TOPIC+7_practice.docx - TOPIC 7 Question 1 Consider the...

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TOPIC 7 Question 1 Consider the following items for Daniel Ltd at 30 June 2016: (a) Capital contributed during the year (b) Provisions (c) Finance income (d) Revaluation surplus (e) Machinery (f) Contingent liabilities (g) Revaluation gain on land (h) Transfer from retained earnings to general reserve (i) Profit of the year REQUIRED State whether each item is reported: 1. In the statement of financial position (specify assets; liability or shareholders’ equity) 2. In the profit and loss in the statement of profit and loss and other compre- hensive income 3. In the other comprehensive income in the statement of profit and loss and other comprehensive income 4. In the statement of changes in equity 5. In the notes to the financial statement Question 2 Drogon Ltd also requires help from the accounting firm to establish whether specific amounts are to be recorded in its financial statement at the end of its reporting period of 30 June 2017. As an accounting practitioner at the firm, for each amount described below, state whether the amount should be recorded and provide reasons for your
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