Question

interest revenue 19,500 retained earning,end 5,000 selling expenses 145,00 prepaid insurance 20,000 loss and disposal of...

interest revenue 19,500 retained earning,end 5,000 selling expenses 145,00 prepaid insurance 20,000 loss and disposal of a business (discountied),net 28,000 income from operation 140,000 unearned rent revenue 15,000 income tax 39,900 interest expenses 13,000 prepare an income statment for 2015 (starting with income from operation) according to IFRS.

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Answer #1
Income statment for 2015
Particulars Amount
Continuing operations
Income from operation 140,000
140,000
Expenses
Selling expenses 145,000
Operating profit/(loss) (5,000)
Interest revenue 19,500
Interest expenses (13,000)
Interest revenue - net 6,500
Profit before tax 1,500
Income tax expense 39,900
Profit/(loss) from continuing operations (38,400)
Loss and disposal of a business (discountied),net 28,000
Profit/(loss) for the period (66,400)

PS: Since income tax rate is not specified hence deferred tax expense/credit has been ignored.

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