Home / Business /)     Explain the legal provisions regarding the establishment and subsequent use of the following reserves:          (i) Share premium account.                                                                     (2marks)                         (ii) Capital redemption reserve fund.                                                       (2marks)                                               XYZ Company Ltd. is a retail provider with an authorized share capital of       800,000 Sh.20 ordinary shares and 250,000 8% Sh.20 redeemable preference shares.   The following financial information reflects the position of the company as at 31 December 2001 after preparing the Trading, profit and loss account:     Sh.   `000' Provision for depreciation    Fittings 1,500,                                           Motor vehicles 3,740 Goodwill 1,200 Issued share capital: 600,000 Sh.20 Ordinary shares 12,000                                 250,000 Sh.20 Redeemable preference shares 5,000 Share premium account 400 Trade debtors and prepayments 1,708 Land and buildings at valuation (Cost Sh.4, 400,000) 18,400 Capital redemption reserve fund 3,000 Fittings at cost 3,000 Motor vehicles at cost 7,940 10`% Debentures 1,600 Trade creditors and accruals 960 Short-term investments (Market value Sh.860,000) 7 8 0 Stock at 31 December 2001 2,960 Bank overdraft 540 Revaluation reserve 1,000 Net profit for the year 1,440 Retained profit at 1 January 2001 4,460 General Reserve 1,100 Provision for doubtful debts 48 Interim dividend paid - Ordinary 600                                 - Preference 200   The following resolutions relating to year ended 31 December 2001 have been passed by the board of directors of the company Transfer Sh.600, 000 to General Reserve. Provide for 4% final dividend and final preference dividend on shares issued and        Outstanding on 31 December 2001. Make a bonus issue of 200,000 fully paid ordinary shares from the retained profits        Account. Required: The appropriations account of XYZ Company Ltd. for the year ended 31 December 2001.                                        (6 marks)                                                                                                         (ii)  The balance sheet of XYZ Company Ltd. as at 31 December 2001.                                                                                (10 marks)                       

Question )     Explain the legal provisions regarding the establishment and subsequent use of the following reserves:          (i) Share premium account.                                                                     (2marks)                         (ii) Capital redemption reserve fund.                                                       (2marks)                                               XYZ Company Ltd. is a retail provider with an authorized share capital of       800,000 Sh.20 ordinary shares and 250,000 8% Sh.20 redeemable preference shares.   The following financial information reflects the position of the company as at 31 December 2001 after preparing the Trading, profit and loss account:     Sh.   `000' Provision for depreciation    Fittings 1,500,                                           Motor vehicles 3,740 Goodwill 1,200 Issued share capital: 600,000 Sh.20 Ordinary shares 12,000                                 250,000 Sh.20 Redeemable preference shares 5,000 Share premium account 400 Trade debtors and prepayments 1,708 Land and buildings at valuation (Cost Sh.4, 400,000) 18,400 Capital redemption reserve fund 3,000 Fittings at cost 3,000 Motor vehicles at cost 7,940 10`% Debentures 1,600 Trade creditors and accruals 960 Short-term investments (Market value Sh.860,000) 7 8 0 Stock at 31 December 2001 2,960 Bank overdraft 540 Revaluation reserve 1,000 Net profit for the year 1,440 Retained profit at 1 January 2001 4,460 General Reserve 1,100 Provision for doubtful debts 48 Interim dividend paid - Ordinary 600                                 - Preference 200   The following resolutions relating to year ended 31 December 2001 have been passed by the board of directors of the company Transfer Sh.600, 000 to General Reserve. Provide for 4% final dividend and final preference dividend on shares issued and        Outstanding on 31 December 2001. Make a bonus issue of 200,000 fully paid ordinary shares from the retained profits        Account. Required: The appropriations account of XYZ Company Ltd. for the year ended 31 December 2001.                                        (6 marks)                                                                                                         (ii)  The balance sheet of XYZ Company Ltd. as at 31 December 2001.                                                                                (10 marks)                       

AFHNXF The Asker · Accounting

)     Explain the legal provisions regarding the establishment and subsequent use of the following reserves:

         (i) Share premium account.                                                                     (2marks)               

         (ii) Capital redemption reserve fund.                                                       (2marks)

                                             

XYZ Company Ltd. is a retail provider with an authorized share capital of

      800,000 Sh.20 ordinary shares and 250,000 8% Sh.20 redeemable preference shares.

 

The following financial information reflects the position of the company as at 31 December 2001 after preparing the Trading, profit and loss account:

 

 

Sh.

 

`000'

Provision for depreciation    Fittings

1,500,

                                          Motor vehicles

3,740

Goodwill

1,200

Issued share capital: 600,000 Sh.20 Ordinary shares

12,000

                                250,000 Sh.20 Redeemable preference shares

5,000

Share premium account

400

Trade debtors and prepayments

1,708

Land and buildings at valuation (Cost Sh.4, 400,000)

18,400

Capital redemption reserve fund

3,000

Fittings at cost

3,000

Motor vehicles at cost

7,940

10`% Debentures

1,600

Trade creditors and accruals

960

Short-term investments (Market value Sh.860,000)

7 8 0

Stock at 31 December 2001

2,960

Bank overdraft

540

Revaluation reserve

1,000

Net profit for the year

1,440

Retained profit at 1 January 2001

4,460

General Reserve

1,100

Provision for doubtful debts

48

Interim dividend paid - Ordinary

600

                                - Preference

200

 

The following resolutions relating to year ended 31 December 2001 have been passed by the board of directors of the company

Transfer Sh.600, 000 to General Reserve.

Provide for 4% final dividend and final preference dividend on shares issued and

       Outstanding on 31 December 2001.

Make a bonus issue of 200,000 fully paid ordinary shares from the retained profits

       Account.

Required:

The appropriations account of XYZ Company Ltd. for the year ended 31 December 2001.                                        (6 marks)                                                                                                      

 

(ii)  The balance sheet of XYZ Company Ltd. as at 31 December 2001.                                                                                (10 marks)                       

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WBEHB7

【General guidance】The answer provided below has been developed in a clear step by step manner.Step1/2(i)Appropriations Account for the year ended 31 December 2001:Sh.000Net Profit for the Year 1,440Transfer to General Reserve 600Interim Dividend - Ordinary (600,000 shares x 0.05) 300Interim Dividend - Preference (250,000 shares x 0.08) 200Proposed Final Dividend - Ordinary (600,000 shares x 0.04) 240Proposed Final Dividend - Preference (250,000 shares x 0.08) 200Bonus Issue of 200,000 fully paid Ordinary Shares 4,000Retained Profit at 31 December 2001 5,940Explanation:Please refer to solution in this step.Step2/2(ii)Balance Sheet of XYZ Company Ltd. as at 31 December 2001:AssetsNon-Current AssetsLand and Buildings (at valuation) 18,400 ... See the full answer

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