Reference no: EM131538012
Question: The authorised share capital of the Excelsior Machine Co. Ltd. is £250,000 divided into 60,000 5 per cent preference shares of £1 each and 190,000 ordinary shares of £1 each: 40,000 preference shares and 60,000 ordinary shares have been issued and fully paid.
The balances on the books on 31st December, 1961, before the appropriation of the balance on the Profit & Loss Account, are as follows:
Re-printed by courtesy of the Royal Society of Arts (R.S.A.).
The balances shown for Freehold Land and Buildings, Machinery and Plant, and Furniture, Fixtures and Fittings are the net amounts after providing depreciation on the diminishing value up to 31st December, 1961. From the accounts for these items it is ascertained that the cost of the assets now in existence was:
Freehold Land and Buildings £47,840
Machinery and Plant £232,980
Furniture, Fixtures and Fittings £10,570
No disposal of any of these assets has been made during the year. The directors are of the opinion that the market value of the Stock on hand and of the Trade Investments is in excess of cost. The market value of the Quoted Investments is £10,800. Out of the Profit & Loss Account balance it has been decided to:
(a) appropriate £8,000 by way of future tax reserve;
(b) increase the debenture redemption reserve to £5,000;
(c) set aside £5,000 against a possible increase in the prices of raw materials;
(d) pay a half-years dividend on the preference shares and propose a dividend of 12 per cent on the ordinary shares (both dividends less income tax at 7/9 in the £):
(e) carry forward the balance. Prepare for publication the Balance Sheet of the company as on 31st December, 1961.
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