Page 238 - F1 Integrated Workbook STUDENT 2018

Chapter 14

Solution

Statement of profit or loss (extract)
20X1 20X0
$ $
Operating profit 30,000 18,000
Finance cost – –
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PBT 30,000 18,000
Income tax (9,000) (5,400)
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Profit for the period 21,000 12,600
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Statement of changes in equity (extract)

20X1 20X0
$ $
Retained earnings b/d 30,780 20,000
Restatement due to change in accounting
policy on interest costs (see note below) 5,460 3,640
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36,240 23,640
Profit for the period 21,000 12,600
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Retained earnings c/d 57,240 36,240
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