QUESTION TWO - Prepare, in vertical format, the Profit and Loss Appropriation Account of Stanigar Ltd. * 2. The balances below remained in the books of Stanigar Ltd after the preparation of the Trading and Profit and Loss Account for year ended June 30, 2004. Net Profit Debtors Creditors Interim dividend paid to ordinary shareholders Fixed assets at cost Accumulated depreciation Unappropriated profits brought forward Ordinary shares ($2 each) 5 percent preference shares ($3 each) Stocks (June 30, 2004) Bank overdraft Prepaid expenses Interest on loan outstanding Cash balance S 319 400 86 000 38 000 1. 20 000 548 000 27 400 55 000 100 000 40 000 66 000 15 000 3 500 56 000 2.300 45 000 30 000 Directors fee outstanding 14 percent loan The directors of Stanigar Ltd recommended the following: 1. That TWO reserves be set up, namely, a general reserve of $15 000, and a reserve of $7 000 for asset replacement. 2. Ordinary shareholders be paid a final dividend of 20 cents per share. 3. Preference shareholders dividend be paid. Prepare, in vertical format, the Profit and Loss Appropriation Account of Stanigar Ltd.

QUESTION TWO - Prepare, in vertical format, the Profit and Loss Appropriation Account of Stanigar Ltd. * 2. The balances below remained in the books of Stanigar Ltd after the preparation of the Trading and Profit and Loss Account for year ended June 30, 2004. Net Profit Debtors Creditors Interim dividend paid to ordinary shareholders Fixed assets at cost Accumulated depreciation Unappropriated profits brought forward Ordinary shares ($2 each) 5 percent preference shares ($3 each) Stocks (June 30, 2004) Bank overdraft Prepaid expenses Interest on loan outstanding Cash balance S 319 400 86 000 38 000 1. 20 000 548 000 27 400 55 000 100 000 40 000 66 000 15 000 3 500 56 000 2.300 45 000 30 000 Directors fee outstanding 14 percent loan The directors of Stanigar Ltd recommended the following: 1. That TWO reserves be set up, namely, a general reserve of $15 000, and a reserve of $7 000 for asset replacement. 2. Ordinary shareholders be paid a final dividend of 20 cents per share. 3. Preference shareholders dividend be paid. Prepare, in vertical format, the Profit and Loss Appropriation Account of Stanigar Ltd.

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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