Financial Accounting Case Study: ABC Ltd 30

ABC LTD
COMPREHENSIVE INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2012

NOTE 2012
Revenue 2 828,500
Cost of sales 3 (460,000)
Gross profit 368,500 Other income 4 2,500
Operating expenses 5 361000 Profit before income tax 10000
Income tax expense (30%) 3,000
Profit for the year 7000
Other comprehensive income change in revaulation surplus 38500 Other comprehensive income for the year, net of tax 38500
Total comprehensive income for the year 45500

ABC LTD STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2012

NOTES 2012
ASSETS
Current assets
Cash and cash equivalents 6 100500
Trade and other receivables 7 45,200
Inventories 8 87700
Other current assets 9 7000

Provision for Employee benefits 34,200 34200 68,400
Deferred Tax Liability 18,400 16500 34,900
Allowance for Doubtful Debts 12,800 12,800
Accumulated Depreciation-Plant and Equipment 42,500 42,500
Accumulated Impairment-Goodwill 10,000 10,000 Cash 500 100000 100500
Accounts Receivable 58,000 58000
Inventory 87,700 87700
Prepaid Insurance 7,000 7000
Plant & Equipment 222,500 222500
Land 195,000 25000 220000
Buildings 350,000 30000 380000
Goodwill 105,000 105000
Deferred Tax Asset 9,800 9800
Sales Revenue 825,000 825,000
Cost of Sales 450,000 450000
Administrative Expenses 265,000 28700 236,300
Annual Leave expense 18000 18000
Long-service Leave expense 16200 16200
Other Expenses 10,000 10000
Interest Revenue 2,500 2,500
Dividends Revenue 3,500 3,500
Income Tax Expense 50,400 50,400
Interest expense 30100 30,100
Dividend Paid 20,000 20,000
Dividends Declared 10,000 10,000
Transfer to General Reserve 25,000 25,000
Total 1,865,900 1,865,900 252467 252467 2089667