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The following balances as at June 30, 2021 were extracted from the trial balance of Alpha Ltd: DETAILS DR CR Premises 1,000,000 Retained earnings
The following balances as at June 30, 2021 were extracted from the trial balance of Alpha Ltd: DETAILS DR CR Premises 1,000,000 Retained earnings 75,000 General reserves 55,000 Ordinary shares @ $2.50 500,000 5% Preference shares @ $0.75 150,000 15% Debenture 350,000 Debenture interest 22,500 Dividend received 15,000 Bank 110,000 Wages & salaries 82,000 Interim ordinary shares dividend 75,000 Commission received 25,000 Utilities 35,000 If profit after tax for the year ended June 30, 2021 is $520,000, transfer to general reserves is $43,000,50,000 ordinary shares were issued at $2.50 each, and preference share dividend is to be accounted for in full, how much is the total retained earnings at the end of the year? O a. $484,500 O b. $319,500 O c. $327,000 Od. $394,500
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