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  1. business
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  3. make a statement of profit or loss and other compr

Make a statement of profit or loss and other comprehensive income for the year ended...

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Accounting

Make a statement of profit or loss and other comprehensive income for the year ended 31 December 2019.


Also there is an additional information:
(1) Inventories at 1 January 2020 were valued at $12,000.
(2) Work-in-progress at 1 January 2020 was valued at $3,000
(3) Depreciation charges for the year amounting to $17,000 and $2,700 have been included in distribution costs and administrative expenses, respectively.
(4) The income tax for the year is evaluated as $20,000
(5) There were no disposals of any non-current assets during the year. Land was revalued on 31 December 2019 to $100,000. No entries have yet been made to record this.
(6) Receivables totalling $14,000 are to be written off
(7) Intangible assets are to be amortized at 10% on cost
(8) Allowance for receivables should be created as 0,5% of net sales
(9) Cash at bank includes EURO 5,000. Currency rate on 31 December 2019 was 1.2EUR/1USD, currency rate used on the date of trial balance preparation was 1.45EUR/1USD
(10) A company is given $300,000 on 31 December 2019 to keep staff employed within a deprived area. The company must not make redundancies for the next three years, or the grant will need to be repaid. No entries have yet been made to record this.

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