QUESTION 3 The following information is provided for ME Ltd for the accounting period ended...
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QUESTION 3 The following information is provided for ME Ltd for the accounting period ended 30 June 2019: $ Share capital 75,000 Bank loan 100,000 Motor vehicle 40,000 Equipment 3,000 Fee earned (only collected $140,000) 200,000 Rent expense 8,000 Insurance 20,000 Salary 45,000 Admin expenses 15,700 Interest expense, which is payable (outstanding) 2,000 Dividend paid 16,000 Cash at Bank 167,300 I TASK Prepare the following statements for ME Ltd. For the accounting period ending 30 June 2019: (a) (b) Statement of profit or loss. (5 points) Statement of changes in owners' equity (please note that in prior years no earnings were retained) (3 points) Statement of financial position. (6 points) Statement of cash flows. (6 points) (c) (d) [5 +3 +6 + 6 = 20 Marks)
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