2. Following information is available for the year 2020 of ABC SAOoG. You are required to prepare Statement of comprehensive income and Statement of financial position.
2. Following information is available for the year 2020 of ABC SAOoG. You are required to prepare Statement of comprehensive income and Statement of financial position.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![2. Following information is available for the year 2020 of ABC SAOG. You are required to
prepare Statement of comprehensive income and Statement of financial position.
Share premium
728,526
Legal reserve
1,134,166
Revaluation reserve
14,644,500
Trade and other payables
10,020,506
Taxation payable
238,108
Directors' remuneration
54,000
Taxation expenses
384,036
Property, plant and equipment
20,226,258
Revenue
43,627,562
Cost of sales
30,950,720
Finance costs
452,636
Administrative and general expenses
2,072,896
Other operating income
74,020
Inventories
6,705,426
Trade and other receivables
10,348,144
Assets held-for-sale
11,571,592
Cash and bank balances
1,291,814
Retained earnings (opening)
6,131,332
Long term loans
7,080,676
Share capital
3,402,500
Selling and distribution expenses
8,092,802
Current portion of long term loans
1,496,136
Short term borrowings
3,572,292](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd217b89c-fdbb-444b-aa7a-bc2b5c9beeca%2Fbbf65db8-34ba-4b30-b709-2b7f0c978ac4%2F7sy7kpt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Following information is available for the year 2020 of ABC SAOG. You are required to
prepare Statement of comprehensive income and Statement of financial position.
Share premium
728,526
Legal reserve
1,134,166
Revaluation reserve
14,644,500
Trade and other payables
10,020,506
Taxation payable
238,108
Directors' remuneration
54,000
Taxation expenses
384,036
Property, plant and equipment
20,226,258
Revenue
43,627,562
Cost of sales
30,950,720
Finance costs
452,636
Administrative and general expenses
2,072,896
Other operating income
74,020
Inventories
6,705,426
Trade and other receivables
10,348,144
Assets held-for-sale
11,571,592
Cash and bank balances
1,291,814
Retained earnings (opening)
6,131,332
Long term loans
7,080,676
Share capital
3,402,500
Selling and distribution expenses
8,092,802
Current portion of long term loans
1,496,136
Short term borrowings
3,572,292
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 4 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education