Professional Documents
Culture Documents
5 marks) – CLO1
The summarised general ledger trial balance of Lucas Ltd, an investment company,
includes the
following accounts at 30 June 2013:
Items Dr Cr
Cash $ 275,000
Deposits at call 112,000
Dividends 12,000
receivable
Interest receivable 1,000
Settlements 5,000
receivable
Trading securities 68,000
Listed securities 900,000
(available-for-sale)
Deferred tax asset 800
Equipment, at cost 200,000
Additional information
• The available-for-sale listed securities are held as long-term investments.
• The deferred tax asset and deferred tax liability do not satisfy the criteria for offsetting in
accordance with IAS 12 Income Taxes.
Required
Prepare the statement of financial position of Lucas Ltd at 30 June 2013 in accordance with IAS
1, using the captions that a listed company is likely to use.
Lucas LTD
Statement of Financial Position as at 30 June 2013
Assets
Current assets
Cash and cash equivalents 387,000 (275,000+112,000)
Trade and other receivables 17,000 (12,000+5,000)
Loans receivable 1,000
Inventories
Other current assets 68,000
Non-current assets
Available for sale financial assets 900,000
Property, plant and equipment 150,000 (200,000-50,000)
Goodwill
Intangible assets
Deferred tax asset -79,200 (800-80,000)
Non-current liabilities
Financial liabilities
Long-term provisions
Equity
Share capital 921,000
Retain earnings 300,800
Noncontrolling interest 200,000
Total equity 1,421,800
Total equity and liabilities 1,443,800