he statement of financial position, statement of changes in equity and notes

A junior accounts clerk has prepared the following summarised information as at 30 June 2016 for Heaven Ltd:

Assets

Inventories (at lower of cost and net realisable value)

Accounts receivable

Cash

Land and buildings

Plant and equipment

Prepayments

Calls in arrears (2500 shares at 20c)

Patents — cost

$  970


000

651


020

1


598


080

1


750


000

1


716


000

3


400

500

100


000

$6


789


000

Liabilities and equity

Retained earnings (30/6/16)

Liabilities

Share capital (5


000


000 shares)

Reserves and provisions

575


480

1


038


520

4


086


000

1


089


000

$6


789


000

Upon further investigation, you have discovered the following additional information:

(a) Liabilities of $1


038


520 comprise:

Accounts payable

Accrued expenses

Mortgage loans

$790


000

8


520

240


000

(b) Reserves and provisions of $1


089


000 include:

Employee benefits (payable after 1 July 2023)

Current tax liability

Dividends

Allowance for impairment of receivables

Accumulated depreciation – plant and equipment

Accumulated depreciation – buildings

Accumulated amortisation – patents

$400


000

160


000

200


000

10


000

72


000

207


000

40


000

(c) Cash of $1


598


080 consists of:

Cash at bank

10% Telstra bonds (regarded as long-term investments)

$  298


080

1


300


000

(d) Retained earnings balance as at 1 July 2015 was $275


000.

(e) Profit for the period was $500


480.

(f) Shareholder approval is not required for final dividends declared by directors.

(g) During the year, Earth Ltd paid $75


000 to its auditor, of which $19


000 related to services other than the annual audit and half-yearly review.

Required

Prepare, for Heaven Ltd, the statement of financial position, statement of changes in equity and notes thereto at 30 June 2016 in accordance with the requirements of AASB 101.