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Question - The following information was obtained from the financial records of chaudhary group for the year ended 30 June 2020. Prepare the statement of profit or loss for the year ended 30 June 2020.
Retained earnings 1 July 2019 180 000
Sales revenue from continuing operations for the year 1 200 000
Finance costs 49 000
Estimated income tax expense for the year ended 30 June 2020 101 000
Interim dividends paid (ordinary shares) 40 000
Write off research and development costs 8 000
Share capital (1 million $1 shares) 1 000 000
Expenses from ordinary activities (excluding finance costs) 500 000
Required -
a. Prepare the statement of profit or loss for the year ended 30 June 2020.
b. Prepare statement of changes in equity for the year ended 30 June 2020.
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