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Question - Mr. Naidu has provided the following extract of the equity section from his company's statement of financial position:
2020
2019
Share Capital
$3,750,000
$3,600,000
General Reserve
$600,000
$100,000
Asset Revaluation Surplus
$1,040,000
$240,000
Retained Profits
$500,000
$680,000
$5,890,000
$4,620,000
Additional information -
(a) The company issued 100,000 shares at $1.50 each during the year.
(b) Profit for the year was $350,000.
(c) Dividends paid during the year were $30,000.
(d) A transfer of $500,000 was made from retained earnings to general reserve during the year.
(e) Land was revalued by $800 000 during the year.
Required - Make the statement of changes in equity for this company for the year ended 30 June 2020?
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