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Retained earnings




Retained earnings;At 1 July 2013, the balance in the Retained Earnings account of Daisy Ltd was $2000000. During the year ended 30 June 2014, the following events occurred;1. Directors paid an interim ordinary dividend of $400000 during the period, and declared a;final ordinary dividend of $460 000. A dividend was declared on the preference shares. The company?s share capital comprises 600 000 8% preference shares issued for $1.50 per share and 350 000 ordinary shares fully paid at $2 per share.;2. Profit for the year was $1 750 000.;3. All buildings were to be revalued on 30 June 2014 from a carrying amount of $2800000;(original cost of $5000000) to $6500000. Depreciation has already been charged up to 30 June 2014.;4. Directors resolved to transfer $720 000 to a general reserve, and to transfer $1 800 000 from a;previously created plant maintenance reserve back to retained earnings.


Paper#79578 | Written in 18-Jul-2015

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