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Extracts from the accounting records of Andratx Co relating to the year ended 31 December 2006 are as follows
Revaluation Surplus $330,000
Ordinary interim divide paid $12,000
Profit before tax $108,000
Estimated tax liability for the year $28,000
8% $1Preference share $100,000
Over the provision for tax in the previous year $2,600
Proceeds of issue of 4000 $1 ordinary shares $8,000
The final ordinary dividend proposed $25,000
What was the total equity reported in socie on 31dec 2006?
The correct answer is $400,600
Could anyone explain this question detailed to me? Thank you very much ^^
You can find an explanation of the SOCE in the lecture working through the chapter of our free lecture notes on Limited Companies.