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Gabriell:
Have you watched the lecture on limited companies?
The shares have a nominal/par value of $1 each, and they have 4M of them in issue.
Thanks dear sir, 🙂
But i wanted to now 1 thing
Profit for the financial year after tax. would it be appear in statement of change in equity? or income statement
The profit for the year is the last line on the Statement of profit or loss (Income Statement)!!
It also appears on the Statement of changes in equity.
Look at pages 85 and 86 of the Course Notes.
Dear John Moffat
I want to ask youBrown has 100 000 $ 50c shares and 400 000 8% irredemable preference shares in issue. A dividend of 3 c per ordinary share and a half of preference dividend were paid during the year.
Is it correct?
An ordjnary dividend of 3000is paid during the year.
A preference dividend of 16000 is accrued at the year endYes that is correct (and in addition a preference of 16,000 is paid during the year).
My dear tutor, howare you?
Hope well
Bob co, a llc company shows an overprovision of 3400 on its tax liability account at the end of the year ended 31december 2008 before accounting for that years tax charge…whatdoes overprovision mean?
Why tax=current year estimated tax -previous years overprovision
? cant understand it
And underprovision whatAt the end of the year, the tax owing will be an estimate. When they find out later the actual tax charge for the year then it may be that the estimated too much (an over-provision) or they estimate too little (an under-provision).
The can’t go back and change last years figures, so the tax this year will be the tax charge for this year less anything they over-charged for last year (the over-provision) or plus whatever the under-charged last year (the under-provision).
I don’t know what you mean by ‘first one is not correct – why?’.
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