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At the beginning of 2018, the AKS Company Limited showed the following amounts in the shareholders equity section of its balance sheet. Particulars -----Rs--- Common
At the beginning of 2018, the AKS Company Limited showed the following amounts in the shareholders equity section of its balance sheet.
Particulars | -----Rs--- |
Common Shares, Rs.10 par value, 380,000 shares issued | 3,820,000 |
Share Premium account | 4,202,000 |
Total Paid-in-Capital | 4,584,000 |
Retained Earning | 2,704,600 |
Total Shareholders Equity | 7,288,600 |
The following transactions were taken place during 2019:
- January 03: Declared a dividend of Rs.2.00 per share and payable on February 15, 2019.
- February 15: Buy 10,000 shares and recorded as Treasury Stock at price of Rs.44 per share
- June 30: Net Income for the year 2019 was Rs.1,928,000 and would be close to retained earning.
Required: Prepare Statement of changes in Equity for the year ended June 30, 2019. (8 Marks)
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