Solution-Prepare the statement of profit or loss

Prepare the statement of profit or loss

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Reference no: EM132326373

Question:

Statement of Profit or Loss and Other Comprehensive Income

The general ledger trial balance of James Ltd includes the following accounts at 30 June 2017.

Sales	$975	000
Interest Income	20	000
Share of profit for associates	15	000
Gain on sale of PPE	10	000
Raw materials used	350	000
Employee benefit expenses	150	000
Depreciation of PPE	45	000
Impairment loss on PPE	80	000
Amortisation expense	25	000
Interest expense	35	000
Other expenses	45	000
Income tax expense	75	000

Additional information

• The financial assets are bonds that are measured at fair value, with changes in fair value recognised in other comprehensive income and accumulated in equity. The revaluation gain for financial assets recognised at fair value through OCI held during the year ended 30 June 2017 was $70 000. The related tax was $21 000. Revaluation gains and losses will not be reclassified.

• No financial assets were sold during the year ended 30 June 2017.

• James Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and analyses expenses by nature.

Required

Prepare the statement of profit or loss and other comprehensive income of James Ltd for the year ended 30 June 2017.

Reference no: EM132326373

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Prepare the statement of profit or loss

Reference no: EM132326373

Reference no: EM132326373

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