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Question - The following information relates to Sustagoon Ltd. Profit before tax for the year ended 30 June 2020 was $504,400. The following items were used in determining that profit:
Sales revenue 1,450,800
Cost of sales 608,400
Selling expenses 156,000
Administrative expenses 93,600
Other expenses 57,200
Interest expense 31,200
504,400
Other events which occurred during the year:
Gain on revaluation of land 26,000
Assume the company's taxation rate is 30c in the dollar.
Required - Prepare a statement of profit or loss and other comprehensive income for the year ended 30 June 2020, in accordance with the requirements of AASB 101. Based on the information received determine whether to disclose by function or nature. Ignore comparatives as the information is not provided.
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