ACCT7101 Lecture 1: Introduction to Financial Reporting Semester 2, 2023

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ACCT7101

Lecture Exercise

Semester 2, 2023

Lecture 1: Introduction to Financial Reporting

Exercise 1: Prepare a Balance Sheet as at 30 June 2021 for Bricks Limited and Calculate Profit.

1.   The company did not declare dividends during the year.

2.   The balance of retained profits at the start of the year (1 July 2020) was $120,000.

Exercise 2: Prepare an Income Statement for the Year ended 30 June 2021 For Bush Traders: