Question Solved1 Answer CFAS Company reported the following shareholders’ equity at the beginning of current year: Preference share capital, 100,000 shares, P10 par 1,000,000 Ordinary share capital, 500,000 shares, P10 par 5,000,000 Share premium — Preference 50,000 Share premium – Ordinary 200,000 Retained earnings 100,000 During the current year, the following transactions were completed: Retirement of 5,000 preference shares at P11 per share. Purchase of 5,000 ordinary shares of treasury at P12 per share. 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?

9VQKRR The Asker · Accounting

CFAS Company reported the following shareholders’ equity at the beginning of current year:

Preference share capital, 100,000 shares, P10 par 1,000,000
Ordinary share capital, 500,000 shares, P10 par 5,000,000
Share premium — Preference 50,000
Share premium – Ordinary 200,000
Retained earnings 100,000

During the current year, the following transactions were completed:

  • Retirement of 5,000 preference shares at P11 per share.
  • Purchase of 5,000 ordinary shares of treasury at P12 per share.
  • 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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AnswerPoge (1).Preforence share capital 1000,000 ordinary share capital 5,000,000 share premium, preference 50,000 share premium, ordinary quad2,00,000 Earnings quad1,00,000 Total on Janvary quad6350000Less/Add ... See the full answer