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Financial Accounting

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Question 2 (5 Marks)(Word Limit = 500 words) The summarised general ledger trial balance of Matthew Ltd, a manufacturing company, for the year ended 30 June 2016 is detailed below. Additional information (a) $20 000 of bank loans is repayable within 1 year. (b) $90 000 of other loans is repayable within 1 year. (c) Matthew Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and presents an analysis of expenses by nature in the statement. Required: (1) Prepare the statement of financial position, statement of profit or loss and other comprehensive income and statement of changes in equity of Matthew Ltd for the year ended 30 June 2016 in accordance with the requirements of AASB 101/IAS 1. (2) Prepare relevant notes (explanations) to the financial statements according to comply with relevant accounting standards.