The accounts of Eemi Ltd as at 1 July 2019 show: $000 Share Capital - 9,000,000 fully paid ordinary shares Retained Earnings (credit balance) General reserve Asset Revaluation reserve Available for Sale Investments - Revaluation reserve 9,000 500 200 300 200 The following relates to the year ending 30 June 2010: Profit after tax Dividends paid/declared: Interim dividend paid Final dividend declared Amount transferred to general reserve 4,500 90 220 80 Shares issued (2,000,000 shares payable fully on application) 6,000 Other Gains or (Losses) not yet recognised in the accounts for year ended 30 June 2010 $000 |Gain on Revaluation of land (valuation by independent valuer) Revaluation Decrement (loss) on available-for-sale investments 90 (65) Additional Information The valuation decrement on available-for-sale investments is to be recognised in the available- for-sale investments - revaluation reserve. The company tax rate is 30% Task 5 a. Prepare journal entries to record the valuation adjustments, including any tax effect. b. Prepare a statement of changes in equity for the year ended 30 June 2018.

The accounts of Eemi Ltd as at 1 July 2019 show: $000 Share Capital - 9,000,000 fully paid ordinary shares Retained Earnings (credit balance) General reserve Asset Revaluation reserve Available for Sale Investments - Revaluation reserve 9,000 500 200 300 200 The following relates to the year ending 30 June 2010: Profit after tax Dividends paid/declared: Interim dividend paid Final dividend declared Amount transferred to general reserve 4,500 90 220 80 Shares issued (2,000,000 shares payable fully on application) 6,000 Other Gains or (Losses) not yet recognised in the accounts for year ended 30 June 2010 $000 |Gain on Revaluation of land (valuation by independent valuer) Revaluation Decrement (loss) on available-for-sale investments 90 (65) Additional Information The valuation decrement on available-for-sale investments is to be recognised in the available- for-sale investments - revaluation reserve. The company tax rate is 30% Task 5 a. Prepare journal entries to record the valuation adjustments, including any tax effect. b. Prepare a statement of changes in equity for the year ended 30 June 2018.

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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