Presentation of financial statements, Accounting policies and other disclosures, Accounting for equity and Revaluation of assets
Question 1 Topic 2: Presentation of financial statements The trial balance of KLZR Ltd for the year ended 30 June 2018 is presented below: Debit Credit $ $ Sales revenue 997,000 Dividend revenue 7,000 Interest revenue 3,000 Cost of sales 355,000 Impairment loss – goodwill 5,000 Auditor remuneration 36,000 Depreciation – motor vehicles 45,000 Depreciation – plant and equipment 46,000 Doubtful debts 8,000 Interest expense 32,000 Office expenses 92,000 Rental expenses 15,000 Salaries 104,000 Selling expenses 97,000 Bad debt recovered 26,000 Loss on destruction of building 42,000 Income tax expenses 61,000 Cash on hand 13,000 Inventories 298,000 Receivables 192,000 Provision for doubtful debts 12,000 Bank deposits 40,000 Deferred tax assets 24,000 Franchises (cost) 95,000 Goodwill 100,000 Accumulated impairment…
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