Acc2004 Financial Accounting Standards And Assessment Answers
Suncolls Ltd bought 5000 government bonds in CityRail at $10 per bond on the 30th
June 2016. This investment in financial asset is classified as “measured at fair value through other comprehensive income”. The fair value of the government bonds had increased to $14 on the 30th June 2017. The following year, the fair value of the government bonds had decreased to $13 on the 30th June 2018. On the 30th June 2018, all the government bonds had been sold. Paid-up capital which was the only equity item amounted to $100,000 on the 30th June 2018. Taxes are at 30%.
Prepare an extract of the Statement of Profit and Loss and Other Comprehensive
Income, the Statement of Changes in Equity for the reporting period ending 30th June 2018. There should be a detailed record of the reclassification adjustment for financial assets measured at fair value through other comprehensive income. You are to adhere to the requirements of AASB101 Presentation of Financial Statements with relevant notes and is to be presented professionally. (Please see annual financial statements of public companies as a reference). Assignment must be completed in an electronic spreadsheet with formulae being applied.
Answer:
Statement of profit or loss for the period ended 2017:
|
Statement of profit or loss | |
|
Particulars |
Amounts in $ |
|
2018 | |
|
Gain on sale of investment |
15,000.00 |
Consolidated statement of comprehensive income for the year ended 2017:
|
Statement of comprehensive income | |
|
Particulars |
Amounts in $ |
|
2017 | |
|
Other comprehensive income | |
|
Items that may be reclassified to profit or loss: | |
|
Unrealised gain/(loss) on investment, net of tax |
14,000.00 |
|
2018 | |
|
Unrealised gain/(loss) on investment |
-3,500.00 |
Statement of retained earnings for the period ended 2017:
|
Statement of Owners equity | |||
|
Particulars |
Amounts in $ | ||
|
Shareholder's equity: | |||
|
2016 |
2017 |
2018 | |
|
Opening balance |
1,00,000.00 |
1,00,000.00 |
1,14,000.00 |
|
Add: transfer from statement of comprehensive income |
14,000.00 |
-3,500.00 | |
|
Closing balance |
1,00,000.00 |
1,14,000.00 |
1,10,500.00 |
Notes to financial statements:
- The company had purchased 5,000 bonds worth of $ 10 each in 2016. The fair value of these bonds increased to $14 in 2017 and then reduced to $ 13 by the end of year 2018.
Buy Acc2004 Financial Accounting Standards And Assessment Answers Online
Talk to our expert to get the help with Acc2004 Financial Accounting Standards And Assessment Answers to complete your assessment on time and boost your grades now
The main aim/motive of the management assignment help services is to get connect with a greater number of students, and effectively help, and support them in getting completing their assignments the students also get find this a wonderful opportunity where they could effectively learn more about their topics, as the experts also have the best team members with them in which all the members effectively support each other to get complete their diploma assignments. They complete the assessments of the students in an appropriate manner and deliver them back to the students before the due date of the assignment so that the students could timely submit this, and can score higher marks. The experts of the assignment help services at urgenthomework.com are so much skilled, capable, talented, and experienced in their field of programming homework help writing assignments, so, for this, they can effectively write the best economics assignment help services.
