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Financial statement presentation
Blackout Ltd, has prepared the following statement of financial position as at 30 June 2014:
Blackout Ltd
Statement of financial position as at 30 June 2014
$000
Assets
Cash and cash equivalents
-12
Trade and other receivables
80
Inventories
20
Deferred tax assets
14
Other assets
9
Investment property
57
Less: Investment property loan
-17
Property, plant and equipment and intangible assets
397
Total assets
548
Liabilities
Trade and other payables
55
Allowance for inventory obsolescence
2
Accumulated depreciation - property, plant and equipment
30
Financial liabilities
300
Retained profits
10
Provisions
24
Ordinary share capital
100
Total liabilities
536
Net assets
1,084
Shareholders' equity
Dividend payable
5
Reserves
7
Total shareholders' equity
1,096
Additional information:
Required:
List and explain the errors need to be corrected in the above statement of financial position, to ensure that it complies with the requirements of AASB 101.
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