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Introduction to module, conceptual framework and Presentation of Financial Statements (IAS1) £8.19   Add to cart
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Introduction to module, conceptual framework and Presentation of Financial Statements (IAS1)
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Introduction to Module: The Introduction to Module is a section that provides an overview and sets the context for the specific module or course being undertaken. It typically outlines the objectives, scope, and structure of the module, and may also introduce the key topics and concepts that wil...

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  • June 9, 2023
  • 1
  • 2022/2023
  • Lecture notes
  • Andrews
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Example of IAS 1

You have been asked to help prepare the financial statements of Tanhosier Ltd for the year ended 31
March 2022. A trial balance as at 31 March 2022 is shown below.

£000 £000
Sales 50,332
Purchases 29,778
Property, Plant and Equipment - cost 59,088
Property, Plant and Equipment - accumulated depreciation 25,486
Inventories as at 1 April 2021 7,865
Interest 200
Accruals 426
Distribution costs 8,985
Administrtaive expenses 7,039
Retained earnings 23,457
Trade receivables 9,045
Cash at bank 182
8% bank loan repayable 2025 5,000
Share capital 10,000
Share premium 5,000
Trade payables 2,481
122,182 122,182

The following information is also available:

i) The share capital of the company consists of ordinary shares with a nominal value of £1
each.
ii) No dividends are to be paid for the current year.
iii) The sales figure in the trial balance includes sales made on credit for April 2022
amounting to £3,147,000.
iv) The inventories at the close of business on 31 March 2022 cost £8,407,000. Included in
this figure are inventories that cost £480,000 but which can be sold for only £180,000.
v) Transport costs of £157,000 relating to March 2022 are not included in the trial balance
as the invoice was received after the year end.
vi) Interest on the bank loan for the last six months of the year has not been included in the
trial balance.
vii) The corporation tax charge for the year has been calculated as £235,000.

Draft the statement of comprehensive income of Tanhosier Ltd for the year to 31 March 2022 and a
statement of financial position at that date.

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