Answered You can hire a professional tutor to get the answer.
Additional information: i) During the financial year, the following share issues were made:
Additional information:
i) During the financial year, the following share issues were made:
§ 2,000,000 ordinary shares issued at $0.8 each, fully paid
§ 100,000 5% preference shares issued at $1.00 each, fully paid
The share issue costs incurred for the ordinary share and preference share issues amounted to $8,000 and $7,000 respectively.
ii) On 30 June 2016, both land and held-to-maturity investment were revaluated.
iii) Accounting policies adopted are consistent with those of the previous year.
Required
a) Prepare a statement of profit or loss and other comprehensive income for Timber Ltd for the year ended 30 June 2017 (classify expenses by functions). Cross reference all workings.
b) Prepare a statement of financial position for Timber Ltd as at 30 June 2017 to comply with AASB 101. Use the current and non-current presentation format. Cross reference all workings.
c) Prepare a statement of changes in equity for Timber Ltd for the year ended 30 June 2017 according in accordance with the requirements of AASB 101. Show all workings.
