CORPORATE REPORTING (ACC2CRE) - CASE STUDY

BELL LTD

Statement of Comprehensive Income

For the Financial Year Ended 30 June 2018

	Note	$
Revenue		1,254,000
Cost of sales	1	(450,500)
Gross profit		803,500
Selling and distribution expenses	2	(315,080)
Administrative expenses	3	(451,120)
Results from operating activities		37,300
Net finance income	4	25,000
Profit before tax		62,300
Tax expense	5	(18,690)
Profit from continuing operations		43,610

Other comprehensive income
Items that will not be reclassified to profit or loss:
Gains on property revaluation		60,000
Relating income tax expense		(18,000)
		42,000
Items that may be reclassified to profit or loss:		-

Other comprehensive income for the year net of tax		42,000

Total Comprehensive income for the year		85,610

BELL LTD

Statement of Financial Position

As at 30 June 2018

ASSETS

Property, plant and equipment	6	1,533,500
Term deposit	7	185,000
		1,718,500

Accounts Receivable	8	201,300
Prepaid Insurance		4,500
Inventories	9	85,000
Cash at bank		140,000
Current assets		430,800

Total assets		2,149,300

EQUITY AND LIABILITIES

Share Capital	10	950,000
General Reserves	11	58,000
Revaluation surplus	12	60,000
Retained Earnings 01.07.2017		128,610
Total equity		1,196,610

Bank Mortgage		600,000

Accounts Payable		113,300
Interest Payable		10,000
Salaries Payable		15,000
Current tax payable		18,690
Other liabilities	13	195,700
Current liabilities		352,690

Total Liabilities		952,690

Total Equity and Liabilities		2,149,300