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Conejo – (Sep/Dec 17)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AFM Exams › Conejo – (Sep/Dec 17)

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by John Moffat.
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  • February 15, 2020 at 9:27 pm #561959
    hanissyazana
    Member
    • Topics: 4
    • Replies: 2
    • ☆

    Hi,

    for question b) iii in the answer part Appendix 3, for the reserves in Appendix 1. I wonder how you derive to $459.56. From your previous answers, I found that you did this

    $1700 – $1200m + 350m – 309.56m

    the $1200 is ($120m shares x $10)

    How do you get $10 ? When the price of share capital is $1 per share and the current share price is $11 (based on question)??

    February 16, 2020 at 11:02 am #561992
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54681
    • ☆☆☆☆☆

    The nominal value of the shares is $1 per share and they are bought back for $11 per share.

    This is a financial accounts problem and you should remember from earlier exams that the double entry is to Cr Cash with $11, Dr Share capital with the nominal value of $1, and Dr Reserves with the remaining $10.

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