depreciation - buildings Warehouses and equipment Accumulated depreciation - warehouses and equipment Patents Amortisation of patents Bank loans Other loans Trade creditors Provision for employee benefits Warranty provision Current tax payable Deferred tax liability Share Capital / / 1 / Dividends paid Retained earnings, transfer to general reserve General reserve Land revaluation surplus Retained earnings, 30 June 2020 Totals $450,000.00 $20,000.00 $10,000.00 $8,000.00 $4,000.00 $120,000.00 $80,000.00 $8,000.00 $25,000.00 $20,000.00 $30,000.00 $20,000.00 $46,000.00 $80,000.00 $55,000.00 $1,600,000.00 $850,000.00 $60,000.00 $70,000.00 $70,000.00 $25,000.00 $125,000.00 $500,000.00 $200,000.00 $150,000.00 $22,000.00 $900,000.00 $20,000.00 $20,000.00 $50,000.00 $40,000.00 $15,000.00 $553,000.00 $300,000.00 $1,200,000.00 $50,000.00 $45,000.00 $40,000.00 $35,000.00 $1,280,000.00 $85,000.00 $10,000.00 $5,000.00 $4,648,000.00 $4,648,000.00 NUSTAR Ltd - Trial Balance as at 30 June 2021 Sales of goods Gain from trading securities Cost of sales Administration charges Selling and distribution expenses Employee entitlement expenses (selling) Employee entitlement expenses (administrati/ Wages and salaries (selling) Wages and salaries (administrative) Doubtful debts expense Depreciation expense - buildings (administrative) Depreciation expense - warehouses and equipment (selling) Finance expense Other borrowing expense Income tax expense Cash on hand Cash on deposit, at call Trade debtors Allowance for doubtful debts Other debtors Raw materials Work in progress Finished goods Trading securities Land Buildings Accumulated depreciation - buildings Warehouses and equipment Accumulated depreciation - warehouses and equipment Patents Amortisation of patents Bank loans Other loans Trade creditors Provision for employee benefits Warranty provision Current tax payable Deferred tax liability Share Capital / / 1 / Dividends paid Retained earnings, transfer to general reserve General reserve Land revaluation surplus Retained earnings, 30 June 2020 Totals $450,000.00 $20,000.00 $10,000.00 $8,000.00 $4,000.00 $120,000.00 $80,000.00 $8,000.00 $25,000.00 $20,000.00 $30,000.00 $20,000.00 $46,000.00 $80,000.00 $55,000.00 $1,600,000.00 $850,000.00 $60,000.00 $70,000.00 $70,000.00 $25,000.00 $125,000.00 $500,000.00 $200,000.00 $150,000.00 $22,000.00 $900,000.00 $20,000.00 $20,000.00 $50,000.00 $40,000.00 $15,000.00 $553,000.00 $300,000.00 $1,200,000.00 $50,000.00 $45,000.00 $40,000.00 $35,000.00 $1,280,000.00 $85,000.00 $10,000.00 $5,000.00 $4,648,000.00 $4,648,000.00 NUSTAR Ltd - Trial Balance as at 30 June 2021 Sales of goods Gain from trading securities Cost of sales Administration charges Selling and distribution expenses Employee entitlement expenses (selling) Employee entitlement expenses (administrati/ Wages and salaries (selling) Wages and salaries (administrative) Doubtful debts expense Depreciation expense - buildings (administrative) Depreciation expense - warehouses and equipment (selling) Finance expense Other borrowing expense Income tax expense Cash on hand Cash on deposit, at call Trade debtors Allowance for doubtful debts Other debtors Raw materials Work in progress Finished goods Trading securities Land Buildings Accumulated depreciation - buildings Warehouses and equipment Accumulated depreciation - warehouses and equipment Patents Amortisation of patents Bank loans Other loans Trade creditors Provision for employee benefits Warranty provision Current tax payable Deferred tax liability Share Capital / / 1 / Dividends paid Retained earnings, transfer to general reserve General reserve Land revaluation surplus Retained earnings, 30 June 2020 Totals $450,000.00 $20,000.00 $10,000.00 $8,000.00 $4,000.00 $120,000.00 $80,000.00 $8,000.00 $25,000.00 $20,000.00 $30,000.00 $20,000.00 $46,000.00 $80,000.00 $55,000.00 $1,600,000.00 $850,000.00 $60,000.00 $70,000.00 $70,000.00 $25,000.00 $125,000.00 $500,000.00 $200,000.00 $150,000.00 $22,000.00 $900,000.00 $20,000.00 $20,000.00 $50,000.00 $40,000.00 $15,000.00 $553,000.00 $300,000.00 $1,200,000.00 $50,000.00 $45,000.00 $40,000.00 $35,000.00 $1,280,000.00 $85,000.00 $10,000.00 $5,000.00 $4,648,000.00 $4,648,000.00 NUSTAR Ltd - Trial Balance as at 30 June 2021 Sales of goods Gain from trading securities Cost of sales Administration charges Selling and distribution expenses Employee entitlement expenses (selling) Employee entitlement expenses (administrati/ Wages and salaries (selling) Wages and salaries (administrative) Doubtful debts expense Depreciation expense - buildings (administrative) Depreciation expense - warehouses and equipment (selling) Finance expense Other borrowing expense Income tax expense Cash on hand Cash on deposit, at call Trade debtors Allowance for doubtful debts Other debtors Raw materials Work in progress Finished goods Trading securities Land Buildings Accumulated depreciation - buildings Warehouses and equipment Accumulated depreciation - warehouses and equipment Patents Amortisation of patents Bank loans Other loans Trade creditors Provision for employee benefits Warranty provision Current tax payable Deferred tax liability Share Capital / / 1 / Dividends paid Retained earnings, transfer to general reserve General reserve Land revaluation surplus Retained earnings, 30 June 2020 Totals $450,000.00 $20,000.00 $10,000.00 $8,000.00 $4,000.00 $120,000.00 $80,000.00 $8,000.00 $25,000.00 $20,000.00 $30,000.00 $20,000.00 $46,000.00 $80,000.00 $55,000.00 $1,600,000.00 $850,000.00 $60,000.00 $70,000.00 $70,000.00 $25,000.00 $125,000.00 $500,000.00 $200,000.00 $150,000.00 $22,000.00 $900,000.00 $20,000.00 $20,000.00 $50,000.00 $40,000.00 $15,000.00 $553,000.00 $300,000.00 $1,200,000.00 $50,000.00 $45,000.00 $40,000.00 $35,000.00 $1,280,000.00 $85,000.00 $10,000.00 $5,000.00 $4,648,000.00 $4,648,000.00

Answer rating: 100% (QA)

Nustar Ltd Trial Balance For the year ended June 302021 Dr Cr Description 000 000 Sales of Goods 90000 Gain from Trading Securities 2000 Cost of Sales 45000 Administration Charges 2000 Selling distrib... View the full answer