The summarised balance sheet of Smith-Patel Ltd at 31 March 208 is given. On 1 April 208

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The summarised balance sheet of Smith-Patel Ltd at 31 March 20*8 is given.

On 1 April 20*8 Smith-Patel Ltd issued a further 200,000 £1 ordinary shares at £1.50. On the same date the company revalued the non-current assets at £750,000.

Required

Prepare a summarised balance sheet at 1 April 20*8 after the revaluation of non-current assets and the share issue.

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Introducing Accounting For AS

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Authors: Ian Harrison

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Question Posted: Aug 23, 2023 04:12 AM

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The summarised balance sheet of Smith-Patel Ltd at 31 March 20*8 is given. On 1 April 20*8

Question:

Non-current assets at cost Current assets Bank Current liabilities Shareholders' equity Ordinary shares of £1 each Retained earnings £ £ 500,000 100,000 20,000 120,000 70,000 50,000 550,000 400,000 150,000 550,000

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The summarised balance sheet of Smith-Patel Ltd at 31 March 208 is given. On 1 April 208