Reference no: EM132898731
Fantastic Pte Ltd is a company selling mixers. The following financial information of the company as at 30 April 2020 are as follows:
Cash at bank 42,000
Inventories 16,000
Trade receivables 25,000
Allowance for impairment of trade receivables 9,500
Land 750,000
Office equipment 36,000
Accumulated depreciation - Office equipment 12,000
Trade payables 14,000
Provision for taxation 1,500
Provision for audit fees 7,000
Debenture Interest payable -
Debenture payable (issued at par, due in 2025) 50,000
200,000 ordinary shares 325,000
120,000 4% preference shares 150,000
General reserve 30,000
Land revaluation reserve 5,000
Retained earnings (1 May 2019) 43,000
Net profit before tax (before adjustments) 222,000
Additional information for the financial year ended 30 April 2020:
1. The auditors renegotiated their audit fees to $8,500 for the financial year.
2. The company engaged a consultant who valued the land at $800,000 as at 30 April 2020.
3. $20,000 worth of debentures were issued on 1 August 2019 with interest rate of 2% p.a. to be paid semi-annually on 1 August and 1 February each year. The debentures of $30,000 issued in the previous year had interest rate of 3% to be paid semi-annually on 1 January and 1 July each year. Debenture interest payments have been recorded except for accrual of debenture interest.
4. On 1 August 2019, the company declared and paid interim share dividends of 2 shares for every 10 shares at $1 per share. This has not been recorded.
5. On 1 January 2020, the company issued a rights issue of 1 for 4 shares at $1.20 per share and all ordinary shareholders existing on this date are eligible to apply. All the rights were fully subscribed and this has not been recorded.
6. Tax at 17% for the financial year has not been provided.
7. On 30 April 2020, the directors declared final dividends of $0.05 per share to its ordinary shareholders (where approval from shareholders are not required) and dividends on preference shares were declared and paid. These dividends have not been recorded.
Problem (a) Prepare the Statement of Financial Position (extract) for the equity section only as at 30 April 2020.
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