Question Solved1 Answer 39 CFAS Company reported the following shareholders' equity at the beginning of current year: 1,000,000 5,000,000 Preference share capital, 100,000 shares, P10 par Ordinary share capital, 500,000 shares, P10 par Share premium - Preference Share premium - Ordinary 70,000 200,000 Retained earnings 100,000 During the current year, the following transactions were completed: per share. • Retirement of 5,000 preference shares at P11 per share. • Purchase of 5,000 ordinary shares of treasury at P12 Share split, ordinary share 2 for 1. Reissue of 2,000 shares of treasury at P10 per share. Net income for the year, P300,000. What is the total shareholders equity at year-end?

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Transcribed Image Text: CFAS Company reported the following shareholders' equity at the beginning of current year: 1,000,000 5,000,000 Preference share capital, 100,000 shares, P10 par Ordinary share capital, 500,000 shares, P10 par Share premium - Preference Share premium - Ordinary 70,000 200,000 Retained earnings 100,000 During the current year, the following transactions were completed: per share. • Retirement of 5,000 preference shares at P11 per share. • Purchase of 5,000 ordinary shares of treasury at P12 Share split, ordinary share 2 for 1. Reissue of 2,000 shares of treasury at P10 per share. Net income for the year, P300,000. What is the total shareholders equity at year-end?
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Transcribed Image Text: CFAS Company reported the following shareholders' equity at the beginning of current year: 1,000,000 5,000,000 Preference share capital, 100,000 shares, P10 par Ordinary share capital, 500,000 shares, P10 par Share premium - Preference Share premium - Ordinary 70,000 200,000 Retained earnings 100,000 During the current year, the following transactions were completed: per share. • Retirement of 5,000 preference shares at P11 per share. • Purchase of 5,000 ordinary shares of treasury at P12 Share split, ordinary share 2 for 1. Reissue of 2,000 shares of treasury at P10 per share. Net income for the year, P300,000. What is the total shareholders equity at year-end?
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t tt tttAnswer: ttt  ttt  ttt  ttt  ttt  ttt  ttt  tt tt tttTotal shareholders' equity ttt       13,505,000 ttt  ttt  ttt  ttt  ttt  ttt  tt tt ttt  ttt  ttt  ttt  ttt  ttt  ttt  ttt  tt tt tttWorking notes: ttt  ttt  ttt  ttt  ttt  ttt  ttt  tt tt ttt  tttPreferrence tttOrdianry  tttShare tttShare tttRetained  tttTreasury  tttTotal tt tt ttt  tttshare  tttshare  tttPremium-Preferrence tttPremium-Ordinery tttearnings tttstock ttt  tt tt ttt  tttcapital tttcapital ttt  ttt  ttt  ttt  ttt  tt tt tttBeginning balance ttt         1,000,000 ttt         5,000,000 ttt                           7,000,000 ttt                        200,000 ttt         100,000 ttt  ttt         13,300,000 tt tt tttRetirement of pref. share ttt             (50,000) ttt  ttt                          &#160 ... See the full answer