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Financial Statement Presentation Kool Klothes Ltd

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Question:

Discuss about the Financial Statement Presentation Kool Klothes Ltd.
 
 

Answer:

Particulars

Amount

Amount

Amount

ASSETS

 

 

 

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

 

Patents

 

 $   40,000

 

Property, plant, equipment and intangible assets

 

 $ 328,000

 

Shares in listed companies (at cost)

 

 $   40,000

 $ 593,000

Total assets

 

 

 $ 987,000

LIABILITIES

 

 

 

Non Current Liabilities

 

 

 

Debentures

 

 $   80,000

 

Borrowings

 

 $ 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

EQUITY

 

 

 

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.
 

Reference:

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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