2. Following information is available for the year 2020 of ABC SAOG. You are required toprepare Statement of comprehensive income and Statement of financial position.Share premium728,526Legal reserve1,134,166Revaluation reserve14,644,500Trade and other payables10,020,506Taxation payable238,108Directors' remuneration54,000Taxation expenses384,036Property, plant and equipment20,226,258Revenue43,627,562Cost of sales30,950,720Finance costs452,636Administrative and general expenses2,072,896Other operating income74,020Inventories6,705,426Trade and other receivables10,348,144Assets held-for-sale11,571,592Cash and bank balances1,291,814Retained earnings (opening)6,131,332Long term loans7,080,676Share capital3,402,500Selling and distribution expenses8,092,802Current portion of long term loans1,496,136Short term borrowings3,572,292

Statement of comprehensive income refers to the financial statement that reports all the changes in…

Answered: 2. Following information is available…

2. Following information is available for the year 2020 of ABC SAOoG. You are required to prepare Statement of comprehensive income and Statement of financial position.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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CASE STUDY INFORMATION: The following information has been extracted from the accounting records of Lubners Limited on 31 December 2020. 2020 2019 Dr Cr Dr Cr Ordinary share capital 1728 000 1728 000 Non-current assets 3 462 964 2910206 inventories 665 856 584 640 Accounts payable Accounts receivable cash Retained earnings ( 1 Jan) Long term Loan 311 328 290 304 832 608 800 064 338 688 362 304 244 276 1 090 944 809 568 932 256 Other Current liabilities 1 057 824 Total Sales (80% credit sales) Cost of sales (80% credit purchases) 4 816 512 4 535 424 2 530 656 2 340 288 Interest income 7776 9 504 taxation 207 009 192 159 Selling and admin expenses 1 141 344 1 069 056 Interest expenses Other expenses 149 161 174 551 263 808 274 752 REQUIRED: QUESTION 1 (25) Compile the Statement of Comprehensive Income for the year ended 31 December 2020. (with 2019 comparative figures) QUESTION 2 (25) Compile the Statement of Financial Position as at 31 December 2020. (with 2019 comparative figures)