The balance below have been extracted from the accounting records at 31 December 2020: 1) Prepayment on building insurance 80,000 2) Retained profits 1 Jan 2020 2,058,000 Ordinary shares of £1 each 4,500,000 Share premium 500,000 Notes : 1)The prepayment on building insurance on 31 December 2020 was £100,000. 2) The company issued 12,000 additional shares at £2.50 each on 30 Decemeber 2020. The proceeds were paid as Christmas bonuses to employees. No entries have been made in the company's accounting records in respect of this transaction What value include in Income statement and Statement of financial position?
The balance below have been extracted from the accounting records at 31 December 2020: 1) Prepayment on building insurance 80,000 2) Retained profits 1 Jan 2020 2,058,000 Ordinary shares of £1 each 4,500,000 Share premium 500,000 Notes : 1)The prepayment on building insurance on 31 December 2020 was £100,000. 2) The company issued 12,000 additional shares at £2.50 each on 30 Decemeber 2020. The proceeds were paid as Christmas bonuses to employees. No entries have been made in the company's accounting records in respect of this transaction What value include in Income statement and Statement of financial position?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The balance below have been extracted from the accounting records at 31 December 2020:
1) Prepayment on building insurance 80,000
2) Retained profits 1 Jan 2020 2,058,000
Ordinary shares of £1 each 4,500,000
Share premium 500,000
Notes :
1)The prepayment on building insurance on 31 December 2020 was £100,000.
2) The company issued 12,000 additional shares at £2.50 each on 30 Decemeber 2020. The proceeds were paid as Christmas bonuses to employees. No entries have been made in the company's accounting records in respect of this transaction
What value include in Income statement and Statement of financial position?
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