Topic 3- single entity financial statemnts

Question 1

what is the layout of Financial position

Answer 1

page 65

Statement of Financial Position as at 31 December 2008
ASSETS $ $
Non-current assets
Property, plant and equipment X
Goodwill X
Other intangible assets X
Investments X
–– X
Current assets
Inventories X
Trade receivables X
Other current assets X
Cash and cash equivalents X
–– X
––
Total assets X
––
EQUITY AND LIABILITIES
Capital and reserves
Share capital X
Other reserves X
Retained earnings X
–– X
––
Total equity X
Non-current liabilities
Long-term borrowings X
Long-term provisions X
–– X
Current liabilities
Trade and other payables X
Short-term borrowings X
Current portion of long term borrowings X
Current tax payable X
Short-term provisions X

––
Total equity and liabilities X

Question 2

what is the layout for statement of comprehensive income?

Answer 2

Revenue
(Cost of sales)
=Gross profit

(Distribution costs)
(Administrative expenses)
= Profit from operations

Investment income
(Finance cost)
=Profit before tax

(Income tax expense)

= Profit or loss for the period

OTHER COMREHENSIVE INCOME

Question 3

what is the layout for statement of CHANGES IN EQUOTY?

Answer 3

Share capital, Share premium, Reval Reserve, RE, Total

Balance as at xx
Changes in accounting policy
= Restated balance

Surplus on revaluation of properties
Deficit on revaluation of investments
=Net gains and losses not recognised in the SOCE

Net profit for the period
(Dividends)
Issue of share capital

= Balance as at xx