Accounting: The Institute of Chartered Accountants in England and Wales
Accounting: The Institute of Chartered Accountants in England and Wales
ACCOUNTING
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Chapter 12: Company financial statements under IFRS
1 Hexham plc
The following is the trial balance of Hexham plc at 31 March 20X8:
£ £
Sales 1,150,000
Inventories at 1 April 20X7 75,000
Purchases 465,000
Distribution costs 220,000
Administrative expenses 340,000
Irrecoverable debts expense 36,000
Loan interest paid 8,000
Land and buildings cost 600,000
Plant and equipment cost 340,000
Land and buildings accumulated depreciation at 1 April 20X7 96,000
Plant and equipment accumulated depreciation at 1 April 20X7 63,000
Trade receivables 60,000
Allowance for receivables 5,000
Bank 24,000
Equity share capital (£1 shares) 400,000
Share premium 100,000
Bank loan 200,000
Retained earnings 61,000
Equity dividends paid 15,000
Trade payables 54,000
Advance deposits from customers 6,000
2,159,000 2,159,000
ICAEW 2019 Chapter 12: Company financial statements under IFRS 117
4 At the year end, trade receivables include a balance of £4,800 which is considered
irrecoverable. Hexham plc wishes to adjust the allowance for receivables at 31 March 20X8
to £2,760. The company presents irrecoverable debts as other operating expenses on the
face of the statement of profit or loss.
5 The bank loan was received on 1 July 20X7 and is repayable in full in five years. Interest is
charged at a fixed rate of 8% per annum.
6 Income tax for the year ended 31 March 20X8 is estimated at £10,000.
7 Hexham plc products come with a six-month warranty. Management estimates that 5% of
warranties will be invoked, at a cost of £15,000 to Hexham plc. Provisions are charged to
other operating expenses.
8 Hexham plc paid rent of £25,000 on 27 March 20X8 which covers the period 1 April 20X8 to
30 June 20X8. This amount has been included in administrative expenses.
Requirement
Prepare the statement of profit or loss for Hexham plc for the year ended 31 March 20X8 and
the statement of financial position at that date.
Statement of profit or loss for the year ended 31 March 20X8
£
Revenue
Cost of sales
Gross profit
Distribution costs
Administrative expenses
Other operating expenses
Profit/(loss) from operations
Finance costs
Profit/(loss) before tax
Income tax expense
Profit/(loss) for year
Statement of financial position at 31 March 20X8
£
Non-current assets
Property, plant and equipment
Land and buildings
Plant and equipment
Current assets
Inventories
Trade receivables
Prepayments
Total assets
Equity
Equity share capital
Share premium
Retained earnings
Non-current liabilities
Borrowings
2 Shindig plc
The following trial balance was extracted from the nominal ledger of Shindig plc, a computer
console and games manufacturer, on 31 December 20X4.
£ £
Licence 60,000
Work in progress, 1 January 20X4 125,500
Leasehold buildings 300,000
Equity share capital – £1 nominal value 500,000
Share premium 100,000
5% Preference share capital (redeemable) – £1 nominal value 120,000
Revenue 1,705,600
Production staff costs (charged to cost of sales) 620,400
Accumulated depreciation on buildings, 1 January 20X4 60,000
Inventories of finished games, 1 January 20X4 155,600
Consultancy fees paid (charged to other operating expenses) 44,000
Computers used on site 50,000
Accumulated depreciation on computers, 1 January 20X4 20,000
Income tax 12,400
Equity dividend paid, 30 September 20X4 125,000
Allowance for receivables 18,765
Bank account 440,200
Trade receivables 420,300
Trade payables 80,200
Raw materials 294,500
Suspense account 83,765
Retained earnings, 1 January 20X4 102,300
2,700,500 2,700,500
ICAEW 2019 Chapter 12: Company financial statements under IFRS 119
The credit entry has been correctly recorded but the debit entry has been made to the
suspense account. Irrecoverable debts are charged to other operating expenses.
5 There is an estimated income tax bill in relation to 20X4 of £120,000. The income tax figure
in the trial balance (a credit balance) represents the difference between the income tax
payable balance at 31 December 20X3 and the income tax paid in the year.
6 During the year, Shindig plc made a 1 for 4 bonus issue of equity shares from share
premium. The correct entry has been made to share capital, however the corresponding
entry has been made to the suspense account.
7 A cheque was issued to a supplier in the amount of £5,000 on 28 December 20X4. This was
not recorded in the books of Shindig plc.
8 There has been a lot of publicity surrounding Shindig plc's newest game, 'Warpaint', which
is due to be released in March 20X5. Due to the high level of interest Shindig plc have
allowed customers to pay for the game in advance to ensure that they receive their copy of
the game on the release date. Shindig plc was unclear how to account for this revenue of
£35,000 so included it in the suspense account.
9 Shindig plc sold a product with a warranty of two years. It is estimated that 3% of the
warranties will be invoked at a cost of £10,000. Provisions are charged to other operating
expenses.
Requirement
Prepare the statement of profit or loss for Shindig plc for the year ended 31 December 20X4
and the statement of financial position at that date.
Statement of profit or loss for the year ended 31 December 20X4
£
Revenue
Cost of sales
Gross profit
Other operating expenses
Profit/(loss) from operations
Finance costs
Profit/(loss) before tax
Income tax expense
Profit/(loss) for year
Statement of financial position at 31 December 20X4
£
Non-current assets
Leasehold buildings
Computers
Intangible assets
Current assets
Inventories
Trade receivables
Cash and cash equivalents
Total assets
Equity
Equity share capital
Retained earnings
Current liabilities
Trade payables
Accruals
Deferred income
Provision
Income tax payable
Total equity and liabilities
3 Ford plc
Ford plc is a company which publishes a single textbook and provides tuition courses relating to
that text. The following trial balance was extracted from the nominal ledger of Ford plc on
31 March 20X6.
£ £
Manufacturing costs 4,450,000
Administrative salaries 410,500
Distribution costs 375,000
Inventories at 1 April 20X5 113,400
Freehold land and buildings
Cost (land £1,750,000) 2,550,000
Accumulated depreciation at 1 April 20X5 480,000
Plant and machinery
Cost 620,000
Accumulated depreciation at 1 April 20X5 337,000
Borrowings 200,000
Trade receivables 37,500
Trade payables 25,400
Retained earnings at 1 April 20X5 212,500
Equity share capital – 50p nominal value 400,000
Share premium 100,000
Preference share capital – 5% irredeemable £1 shares 200,000
Dividend paid 20,000
Cash and cash equivalents 43,500
Revenue 6,700,000
Finance costs 35,000
8,654,900 8,654,900
The tuition fees all relate to courses held during the year except for fees of £300,000 which
relate to a 10-week course. Five weeks of this course had already been held by the year
end. The remainder is to be held in June 20X6. The advances relate to the delivery of a new
publication which Ford plc has commissioned and advertised heavily but which is not yet in
production.
ICAEW 2019 Chapter 12: Company financial statements under IFRS 121
3 There were no movements of non-current assets during the year. Plant is depreciated on a
10% straight-line basis, taking into account the month of sale or purchase. Freehold
buildings are depreciated over their useful life of 40 years. Depreciation on plant is charged
to cost of sales. Depreciation on freehold land and buildings is charged to administrative
expenses.
4 At the year end the company was in the process of a legal action by one of its competitors
which claims that Ford's textbook has breached copyright. The case is not due to be
decided until June 20X6 but Ford plc's legal advisors think that the company has a 70%
chance of losing the case and estimates that this would cost Ford plc £100,000.
5 One of Ford plc's customers who owed £10,000 at the year end was declared insolvent on
1 May 20X6. The liquidator does not expect to pay any money to creditors and the amount
is considered irrecoverable.
6 Closing inventories at cost amounted to £120,000. Within this valuation is an over-allocation
of fixed overheads, of £10,000.
7 The following should be accounted for at the year end.
Income tax of £350,000
The preference dividend
8 Ford plc employed the services of a training and consultancy firm for a six month period
commencing on the 1 February 20X6 for a total fee of £60,000. 50% of this fee is due for
payment on 1 April 20X6, while the balance is to be paid within 30 days of the contract's
conclusion. No record has been made in respect of this in the accounts of Ford plc. The
contract fee should be included in administrative expenses.
9 Ford plc rent some additional office space for administrative staff. Rent is due quarterly in
advance. Ford plc made a payment of £20,000 on 31 March 20X6, and this has been
included in administrative expenses.
10 During the year, Ford plc issued a 1 for 4 bonus issue from share premium. This has not
been reflected in the accounts.
Requirement
Prepare the statement of profit or loss for Ford plc for the year ended 31 March 20X6 and the
statement of financial position at that date.
Statement of profit or loss for the year ended 31 March 20X6
£
Revenue
Cost of sales
Gross profit
Distribution costs
Administrative expenses
Non-current assets
Property, plant, and equipment
Land and buildings
Plant and machinery
Current assets
Inventories
Trade receivables
Prepayments
Cash and cash equivalents
Total assets
Equity
Equity share capital
Preference share capital
Retained earnings
Non-current liabilities
Borrowings
Current liabilities
Borrowings
Accruals
Dividends payable
Trade payables
Deferred income
Provision
Income tax payable
Total equity and liabilities
4 Jayne plc
The following trial balance was extracted from the nominal ledger of Jayne plc on
31 December 20X2.
£ £
Accrued expenses at 31 December 20X2 2,500
Administration expenses 198,076
Cost of sales 426,772
Cash and bank 15,477
Payables due within one year (includes preference dividends
payable) 49,809
Receivables 12,691
Distribution costs 61,554
Preference dividend paid 3,600
Equity dividend paid 4,000
Non-current assets at cost 157,680
10% loan (repayable in 10 years) 33,000
£1 equity share capital 11,000
ICAEW 2019 Chapter 12: Company financial statements under IFRS 123
£ £
60% £1 preference share capital (irredeemable) 6,000
Accumulated depreciation at 31 December 20X1 40,630
Retained earnings at 31 December 20X1 26,014
Suspense account 1,350
Share premium 7,500
Inventories at 31 December 20X2 39,323
Revenue 726,370
Income tax at 31 December 20X1 15,000
919,173 919,173
Current assets
Inventories
Trade receivables
Prepayments
Cash and cash equivalents
Total assets
Equity
Equity share capital
Preference share capital
Share premium
Retained earnings
Non-current liabilities
Borrowings
Current liabilities
Borrowings
Bank overdraft
Trade payables
Provision
Accruals
Deferred income
Income tax payable
Total equity and liabilities
ICAEW 2019 Chapter 12: Company financial statements under IFRS 125
5 Skylar plc
The trial balance for Skylar plc as at 31 October 20X7 is shown below.
£'000 £'000
Share capital 15,000
Trade payables 3,348
Trade receivables 10,254
Accruals at 31 October 20X7 387
5% bank loan repayable in 10 years 20,000
Cash at bank 7,997
Retained earnings 12,345
Property (freehold buildings) cost 20,000
Plant and equipment cost 38,460
Property (freehold buildings) – accumulated depreciation at
1 November 20X6 2,500
Plant and equipment – Accumulated depreciation at
1 November 20X6 21,128
Interest 750
Sales 53,761
Purchases 30,946
Distribution costs 6,654
Administrative expenses 3,652
Inventories as at 1 November 20X6 8,456
Dividends paid 1,300
128,469 128,469
Further information
1 Depreciation has not yet been charged. There were no movements in non-current assets
during the year. Plant is depreciated at 10% straight-line on a monthly basis taking into
account the month of sale or purchase. Freehold buildings are depreciated over their useful
life of 40 years. Depreciation on plant is charged to cost of sales. Depreciation on freehold
buildings is charged to administrative expenses.
2 The inventories at the close of business on 31 October 20X7 had a sales value of
£12,232,500. Goods are sold at an average mark-up of 25%.
3 The company paid £48,000 insurance costs in June 20X7, which covered the period from
1 July 20X7 to 30 June 20X8. This was included in administrative expenses in the trial
balance.
4 Interest on the bank loan for the last three months of the year has not been included in the
accounts in the trial balance.
5 The income tax charge for the year has been calculated as £1,254,000.
6 A cheque received from customer Broke plc for £15,000 on 27 October 20X7, which was
recorded in the accounting records of Skylar plc, has not cleared. A liquidator was
appointed to Broke plc on 15 November 20X7 and he has confirmed that the cheque will
not be reissued. Management have advised that Broke plc's total outstanding balance of
£30,000 should be written off as an irrecoverable debt and recorded in administrative
expenses.
7 During the year Skylar plc renewed its contract with haulage company Distributers plc. The
contract commenced on 1 September 20X7 and no payment has been made to date. The
annual contract fee is £200,000.
Current assets
Inventories
Prepayments
Trade receivables
Cash and cash equivalents
Total assets
Equity
Equity share capital
Retained earnings
Non-current liabilities
Borrowings
Current liabilities
Trade payables
Accruals
Income tax payable
Provision
Total equity and liabilities
ICAEW 2019 Chapter 12: Company financial statements under IFRS 127
6 Corolla plc
Corolla plc's trial balance as at 31 October 20X8 is shown below.
Debit Credit
£'000 £'000
Share capital (£1 per share) 20,000
Share premium 5,000
Trade payables 2,798
Land and buildings – cost 35,152
Land and buildings – accumulated depreciation at 1 November 20X7 7,000
Plant and equipment – cost 12,500
Plant and equipment – accumulated depreciation at 1 November 20X7 7,400
Trade receivables 5,436
Accruals at 31 October 20X8 436
8% bank loan repayable in 10 years 15,000
Cash at bank 9,774
Retained earnings 9,801
Interest paid 600
Revenue 58,411
Purchases 41,620
Distribution costs 5,443
Administrative expenses 4,789
Inventories as at 1 November 20X7 9,032
Dividends paid 1,500
125,846 125,846
Further information
1 The inventories at the close of business on 31 October 20X8 were valued at £7,878,000.
2 Depreciation is to be charged for the year as follows:
Buildings 2% per annum straight-line basis
Plant and equipment 20% per annum reducing balance basis
Depreciation is apportioned as follows:
%
Cost of sales 40
Distribution costs 40
Administrative expenses 20
Land, which is non-depreciable, is included in the trial balance at a cost of £15,152,000.
3 The company began a series of television adverts for the company's range of products on
1 October 20X8 at a cost of £45,000. The adverts were to run for three months and were to
be paid for in full at the end of December 20X8. Advertising expenses are to be included in
distribution costs.
4 Interest on the bank loan for the last six months of the year has not been included in the
accounts in the trial balance.
5 The income tax charge for the year has been calculated as £970,000.
6 During the year, Corolla plc made a 1 for 4 bonus issue of equity shares. This has not been
reflected in the accounts.
Current assets
Inventories
Trade receivables
Prepayments
Cash and cash equivalents
Total assets
Equity
Equity share capital
Retained earnings
Non-current liabilities
Borrowings
Current liabilities
Trade payables
Accruals
Income tax payable
Total equity and liabilities
ICAEW 2019 Chapter 12: Company financial statements under IFRS 129
7 Ariel plc
The following trial balance was extracted from the nominal ledger of Ariel plc on 31 March 20X2.
£'000 £'000
Equity share capital (£1 per share) 5,000
Trade payables 1,347
Buildings – cost/value 17,630
Plant and machinery – cost/value 14,000
Buildings – accumulated depreciation 16,276
Plant and machinery – accumulated depreciation 3,600
Trade receivables 2,133
Accruals at 31 March 20X2 129
6% bank loan repayable in 15 years 6,850
Cash at bank 2,578
Retained earnings 4,595
Interest paid 720
Revenue 35,547
Purchases 27,481
Distribution costs 1,857
Administrative expenses 2,235
Inventories as at 1 April 20X1 3,790
Dividends paid 920
73,344 73,344
Further information:
1 The inventories at the close of business on 31 March 20X2 were valued at £4,067,000.
2 Depreciation has already been provided on property, plant and equipment for the year
ended 31 March 20X2.
3 On 31 March 20X2 items of plant with a cost of £12,750,000 and accumulated depreciation
of £3,100,000 were assessed to have a value of £8,500,000 in an impairment review. Any
adjustment should be included in cost of sales.
4 The company rented some office photocopiers for the period 1 March to 30 June 20X2.
The contract price for the four months was £164,000 and this was paid in full on 3 March
and is charged to administrative expenses.
5 The company sourced extra warehousing space, for the storage of goods prior to their sale,
for a period of three months from 1 February to 30 April 20X2. The invoice for the full three
months of £114,000 was paid on 16 April. No entry has been made in the accounts for this
transaction, which should be charged to distribution costs.
6 The income tax charge for the year has been calculated as £874,000.
7 On 15 April 20X2 one of the company's customers went into liquidation. Trade receivables
at 31 March 20X2 include a balance of £95,000 owed by this customer. The directors have
been advised that they are unlikely to receive any of this amount and wish to write the debt
off as irrecoverable. Irrecoverable debts are written off to administrative expenses.
8 Ariel plc provides a warranty for certain lines of product. It is estimated that 1% of these
warranties will be invoked at a cost of £25,000.
Requirement
Prepare the statement of profit or loss for Ariel for the year ended 31 March 20X2 and the
statement of financial position at that date.
£'000
Non-current assets
Property, plant and equipment
Buildings
Plant and machinery
Current assets
Inventories
Trade receivables
Prepayments
Cash and cash equivalents
Total assets
Equity
Equity share capital
Retained earnings
Non-current liabilities
Borrowings
Current liabilities
Trade payables
Accruals
Provision
Income tax payable
Total equity and liabilities
ICAEW 2019 Chapter 12: Company financial statements under IFRS 131
8 Enercell plc
The trial balance for Enercell plc as at 31 October 20X7 is shown below.
£'000 £'000
Equity share capital (£1 per share) 20,000
Share premium 2,500
Trade payables 5,022
Trade receivables 15,381
Accruals 580
5% bank loan repayable in 10 years 30,000
Cash at bank 11,996
Retained earnings 18,518
Interest 1,125
Gross profit 39,539
Distribution costs 9,981
Administrative expenses 5,478
Dividends paid 1,950
Closing inventories 18,000
Property (freehold buildings) – cost 30,000
Property (freehold buildings) – accumulated depreciation as at
1 November 20X6 3,750
Plant and equipment – cost 57,690
Plant and equipment – accumulated depreciation as at
1 November 20X6 31,692
151,601 151,601
Further information
1 There were no movements in non-current assets during the year. Plant and equipment is
depreciated on a 10% straight-line basis. Freehold buildings are depreciated over their
useful life of 40 years. Depreciation is charged to administrative expenses.
2 The figure for closing inventories in the trial balance is the sales value (goods are sold at a
mark-up of 25%). Inventory should be valued at cost.
3 The company paid £72,000 insurance costs in June 20X7, which covered the period from
1 July 20X7 to 30 June 20X8. This was included in administrative expenses in the trial
balance.
4 Interest on the bank loan for the last three months of the year has not been included in the
trial balance.
5 The income tax charge for the year has been calculated as £1,881,000.
6 A customer was injured by a defective product during the year and has issued proceedings
against the company. Enercell plc's legal team have advised that there is a 75% probability
that this will result in an estimated payout of £750,000. Provisions are charged to
administrative expenses.
7 Enercell plc rented additional warehouse space during the year for a period of six months,
commencing on 1 August 20X7. The rent payable is £4,000 per month, no payments have
been made to date. Rent is charged to distribution costs.
8 During the year, Enercell plc issued a 1 for 10 bonus share issue from share premium.
9 A cheque which was sent on 23 October 20X7 to a supplier for £32,000 was incorrectly
recorded as £23,000.
Requirement
Prepare the statement of profit or loss for Enercell plc for the year ended 31 October 20X7 and
the statement of financial position at that date.
Current assets
Inventories
Trade receivables
Prepayments
Cash and cash equivalents
Total assets
Equity
Equity share capital
Share premium
Retained earnings
Non-current liabilities
Borrowings
Current liabilities
Trade payables
Accruals
Income tax payable
Provision
Total equity and liabilities
9 Liquid plc
The following trial balance was extracted from the nominal ledger of Liquid plc on
31 December 20X6:
£ £
Sales 1,590,000
Inventories at 1 January 20X6 35,000
Purchases 600,000
Distribution costs 236,000
Administrative expenses 169,000
Irrecoverable debts expense 15,000
Loan interest paid 3,000
Land and buildings cost 975,000
Plant and equipment cost 267,000
ICAEW 2019 Chapter 12: Company financial statements under IFRS 133
£ £
Land and buildings accumulated depreciation at 1 January 20X6 178,000
Plant and equipment accumulated depreciation at 1 January 20X6 95,000
Trade receivables 45,000
Bank 8,000
Equity share capital (£1 shares) 300,000
Share premium 50,000
Bank loan 50,000
Retained earnings 55,000
Equity dividends paid 5,000
Trade payables 20,000
Advance deposits from customers 4,000
2,350,000 2,350,000
Current assets
Inventories
Trade receivables
Prepayments
Cash and cash equivalents
Total assets
Equity
Equity share capital
Preference share capital
Share premium
Retained earnings
Non-current liabilities
Borrowings
Current liabilities
Borrowings
Bank overdraft
Trade payables
Accruals
Deferred income
Provision
Income tax payable
Total equity and liabilities
ICAEW 2019 Chapter 12: Company financial statements under IFRS 135
10 Colbolt plc
The trial balance for Colbolt plc as at 31 March 20X7 is shown below.
£ £
Equity share capital (£1 per share) 18,000
Share premium 4,500
Trade payables 7,954
Trade receivables 12,039
Accruals 140
6% bank loan repayable in 10 years 25,000
Cash at bank 9,997
Retained earnings 21,722
Interest 1,125
Gross profit 33,931
Distribution costs 4,548
Administrative expenses 8,800
Dividends paid 2,100
Closing inventories 19,000
Property (freehold buildings) – cost 32,520
Property (freehold buildings) – accumulated depreciation as at
1 April 20X6 4,878
Plant and equipment – cost 57,688
Plant and equipment – accumulated depreciation as at 1 April 20X6 31,692
147,817 147,817
Further information
1 Plant and equipment is depreciated on a 12.5% straight-line basis. Freehold buildings are
depreciated over their useful life of 40 years. Depreciation is to be charged to
administrative expenses.
2 The figure for closing inventories in the trial balance is the sales value (goods are sold at a
mark-up of 20%). Inventory should be valued at cost of sales.
3 The bank loan was taken out in 20X4, therefore a full year's interest needs to be recorded.
Interest on the bank loan for the last three months of the year has not been included in the
trial balance.
4 The income tax charge for the year has been calculated as £1,566.
5 During the year, Colbolt plc issued a 1 for 10 bonus share issue from share premium.
6 A cheque which was sent on 23 March 20X7 to a supplier for £12 was incorrectly recorded
as £21.
7 Colbolt plc received notice on 15 April 20X7 that one of its customers, Pulse Limited, had
gone into liquidation and the debt requires to be written off as irrecoverable. This customer
owed £165 at the year end. Colbolt plc decided to create an allowance for receivables on
the remaining trade receivables balance of £4,500. Irrecoverable debts are charged to
administrative expenses.
8 Colbolt plc rents some additional office space for administrative staff. Rent is due quarterly
in advance. Colbolt plc made a payment of £30 on 28 February 20X7, and this has been
included in administrative expenses.
9 On 31 March 20X7 items of plant with a cost of £8,000 and accumulated depreciation of
£3,100 were assessed to have a value of £4,500 in an impairment review. Any adjustment
should be included in cost of sales.
Current assets
Inventories
Trade receivables
Prepayments
Cash and cash equivalents
Total assets
Equity
Equity share capital
Share premium
Retained earnings
Non-current liabilities
Borrowings
Current liabilities
Trade payables
Accruals
Income tax payable
Total equity and liabilities
ICAEW 2019 Chapter 12: Company financial statements under IFRS 137
11 Waterford plc
The trial balance for Waterford plc as at 31 May 20X6 is shown below.
£ £
Equity share capital (£1 per share) 25,000
Share premium 9,000
Trade payables 675
Trade receivables 8,890
Accruals 567
7.5% bank loan repayable in 8 years 14,000
Cash at bank 5,678
Retained earnings 48,144
Interest 600
Gross profit 45,998
Administrative expenses 27,557
Distribution costs 10,089
Dividends paid 600
Closing inventories 3,757
Property (freehold land and buildings) – cost 80,000
Property (freehold land and buildings) –
accumulated depreciation as at
1 June 20X5 7,000
Plant and equipment – cost 26,100
Plant and equipment – accumulated
7,086
depreciation as at 1 June 20X5
Motor vehicles – cost 17,000
Motor vehicles – accumulated depreciation
5,200
as at 1 June 20X5
Suspense 17,601
180,271 180,271
Current assets
Inventories
Trade receivables
Prepayments
Cash and cash equivalents
Total assets
Equity
Equity share capital
Share premium
Retained earnings
Non-current liabilities
Borrowings
Current liabilities
Trade payables
Accruals
Deferred income
Income tax payable
Total equity and liabilities
ICAEW 2019 Chapter 12: Company financial statements under IFRS 139
140 Accounting: Question Bank ICAEW 2019