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Limited liability companies

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Limited liability companies

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • March 17, 2021 at 12:50 pm #614596
    dominicsichone31@gmail.com
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Question 1

    CLARKE FRINGLAND CO

    STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 20X3 (EXTRACT)
    $
    Share capital (50c) 10,000
    Share premium 7,000
    Retained earnings 8,000
    25,000
    Clarke Fringland Co has decided on a bonus issue of shares of 1 for 4 and will use the share premium account for this purpose.
    Required
    What is the double entry to record the bonus issue of shares and what is the adjusted financial position extract after the bonus issue?

    Question 2

    X Co has the following capital structure.
    $
    400,000 ordinary shares of 50c 200,000
    Share premium account 70,000
    Retained earnings 230,000
    Shareholders’ equity 500,000
    Show its capital structure following:
    (a) A ‘1 for 2’ bonus issue
    (b) A rights issue of ‘1 for 3’ at 75c following the bonus issue, assuming all rights taken up

    March 17, 2021 at 3:48 pm #614611
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51543
    • ☆☆☆☆☆

    Please do not simply type out full questions and expect to be provided with full answers!! You must have answers in the same book in which you found the questions, and so ask about whatever it is in the answers that you are not clear about and then I will explain.

    These questions are both very often asked in the exam and are easy questions. Everything needed to be able to answer then is explain in my free lectures on Limited Companies.

    The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.

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