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Chapter 19

Example 19.1

Below are the financial statements for Widnes Ltd for the years ended
30 June 20X6 and 20X5:

Statement of profit and loss and other comprehensive income
20X6 20X5
$000 $000
Revenue 450 375
Cost of sales (163) (150)
–––– ––––
Gross profit 287 225
Operating expenses (200) (73)
–––– ––––
Operating profit 87 152
Share of profit of associate 148 –
Finance costs (60) (25)
–––– ––––
Profit before tax 175 127
Tax (35) (33)
–––– ––––
Profit for the year 140 94
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
AFS gains 35 14
Items that will not be reclassified to profit or loss:
Revaluation of PPE 75 –
–––– ––––
Total comprehensive income 250 108
–––– ––––

Depreciation of $15,000 (X6) and $8,000 (X5) is included in operating
expenses.

Summarised statements of changes in equity

20X6 20X5
$000 $000
Opening balance 250 205
Issue of shares 8 –
Total comprehensive income for the year 250 108
Dividends (63) (63)
–—– —––
Closing balance 445 250
–—– –—–

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