Financial statement presentation
The trial balance of Winter Ltd includes the following asset, liability and equity accounts at 30 June 2017:
| DR
$ |
CR
$ |
|
| Cash at bank | 18,200 | |
| Cash management account | 150,000 | |
| Accounts receivable | 123,900 | |
| Interest receivable | 6,700 | |
| Inventory | 212,400 | |
| Raw materials | 100,500 | |
| Prepaid rent | 13,600 | |
| Investment property | 614,000 | |
| Loan receivable | 60,000 | |
| Land (at cost) | 1,100,000 | |
| Plant and equipment (at cost) | 652,200 | |
| Accumulated depreciation – plant and equipment | 104,300 | |
| Goodwill | 68,300 | |
| Accounts payable | 75,800 | |
| Allowance for doubtful debts | 14,600 | |
| Current tax liability | 33,500 | |
| Accrued wages payable | 8,200 | |
| Interest payable | 8,300 | |
| Dividends payable | 45,000 | |
| Provision for annual leave | 36,000 | |
| Provision for long service leave | 27,000 | |
| Provision for warranty | 17,000 | |
| Debentures (due April 2020) | 600,000 | |
| Bank loan | 500,000 | |
| Share capital | 500,000 | |
| General reserve | 276,800 | |
| Retained earnings | 873,300 | |
| $3,119,800 | $3,119,800 |
Additional information:
- All assets other than cash at bank, cash management account, accounts receivable, interest receivable, inventory, raw materials, and pre-paid rent are non-current.
- All liabilities other than accounts payable, allowance for doubtful debts, current tax liability, accrued wages payable, interest payable, dividends payable and provisions listed below are non-current.
- Provision for annual leave includes $19,000 payable within 1 year.
- Provision for long service leave includes $8,000 payable within 1 year.
- Provision for warranty includes $5,000 payable within 1 year.
- In relation to the statement of financial position, where AASB 101 requires entities to disclose further sub-classifications of the minimum line items on the face of the statement or in the notes, the directors of Winter Ltd want to report only the minimum line items on the face of the statement, and leave the sub-classifications to be disclosed in the notes.
Required:
Prepare the statement of financial position of Winter Ltd for the year ended 30 June 2017 in accordance with AASB 101, using the line items that a listed company is likely to use. Show all workings. Notes and comparative figures are not required.
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