Reference no: EM132539051
Question - FG Company has the following capital structure at the beginning of the year:
Share capital-preference 6%, sh.50 par value, 20,000 shares authorized, 6,000 shares issued and outstanding sh. 300,000
Share capital-ordinary, sh.10 par value, 60,000 shares authorized, 40,000 shares issued and outstanding 400,000
Share premium-ordinary 110,000
Retained earnings 440,000
Total equity sh.1, 250,000
Required -
(a) Record the following transactions which occurred consecutively (show all calculations).
1. A total cash dividend of sh.90, 000 was declared and payable to shareholders of record. Record dividends payable on ordinary and preference shares in separate accounts.
2. A 10% ordinary share dividend was declared. The average fair value of the ordinary shares is sh.18 a share.
3. Assume that net income for the year was sh.150, 000 (record the closing entry) and the board of directors appropriated sh.70, 000 of retained earnings for plant expansion.
(b) Construct the equity section of FG Company after incorporating all the above information.
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