Solution-Which would correctly be included in statement of

Which would correctly be included in statement of changes

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ABC Ltd has completed its year 2020 financial statements which provide the following information.

(i) Profit for the year-$110,000

(ii)Total comprehensive income-$130,000

(iii) Other comprehensive income relates to the revaluation of land and buildings to fair value

(iv)Dividends paid-$35,000

(v) Opening equity balances-share capital $300,000, retained earnings $220,000, asset revaluation surplus $60,000

(vi) No more share capital was issued during the reporting period.

Problem 1: In accordance with IAS 1: Presentation of Financial Statements, which one of the following items would correctly be included in the Statement of Changes in Equity (SOCIE) for the year?

Closing retained earnings-$315,000

Closing retained earnings-$295,000

Total closing equity-$695,000

Total closing equity-$655,000

Reference no: EM132621540

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Which would correctly be included in statement of changes

Reference no: EM132621540

Reference no: EM132621540

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