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Prepare the statement of changes in equity for the company

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Reference no: EM132937183

Statement of Comprehensive Income & Changes in Equity

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.

Problem 1: Prepare the statement of changes in equity for this company for the year ended 30 June 2020

Reference no: EM132937183

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