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Bob, a limited liability company, made a profit before tax of $235,000 for the year ended 30 June 2018. The tax charge for the year was $84,000 and the company transferred $10,000 from profit to a general reserve. It paid a final ordinary dividend of $38,000 from the prior year on 18 May 2018 which had been proposed on 1 July 2017, and on 1 July 2018, a final dividend of $39,000 for the current year was proposed. No interim dividends were paid or proposed.
What amount is Egret’s Retained Earnings reserve increase by for the year ended 30 June 2018?
Please, help me to solve the problem above.
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