Don't give answer in image format 1.a) Recycled Plastics Ltd is a company with the following capital structure:Authorisedshare capitalPOrdinary shares of P1100 0005% Preference shares of P1100 000There were no changes to the number of shares in issue during the year.The retained earnings brought forward on 1 May 2014 were P8000.During the year ended 30 April 2015, the company made a profit of P40 000.On 30 April 2015 it was agreed to effect:1. Transfer P20 000 to the general reserveIssuedshare capitalP50 00080 0002. Payment of preference share dividend.3. Payment of final dividend of P0.05 per share on the ordinary shares.An interim dividend of P0.02 per share had been paid to the ordinary shareholders on31 December 2014.Required: Prepare the profit and loss appropriation account for the year ended 30 April 2015.

Profit and loss appropriation is prepared after preparation of Profit and Loss account to show how…

1.a) Recycled Plastics Ltd is a company with the following capital structure: Authorised share capital P Ordinary shares of P1 100 000 5% Preference shares of P1 100 000 There were no changes to the number of shares in issue during the year. The retained earnings brought forward on 1 May 2014 were P8000. During the year ended 30 April 2015, the company made a profit of P40 000. Issued share capital P 50 000 80 000 On 30 April 2015 it was agreed to effect: 1. Transfer P20 000 to the general reserve 2. Payment of preference share dividend 3. Payment of final dividend of P0.05 per share on the ordinary shares. An interim dividend of P0.02 per share had been paid to the ordinary shareholders on 31 December 2014. Required: Prepare the profit and loss appropriation account for the year ended 30 April 2015.

1.a) Recycled Plastics Ltd is a company with the following capital structure: Authorised share capital P Ordinary shares of P1 100 000 5% Preference shares of P1 100 000 There were no changes to the number of shares in issue during the year. The retained earnings brought forward on 1 May 2014 were P8000. During the year ended 30 April 2015, the company made a profit of P40 000. Issued share capital P 50 000 80 000 On 30 April 2015 it was agreed to effect: 1. Transfer P20 000 to the general reserve 2. Payment of preference share dividend 3. Payment of final dividend of P0.05 per share on the ordinary shares. An interim dividend of P0.02 per share had been paid to the ordinary shareholders on 31 December 2014. Required: Prepare the profit and loss appropriation account for the year ended 30 April 2015.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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