Practice Activity 6.3 Measurement and recognition of accrued expenses in the statement of profit or

Practice Activity 6.3 Measurement and recognition of accrued expenses in the statement of profit or loss and the statement of financial position

The facts are the same as practice activity 6.2. In addition, the gross profit for the year ended 30 June 2016 is ₦1,000,000.

Required:

i. Show the extract of the statement of profit or loss for the year ended 30 June 2016.

ii.Show the excerpt of the statement of financial position as at 30 June 2016.

Suggested answers to practice activity 6.3

i. Statement of profit or loss for the year ended 30 June 2016 (an extract)

ii. Excerpt of Statement of financial position as at 30 June 2016

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