Part C - Reporting shareholders' equity Vinabread Ltd had the following equity account on 1 July 2017: Share Capital (200,000 shares) $1,800,000 Retained Earnings $ 780,000 General Reserve $ 300,000 Vinabread Ltd's profit for the year ending 30 June 2018, which has not been included in the retained earnings was $380,000. During the year, the following transactions and events occurred: July 15, 2017 Declared and paid interim dividend of $0.80 per share. July 30, 2017 Effected 2 for 1 share split and paid $38,000 tax on the profit June 30, 2018 Declared a final cash dividend of $0.40 per share and transferred $50,000 from retained earnings to general reserve. Required: Prepare the equity section of the statement of financial position of Vinabread Ltd as at 30 June, 2018
Part C - Reporting shareholders' equity Vinabread Ltd had the following equity account on 1 July 2017: Share Capital (200,000 shares) $1,800,000 Retained Earnings $ 780,000 General Reserve $ 300,000 Vinabread Ltd's profit for the year ending 30 June 2018, which has not been included in the retained earnings was $380,000. During the year, the following transactions and events occurred: July 15, 2017 Declared and paid interim dividend of $0.80 per share. July 30, 2017 Effected 2 for 1 share split and paid $38,000 tax on the profit June 30, 2018 Declared a final cash dividend of $0.40 per share and transferred $50,000 from retained earnings to general reserve. Required: Prepare the equity section of the statement of financial position of Vinabread Ltd as at 30 June, 2018
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Part C - Reporting shareholders' equity
Vinabread Ltd had the following equity account on 1 July 2017:
Share Capital (200,000 shares)
$1,800,000
Retained Earnings
$ 780,000
General Reserve
$ 300,000
Vinabread Ltd's profit for the year ending 30 June 2018, which has not been included in the retained earnings
was $380,000. During the year, the following transactions and events occurred:
July 15, 2017
Declared and paid interim dividend of $0.80 per share.
July 30, 2017
Effected 2 for 1 share split and paid $38,000 tax on the profit
June 30, 2018
Declared a final cash dividend of $0.40 per share and transferred $50,000 from
retained earnings to general reserve.
Required:
Prepare the equity section of the statement of financial position of Vinabread Ltd as at 30 June, 2018
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