Prepare a Statement of Profit and Loss and Other Comprehensive Income and the Statement of Changes in Equity for the reporting period ending 30th June 2018.You are to adhere to the requirements of AASB101 Presentation of Financial Statements with relevant notes and is to be presented professionally.

 

The following transactions occurred for a logistics company during the year.  Finanzial Ltd generated revenues from the provision of services for the financial  year ended 30 June 2018 of $3 500 000.

 

(a) Balance of retained earnings on 1 July 2017 was $1 301 577.

(b) On 1 January 2018 the company revalued its buildings by $600 000.

(c) Other expenses given below:

 

Wages $800 000
Electricity 100 000
Rates 50 000
Selling expenses 200 000
Administrative expenses 400 000
Other expenses 80 000

 

(d) Dividends paid on 1 April 2018 were $800 000.

(e) Plant and equipment was purchased for $600 000.

(f) Depreciation using the straight-line method was $400 000.

(g) On 31 August 2016 the company entered into a non-cancellable finance lease agreement with lorries-r-uz Ltd to acquire a number of additional trucks. Finance costs related to this transaction amounted to $49789 for the current financial year.

(h) On 1 April 2018 Finanzial purchased, for $1 million, a small transport company with net assets (including $26 000 goodwill) that had a book value of $700 000 and a fair market value of $826 000.

(i) The company’s bad debt expense for 2017-18 was $260 000.

(j) During the year the company sold, at a non-taxable profit of $1 million, land no longer required for business operations.

(k) Income tax expense for the year ended 30 June 2018 was $394 276.

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