question archive The accountants of JR LTD have presented the following final trial balance for the year ended 31 March 2019
The accountants of JR LTD have presented the following final trial balance for the year ended 31 March 2019
Subject:AccountingPrice: Bought3
The accountants of JR LTD have presented the following final trial balance for the year ended 31 March 2019. JR LTD presents its income statement by function. JR LTD - Trial Balance 31 March 2019.
Debit (R) Credit (R)
Advertising expense 25 000
Delivery expense 40 000
Income tax expense 600 000
Revaluation surplus 242 000
Dividends Paid 80 000
Dividends received 10 000
Rental Income 10 000
Cost of Sales 1 900 000
Interest Paid 50 000
Salaries 250 000
Stationery 10 000
Sales 4 000 000
Depreciation 45 000
Bank 800 000
Debtors 72 000
Property, plant and equipment 700 000
Creditors 40 000
Current portion of long?term borrowings 20 000
Long?term borrowings 200 000
Share capital 80 000
Inventories 150 000
Retained Earnings (beginning of the year) 120 000
Total 4 722 000 4 722 000
Required:
?Prepare the statement of comprehensive income in accordance with the structure suggested by IFRS for SME's, using the two statement approach. Comparatives are not required.
