Drange plc has share capital of 300,000 £1 shares at 1 March 20X7.These were issued at £1.50 per share. On February 20X8 Drange plcmade a 2 for 3 bonus issue. Before accounting for this, the balance onretained earnings at 28 February 20X8 was £717,000.In its statement of financial position at 28 February 20X8 the balance onDrange plc's retained earnings will be £. .

Retained earnings balance after bonus shares = 717,000 - 300,000 Retained earnings balance after…

Answered: These were issued at £1.50 per share.…

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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A Company issued $5,00,000/- new capital divided into $.10/- shares at a premium of $4/- per share payable as On Application $1/- per share On Allotment $4/- per share & $.2/- premium On Final Payment $.5/- per share & $.2/- premium Overpayments on application were to be applied towards sum due on allotment. Where no allotment was made money was to be returned in full. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and applicants for 2,000 were sent letters of regret. All money due on allotment and final call was duly received. Make the necessary entries in the company‟s book.

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These were issued at £1.50 per share. On February 20X8 Dr made a 2 for 3 bonus issue. Before accounting for this, the ba retained earnings at 28 February 20X8 was £717,000. In its statement of financial position at 28 February 20X8 the ba