The following transactions took place during the year ended 31 December 2020:On 1 March 2020, a dividend of RM0.16 per share was paid. Total number of ordinary shares held at that date was 148,000 shares.On 1 April 2020, a bonus issue of 1 share for every 10 ordinary shares held was made.On 1 November 2020, 10,000 new shares were issued at RM1.40 each. All shares were subscribed for and fully paid.On 1 December 2020, freehold land (included in property, plant and equipment) was revalued upwards by RM15,000 and the income tax expense for the year has been estimated at RM13,100. Required:Prepare the statement of changes in equity for the year ended 31 December 2020, showing the profit for the year as the balancing figure. The total assets and total liabilities of Nani Berhad as at 31 December 2020 wasas follows:2020Non-current assetsRMProperty, plant and equipment367,000Current assets26,00079,520InventoriesTrade receivablesCash at bank and in handnilTotal assets472,520Non-current liabilitiesnilCurrent liabilitiesTrade payables65,12042,000107,120Bank overdraftTotal liabilitiesThe equity of Nani Berhad at 31 December 2019 was as follows:RMOrdinary share capitalRevaluation reserveRetained earningsTotal equity148,00045,00092,400285,400

Stockholders' equity represents the shares of the company held in hands of the shareholders of the…

The following transactions took place during the year ended 31 December 2020: On 1 March 2020, a dividend of RM0.16 per share was paid. Total number of ordinary shares held at that date was 148,000 shares. On 1 April 2020, a bonus issue of 1 share for every 10 ordinary shares held was made. On 1 November 2020, 10,000 new shares were issued at RM1.40 each. All shares were subscribed for and fully paid. On 1 December 2020, freehold land (included in property, plant and equipment) was revalued upwards by RM15,000 and the income tax expense for the year has been estimated at RM13,100.

The following transactions took place during the year ended 31 December 2020: On 1 March 2020, a dividend of RM0.16 per share was paid. Total number of ordinary shares held at that date was 148,000 shares. On 1 April 2020, a bonus issue of 1 share for every 10 ordinary shares held was made. On 1 November 2020, 10,000 new shares were issued at RM1.40 each. All shares were subscribed for and fully paid. On 1 December 2020, freehold land (included in property, plant and equipment) was revalued upwards by RM15,000 and the income tax expense for the year has been estimated at RM13,100.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 89E: Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and...

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