What is meant by accumulated fund

Reference no: EM131517466

Question: 1. The following information relates to the books of Randburg limited Balance of accounts in the general ledger of Randburg limited on 31 July 2014 are as Follows: Retained Earnings 1 August 2013 697400 Ordinary share capital 85000010% preference share capital 500000 Land and buildings 2595000 Equipment 245000 Replacement Reserve 85000Accumulated depreciation: Equipment 55000 Trading inventory 131000 Debtors control 87500 Allowance for credit losses 3000Bank 33500Petty cash 2900Investment: 10 000 ordinary shares in AA LTD 100000 Creditors control 31300 Mortgage loan 720000 Net profit before tax 253200 Additional information1. The company tax rate is 28%2. R15000 must be transferred to the replacement reserve.

2. Provide for the preference dividend at year end as well for a final dividend of 10c perOrdinary share issued. At 31 July 2014 there were 200 000 ordinary shares in issue.

3. Land and buildings were revalued from R2 595 000 to R2 900 000 during the pastFinancial year but this revaluation has not yet been recorded.

4. A fresh issue of 20 000 ordinary shares took place during the past financial year at anIssuing price of R5 per share. The issue has been properly recorded.RequiredPrepare the Statement of changes in equity for the year ended 31 July 2014

5. Educor sports club presented the following information to you about their income and receipts from their activitiesMembers subscriptions received in advance 1 January 2016 R50000Members subscription in arrears 1 January 2016 R10 000Subscriptions for the year R500 000Life membership fees R25 000Members subscription owing R10 000Members subscription prepaid R25 000

I. Prepare a members contribution account

II. Distinguish between a members contributions amounts and life membership fees

III. What is meant by accumulated fund

Reference no: EM131517466

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