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Financial Statement Presentation Kool Klothes Ltd

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Discuss about the Financial Statement Presentation Kool Klothes Ltd.










Current assets




Receivables and inventory

 $ 190,000



(-) Allowance for doubtful debts

 $   (5,000)

 $ 185,000


Advertising costs


 $   16,000


Prepaid insurance


 $   13,000


Work in progress


 $   24,000


Cash management account


 $   60,000


Raw materials


 $   12,000


Cash at bank


 $   84,000

 $ 394,000

Non Current assets




Motor vehicles


 $ 185,000




 $   40,000


Property, plant, equipment and intangible assets


 $ 328,000


Shares in listed companies (at cost)


 $   40,000

 $ 593,000

Total assets



 $ 987,000





Non Current Liabilities






 $   80,000




 $ 120,000


Current Liabilities




Dividend payable


 $   25,000


Current and deferred tax liabilities


 $   36,000


Accumulated depreciation - property, plant and equipment 


 $   48,000


Provision for annual leave


 $   18,000


Accounts payable and provision for warranty


 $   80,000


Total liabilities



 $ 407,000

Net assets



 $ 580,000





Share capital - ordinary shares


 $ 490,000


Retained earnings


 $   90,000


Total equity



 $ 580,000

The balance sheet has been rectified according to the AASB 101, where the certain adjustments have been conducted to remedy the wrong entries provided by the accounts trainee. Relevant adjustments have been conducted an accurate financial balance sheet has been provided in the above table (Cameron, 2014). The wrong entries that are conducted by the new trainee are depicted.

  • The retained earnings were mainly provided in liabilities, where it should actually be listed under equity. As depicted under AASB 101 paragraph A1 retained earnings should be listed under Equity section of the balance sheet. Henderson et al., (2015) mentioned that accurate derivation of financial statement mainly help in depicting the financial position of the company to its relevant shareholders.
  • The trainee was not able to depict relevant current and non-current section under both liabilities and assets in the balance sheet. As depicted under AASB 101 paragraph A1 the relevant accounts needs to be depicted under different sections for identifying relevant current and non-current section of the financial report.
  • Moreover, the net asset was mainly derived by adding both total assets and total liabilities. According to the AASB 101 paragraph from A1 to A5, the accountants mainly need to subtract the overall total liabilities from total assets for deriving at the net assets. The net assets should be equal to the total equity attained by the company (Tran, 2015).
  • Furthermore, trainee in liabilities mainly listed the accounts for doubtful debts, while it should mainly be listed under assets and be deducted from receivable & inventory. This section is mainly depicted under the clause of AASB 101.


Cameron, R. A. (2014). Applying the Materiality Concept: The Case of Abnormal Items.

Henderson, S., Peirson, G., Herbohn, K., & Howieson, B. (2015). Issues in financial accounting. Pearson Higher Education AU.

Tran, A. (2015). Can taxable income be estimated from financial reports of listed companies in Australia?. Browser Download This Paper.

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