X LLC had issued 400,000 equity shares of OMR 1 each. The company has the following balances. General reserves OMR 260,000 Securities premium OMR 100,000 Capital redemption reserve OMR 140,000 Retained earnings OMR 600,000 The company resolve the issue of bonus shares at 1 share for every 4 shares held. The company has to use in priority share premium. General reserve can be used to an extent of OMR 160,000 only. How much amount of retained earnings will be shown in the SOFP under the head equity? OMR 360,000 OMR 160,000 OMR 240,000 None of these

X LLC had issued 400,000 equity shares of OMR 1 each. The company has the following balances. General reserves OMR 260,000 Securities premium OMR 100,000 Capital redemption reserve OMR 140,000 Retained earnings OMR 600,000 The company resolve the issue of bonus shares at 1 share for every 4 shares held. The company has to use in priority share premium. General reserve can be used to an extent of OMR 160,000 only. How much amount of retained earnings will be shown in the SOFP under the head equity? OMR 360,000 OMR 160,000 OMR 240,000 None of these

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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