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Question - Selected financial statements of the Lodh Ltd are shown below:
Lodh Ltd Statement of Financial position As at 30 June 2020
2020
2019
Assets
$
Cash at Bank
20,000
-
Account Receivable
32,000
28,000
Inventories
110,000
93,000
Land
42,000
83,000
Buildings
120,000
120,500
Accumulated Depreciation - buildings
(10,000)
(6,000)
Equipment
72,000
60,000
Accumulated depreciation - equipment
(30,000)
(18,000)
Total Assets
$356,000
$360,500
Liabilities
Accounts Payable
50,000
Bank Overdraft
Equity
Share Capital
216,000
200,000
Retained Earnings
90,000
92,000
Total liabilities and Equity
Lodh Ltd Statement of Profit or Loss and other comprehensive Income For the year ended 30 June 2020
Income
Sales revenue
435,500
Less: Expenses
Cost of sales
283,000
Employee Expenses
98,000
Interest Expenses
5,000
Loss on the sale of land
6,250
Depreciation Expenses - buildings
4,000
Depreciation Expenses - equipment
12,000
408,250
Profit for the year
$27,250
Additional information
(a) During the year ended 30 June 2020, cash dividends were paid to shareholders.
(b) Building extensions were paid for during the year, and a block of land, costing $37,500 was sold for $31,250 cash.
(c) No plant was purchased or sold during the year.
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