Advance Accounting Statement of Financial Position Assignment Homework Help
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The following trial balance relates to Atlas at 31 March 2013.
Equity shares of 50 cents each
Retained earnings at 1 April 20X2
Land and buildings – at cost (land $10 million) (Note 1)
Plant and equipment – at cost (Note 1)
Accumulated depreciation at 1 April 20X2: – buildings
– plant and equipment
Inventory at 31 March 20X3
Deferred tax (Note 2)
Cost of sales
Current tax (Note 2)
The following notes are relevant.
1) Non-current assets
On 1 April 20X2, the directors of Atlas decided that the financial statements would show an improved position if the land and buildings were revalued to market value. At that date, an independent valuer valued the land at $12 million and the buildings at $35 million and these valuations were accepted by the directors. The remaining life of the buildings at that date was 14 years. Atlas does not make a transfer to retained earnings for excess depreciation. Ignore deferred tax on the revaluation surplus.
Plant and equipment is depreciated at 20% per annum using the reducing balance method and time apportioned as appropriate. All depreciation is charged to cost of sales, but none has yet been charged on any non-current asset for the year ended 31 March 20X3.
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2) Atlas estimates that an income tax provision of $27.2 million is required for the year ended
31 March 2013 and at that date the liability to deferred tax is $9.4 million. The movement on deferred tax should be taken to profit or loss. The balance on current tax in the trial balance represents the under/over provision of the tax liability for the year ended 31 March 2012.
(a) Prepare the statement of profit or loss and other comprehensive income for Atlas for the year ended 31 March 2013.
(b) Prepare the statement of financial position of Atlas as at 31 March 2013.
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