QUESTION TWO - Prepare, in vertical format, the Profit and LossAppropriation Account of Stanigar Ltd. *2. The balances below remained in the books of Stanigar Ltd after the preparation of theTrading and Profit and Loss Account for year ended June 30, 2004.319 400Net ProfitDebtorsCreditors86 00038 000Interim dividend paid to ordinary shareholdersFixed assets at cost20 000548 00027 40055 000Accumulated depreciationUnappropriated profits brought forwardOrdinary shares ($2 each)5 percent preference shares ($3 each)Stocks (June 30, 2004)Bank overdraft100 00040 00066 00015 0003 50056 000Prepaid expensesInterest on loan outstandıngCash balanceDirectors fee outstanding14 percent loan2 30045 00030 000The directors of Stanigar Ltd recommended the following1. That TW0 reserves be set up namelya general reserve of $15 000, and1.a reserve of $7 000 for asset replacement2. 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 Appropiation Account of Stanigar Ltd.Add file

Profit & Loss Appropriation account of a company shows all appropriations that are to be made…

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. 319 400 Net Profit Debtors Creditors 86 000 38 000 Interim dividend paid to ordinary shareholders Fixed assets at cost 20 000 548 000 27 400 Accumulated depreciation Unappropriated profits brought forward Ordinary shares ($2 each) 5 percent preference shares ($3 each) Stocks (June 30, 2004) Bank overdraft 55 000 100 000 40 000 66 000 15 000 Prepaid expenses Interest on loan outstandıng Cash balance Directors fee outstanding 14 percent loan 3 500 56 000 2 300 45 000 30 000 The directors of Stanigar Ltd recommended the following 1. That TWO reserves be set up, namely, a general reserve of $15 000, and 1. a reserve of $7 000 for asset replacement. 11. 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 Appropiation Account of Stanigar Ltd. Add file

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. 319 400 Net Profit Debtors Creditors 86 000 38 000 Interim dividend paid to ordinary shareholders Fixed assets at cost 20 000 548 000 27 400 Accumulated depreciation Unappropriated profits brought forward Ordinary shares ($2 each) 5 percent preference shares ($3 each) Stocks (June 30, 2004) Bank overdraft 55 000 100 000 40 000 66 000 15 000 Prepaid expenses Interest on loan outstandıng Cash balance Directors fee outstanding 14 percent loan 3 500 56 000 2 300 45 000 30 000 The directors of Stanigar Ltd recommended the following 1. That TWO reserves be set up, namely, a general reserve of $15 000, and 1. a reserve of $7 000 for asset replacement. 11. 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 Appropiation Account of Stanigar Ltd. Add file

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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