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ACC2004 Financial Accounting Standards And Corporate Reporting

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Question:

Suncolls Ltd bought 5000 government bonds in CityRail at $10 per bond on the 30th

June 2016. This investment in financial asset is classified as “measured at fair value through other comprehensive income”. The fair value of the government bonds had increased to $14 on the 30th June 2017. The following year, the fair value of the government bonds had decreased to $13 on the 30th June 2018. On the 30th June 2018, all the government bonds had been sold. Paid-up capital which was the only equity item amounted to $100,000 on the 30th June 2018. Taxes are at 30%.  

Prepare an extract of the Statement of Profit and Loss and Other Comprehensive

Income, the Statement of Changes in Equity for the reporting period ending 30th June 2018. There should be a detailed record of the reclassification adjustment for financial assets measured at fair value through other comprehensive income. You are to adhere to the requirements of AASB101 Presentation of Financial Statements with relevant notes and is to be presented professionally. (Please see annual financial statements of public companies as a reference). Assignment must be completed in an electronic spreadsheet with formulae being applied.  

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