=+2. Retained earnings Golf Limited Club Limited Ball Limited Tee Limited Profit after

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=+2. Retained earnings Golf Limited Club Limited Ball Limited Tee Limited

€ € € €

Profit after tax 206,500 230,000 125,000 75,000 Retained earnings b/f 450,000 306,000 235,000 200,000 Dividends paid

- Preference - (6,000) - (9,000)

- Ordinary (132,000) (100,000) (60,000) (32,000)

Retained earnings 524,500 430,000 300,000 234,000

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