Rekan CRA Co. STATEMENT OF FINANCIAL POSITION of the Milton Keynes Co. As at 31/12/20X3 (EXTRACT) Share

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Rekan CRA Co.

STATEMENT OF FINANCIAL POSITION of the Milton Keynes Co. As at 31/12/20X3 (EXTRACT)

Share capital (50c) $10,000

Share premium. $7,000

Retained earnings. $8,000

25,000

Rekan CRA Co. decided on a bonus issue of shares of 1 for 4 and will use the share premium account for this purpose.

You are Required

What is the double entry to record the bonus issue of shares and what is the adjusted financial position extract after the bonus issue?

Posted Date: Dec 03, 2021 10:25 PM

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Rekan CRA Co. STATEMENT OF FINANCIAL POSITION of the Milton Keynes Co. As at 31/12/20X3 (EXTRACT) Share

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Expert Answer:

Before the bonus issue the total number of shares was 1000005 20000 shares As a result ... View the full answer

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