Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Many thanks for your help A summary of the balance sheet of Camel plc. as at 31 December 2018. is given below: 5: 60.000 ordinary

Many thanks for your help

image text in transcribed
A summary of the balance sheet of Camel plc. as at 31 December 2018. is given below: 5: 60.000 ordinary shares of 000.000 Assets other than bank {at 1.100.000 10 each book values} 40.000 0% preference share 400.000 Bank of 10 each 200.000 General reserves 100.000 Creditors 200.000 M 1.300.000 {i} Issued 20.000 ordinary shares of 10 each at a premium of 15 per share (a specic issue to redeem preference shares} {ii a} Redeemed all preference shares at a premium of 10%. These were originallyr issued at 25% premium {ii bi Excess of nominal value of shares redeemed over total receipt from new issue 80.000. {iii} Issued 3.000 5% debentures of 100 each at 80 {iv} Used share premium. if any. to issue fully paid bonus shares to members {v} Made a net loss of 500.000 by end of year. which affected the bank account. Required: {a} A moving balance sheet has been prepared. You are required to show the effect of each of the above items in the moving balance sheet {i.e. additionsideductions from original gures} of 31 December 2010. [20 marks]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey Of Accounting

Authors: Thomas Edmonds, Philip Olds, Frances McNair, Bor-Yi Tsay

1st Edition

0073526770, 9780073526775

More Books

Students also viewed these Accounting questions