Prepare a statement of profit or loss

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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.

Reference no: EM133068502

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