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Illustrations of Accounting PoliciesA Ltd., has decided to change its policy of writing off borrowing costs to capitalizing the same. As at 31st December, 2003, the company had written off borrowing costs amounting to £200,000. During the year ended 31/12/04. The company reported profit for the period of £450,000 but after charging borrowing costs of £50,000. As at 31/12/03 the retained profits were £1,500,000. Other transactions were:-• Transfer from revaluation reserve on sale of PPE - £40,000• Transfer from retained profits to general reserve - £50,000• Interim dividends paid - £200,000Required: Prepare the statement of changes in equity extract for the year-ended 81/12/04
Retained profits
£
Balance as at 1.1.2004
1,500,000
Change in accounting policy
200,000
Balance as restated
1,700,000
Transfer from revaluation reserve on sale of PPE
40,000
Profit for the period (450,000 + 50,000)
500,00
Transfer to general reserve
(50,000)
Interim dividends paid
(200,000)
Balance as at 31/12/2004
1,990,000
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