The accountant at Venus Ltd has asked you to prepare the statement of profit or loss

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The accountant at Venus Ltd has asked you to prepare the statement of profit or loss
Question 15.6
Statement of profit or loss and other comprehensive income (classify expenses by nature)
The accountant at Venus Ltd has asked you to prepare the statement of profit or loss and other comprehensive income for the year ended 30 June 2017 in accordance with AASB 101 (classify expenses by nature). To assist, the following trial balance extract has been provided:

  Debit Credit
Sales revenue   5,725,000
Sales returns and allowances 56,100  
Changes in inventories of finished goods and work in progress 390,500  
Raw materials used 4,000,000  
Salaries and wages expense 675,000  
Other employee benefits expenses 125,000  
Other expenses 228,700  
Interest paid 82,400  
Interest received   72,500
Dividends received   23,000
Proceeds from sale of land 185,000  
Cost of land sold   300,000
Sundry revenue   1,500
Depreciation and amortisation expense 343,500  

The company tax rate is 30%.
[Comparative information must be disclosed in respect of the preceding period for all amounts reported in the current period’s financial statements in accordance with AASB 101 paragraph 38. However this information is not provided in the question]

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