Statement of profit or loss and other comprehensive income (classify expenses by nature)
The accountant at Venus Ltd has asked you to prepare the statement of profit or loss and other comprehensive income for the year ended 30 June 2017 in accordance with AASB 101 (classify expenses by nature). To assist, the following trial balance extract has been provided:
|Sales returns and allowances||56,100|
|Changes in inventories of finished goods and work in progress||390,500|
|Raw materials used||4,000,000|
|Salaries and wages expense||675,000|
|Other employee benefits expenses||125,000|
|Proceeds from sale of land||185,000|
|Cost of land sold||300,000|
|Depreciation and amortisation expense||343,500|
The company tax rate is 30%.
[Comparative information must be disclosed in respect of the preceding period for all amounts reported in the current period’s financial statements in accordance with AASB 101 paragraph 38. However this information is not provided in the question]
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