Question 15.6

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:

Debit Credit
Sales revenue 5,725,000
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
Other expenses 228,700
Interest paid 82,400
Interest received 72,500
Dividends received 23,000
Proceeds from sale of land 185,000
Cost of land sold 300,000
Sundry revenue 1,500
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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