XTOL shares

This topic has 2 replies, 2 voices, and was last updated 7 years ago by aarina.

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July 29, 2018 at 1:27 pm #465138

aarina
Member

Hi

i worked out this question from kaplan exam kit.

TB (@31/3/14)
OSC @ par $66,000
Share premium $15,000

It says in the note:
The equity share and share premium balance in trial balance include fully subs RI 1:5 at $1.60 per share which was made on 1/10/13. The market value of shares was $2.50 on 1/10/13.

I had a look at the answer remain as per tb. Whats the point of giving this note anyway?
Initially when i did this question under time limit i wasnt aware of the word “include”.

Thanks

July 30, 2018 at 8:54 pm #465324

P2-D2
Keymaster

Hi,

They have given you the information so that you can work out the figures that would appear in the SOCIE. So you can work backwards to find out the amounts charged to share capital and share premium, and then work out the opening figures as a balancing figure.

Thanks

July 31, 2018 at 1:39 am #465343

aarina
Member

oh okay thanks!
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