The following transactions took place during the year ended 31 December 2020: On 1 March 2020, a dividend of RM0.16 per share was paid. Total number of ordinary shares held at that date was 148,000 shares. On 1 April 2020, a bonus issue of 1 share for every 10 ordinary shares held was made. On 1 November 2020, 10,000 new shares were issued at RM1.40 each. All shares were subscribed for and fully paid. On 1 December 2020, freehold land (included in property, plant and equipment) was revalued upwards by RM15,000 and the income tax expense for the year has been estimated at RM13,100.
The following transactions took place during the year ended 31 December 2020: On 1 March 2020, a dividend of RM0.16 per share was paid. Total number of ordinary shares held at that date was 148,000 shares. On 1 April 2020, a bonus issue of 1 share for every 10 ordinary shares held was made. On 1 November 2020, 10,000 new shares were issued at RM1.40 each. All shares were subscribed for and fully paid. On 1 December 2020, freehold land (included in property, plant and equipment) was revalued upwards by RM15,000 and the income tax expense for the year has been estimated at RM13,100.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following transactions took place during the year ended 31 December 2020:
- On 1 March 2020, a dividend of RM0.16 per share was paid. Total number of ordinary shares held at that date was 148,000 shares.
- On 1 April 2020, a bonus issue of 1 share for every 10 ordinary shares held was made.
- On 1 November 2020, 10,000 new shares were issued at RM1.40 each. All shares were subscribed for and fully paid.
- On 1 December 2020, freehold land (included in property, plant and equipment) was revalued upwards by RM15,000 and the income tax expense for the year has been estimated at RM13,100.
Required:
Prepare the statement of changes in equity for the year ended 31 December 2020, showing the profit for the year as the balancing figure.
Transcribed Image Text:The total assets and total liabilities of Nani Berhad as at 31 December 2020 was
as follows:
2020
Non-current assets
RM
Property, plant and equipment
367,000
Current assets
26,000
79,520
Inventories
Trade receivables
Cash at bank and in hand
nil
Total assets
472,520
Non-current liabilities
nil
Current liabilities
Trade payables
65,120
42,000
107,120
Bank overdraft
Total liabilities
The equity of Nani Berhad at 31 December 2019 was as follows:
RM
Ordinary share capital
Revaluation reserve
Retained earnings
Total equity
148,000
45,000
92,400
285,400
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education