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You are provided with the following statement of financial position of Kuhle Ltd: Statement of financial position on 31 December ASSETS   Land and buildings 165 Vehicles 85 Furniture 45 Share capital ( 2 000 000 authorised NPV shares) 125 Cash on hand 5 Bank overdraft (2) Inventory 26 Trade and other receivables 15 Shareholders for dividends 11     Total assets 475     Equity and Liabilities   Retained earnings 305 Trade and other payables 110 Long-term loans 79 Accumulated depreciation  21 Income tax expense 30     Total equity and liabilities 515   Required: A) Critically evaluate the presentation of the above statement according to the requirements of International Accounting Standards (IAS 1)?

You are provided with the following statement of financial position of Kuhle Ltd: Statement of financial position on 31 December ASSETS   Land and buildings 165 Vehicles 85 Furniture 45 Share capital ( 2 000 000 authorised NPV shares) 125 Cash on hand 5 Bank overdraft (2) Inventory 26 Trade and other receivables 15 Shareholders for dividends 11     Total assets 475     Equity and Liabilities   Retained earnings 305 Trade and other payables 110 Long-term loans 79 Accumulated depreciation  21 Income tax expense 30     Total equity and liabilities 515   Required: A) Critically evaluate the presentation of the above statement according to the requirements of International Accounting Standards (IAS 1)?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QUESTION 5

You are provided with the following statement of financial position of Kuhle Ltd: Statement of financial position on 31 December

ASSETS

 

Land and buildings

165

Vehicles

85

Furniture

45

Share capital ( 2 000 000 authorised NPV shares)

125

Cash on hand

5

Bank overdraft

(2)

Inventory

26

Trade and other receivables

15

Shareholders for dividends

11

 

 

Total assets

475

 

 

Equity and Liabilities

 

Retained earnings

305

Trade and other payables

110

Long-term loans

79

Accumulated depreciation 

21

Income tax expense

30

 

 

Total equity and liabilities

515

 

Required:

A) Critically evaluate the presentation of the above statement according to the requirements of International Accounting Standards (IAS 1)?

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