Developing Ltd has an authorised capital of 50,000, 10% preference shares of 1 each and 200,000 ordinary

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Developing Ltd has an authorised capital of 50,000, 10% preference shares of £1 each and 200,000 ordinary shares of 50p each. After preparation of the profit and loss account for 20X4, the following balances remained in the ledger

The directors recommend:

(i) That £10,000 be transferred to general reserve,

(ii) Payment of the preference dividend,

(iii) An ordinary dividend of 15%.

Required:

Prepare the appropriation account for 20X4 and a balance sheet as at 31 December 20X4.

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Frank Woods Business Accounting Volume 1

ISBN: 9780273681496

10th Edition

Authors: Frank Wood, Alan Sangster

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Question Posted: Aug 20, 2023 01:41 AM

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Developing Ltd has an authorised capital of 50,000, 10% preference shares of 1 each and 200,000 ordinary

Question:

Share capital: fully paid-up: Preference Ordinary Debentures Share premium account General reserve Unappropriated profit 20X3 Net profit for 20X4 Fixed assets Current assets Creditors £000s 30 80 20 4 7 3 27 140 50 19

Step by Step Answer:

Appropriation Account for the Year Ended 31 December 20X4 Particulars 000s 000s Net Profit for 20X4 ...View the full answer

Frank Woods Business Accounting Volume 1

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