The following information relates to the Equity section of Bailey Ltd, for the year ended 30...

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The following information relates to the Equity section of Bailey Ltd, for the year ended 30 June 2021. 2021 2020 4 050 000 3 600 000 680 000 400 000 700 000 600 000 900 000 5 500 000 Share Capital Asset Revaluation Surplus General Reserve Retained Earnings 850 000 6 280 000 Additional Information 1. Bailey issued 300 000 shares at $1.5 each during the year 2. Profit for the year was $350 000 3. Dividends paid during the year were $300 000 4. A transfer of $100 000 was made from Retained Earnings to General Reserve 5. Land was revalued by $400 000 during the year 6. Tax rate is 30% Required Prepare the statement of Changes in Equity for Bailey Ltd, for the year ended 30 June 2021, in accordance with AASB101. (10 marks) The following information relates to the Equity section of Bailey Ltd, for the year ended 30 June 2021. 2021 2020 4 050 000 3 600 000 680 000 400 000 700 000 600 000 900 000 5 500 000 Share Capital Asset Revaluation Surplus General Reserve Retained Earnings 850 000 6 280 000 Additional Information 1. Bailey issued 300 000 shares at $1.5 each during the year 2. Profit for the year was $350 000 3. Dividends paid during the year were $300 000 4. A transfer of $100 000 was made from Retained Earnings to General Reserve 5. Land was revalued by $400 000 during the year 6. Tax rate is 30% Required Prepare the statement of Changes in Equity for Bailey Ltd, for the year ended 30 June 2021, in accordance with AASB101. (10 marks)

Answer rating: 100% (QA)

Statement of Changes in Equity for Bailey Ltd For the year ended 30 June 2021 S... View the full answer