MFRS101 Preparation of Financial Statements - SOFP, SOCI and SOCIE for Limited Companies QUESTIONS Question 1 36.1 The equity section of the balance sheet of Lyness Ltd as at 1 January 2020 was as follows: E000 Ordinary shares of 50p each 170 Share premium 110 General reserve 50 Retained profits 402 Total equity 732 During the year the following events occurred: In March 2020 the company paid the final dividend in respect of 2019 of 8 pence per share. In July 2020 it paid an interim dividend for 2020 of 2 pence per share. In November 2020 the company issued 100,000 new ordinary shares at a premium of 80 pence per share. The company reported a profit after tax of 93,000 for 2020 and made transfer of 20,000 to general reserve. The directors also proposed a final dividend of 13 pence per share in respect of 2020. Required: Prepare the Statement of Changes in Equity for Lyness Ltd for the year ended 31 December 2020. Question 2 36.2 Yakubo plc was incorporated in 2011. The company has an authorised share capital of 3 million ordinary shares of 1p each, and 1 million 3% preference shares of 1 each. One third of these ordinary shares and exactly one quarter of the preference shares are currently in issue. The preference shares were issued at nominal value, but the ordinary shares were originally issued at a price of 49p per share. The company has traded successfully in its short life to date, and the market value of the ordinary shares currently fluctuates between 2.20 and 2.50. The company's financial year end is 31 December. Ordinary dividends of 13p per share were paid in March 2019. This was the final dividend in respect of 2018. An interim ordinary dividend of 4p per share was paid in August 2019. A final dividend for 2019 of 16p per share has recently been proposed. What were the total dividends paid during 2019 by Yakubo plc? Question 3 36.3 A balance sheet for Cuomo Ltd is to be drawn up from the following information as at 30 September 2020: Issued share capital: ordinary shares 1 each Authorised share capital: ordinary shares of 1 each 3.75% loan notes (repayable 30 September 2025) Buildings at cost Motor vehicles at cost Plant & equipment at cost 85,000 1,000,000 75,000 730,000 148,000 254,000 1