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Prepare a statement of profit or loss

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Question - The following information has been extracted from the accounting records of Pluto Ltd for the year ended 30 June 2017:

Sales $1,800,000

Dividends paid 10,000

Cost sales 1,072,000

Finance costs 40,000

Distribution costs 116,000

Retained earnings (1/7/16) 120,000

Transfer from general reserve 16,000

Marketing costs 54,000

Administrative costs 104,000

Proceeds from sale of plant and machinery 60,000

Carrying amount of plant and machinery 40,000

Land 200,000

During the year land was revalued from $180,000 to $200,000. Ignore income tax effects (assuming the tax rate is 0%).

Required - Prepare a statement of profit or loss and other comprehensive income for Pluto Ltd, for the year ended 30 June 2017 (classify expenses by function).

Reference no: EM132980908

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