Where should dividends paid to ordinary shareholders be shown in a company’s published financial statements?
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1 .At 1 July 2015 a limited liability company’s capital structure was as follows: USD Share capital 1,000,000 shares of 50c each 500,000 Share premium account 400,000 In the year ended 30 June 2016 the company made the following share issues:1 January 2016: A bonus issue of one share for every four in issue at that date, using the share premium account.1 April 2016: A rights issue of one share for every ten in issue at that date, at USD1.50 per share.What will be the balances on the company’s share capital and share premium accounts at 30 June 2016 as a result of these issues?
A Share capital USD687,500; Share premium USD650,000 B Share capital USD675,000; Share premium USD375,000 C Share capital USD687,500; Share premium USD400,000 D Share capital USD687,500; Share premium USD150,000
2 .Which of the following statements are correct?(1) A company might make a rights issue if it wished to raise more equity capital.(2) A rights issue might increase the share premium account whereas a bonus issue is likely to reduce it.(3) A rights issue will always increase the number of shareholders in a company whereas a bonus issue will not.
A 1 and 2 only B 1 and 3 only C 2 and 3 only D All three statements
3 .Diamond issues 250,000 ordinary shares with a nominal value of USD2 each at a price of USD3.55 each for cash.Which of the following sets of entries would be made to record this transaction?
A Cr Bank USD887,500; Dr Share capital USD500,000; Dr Share premium USD387,500 B Dr Bank USD887,500; Cr Share capital USD250,000; Cr Share premium USD637,500 C Dr Bank USD887,500; Cr Share capital USD500,000; Cr Share premium USD387,500 D Cr Bank USD887,500; Dr Share capital USD250,000; Dr Share pre...
4 .The following balances have been extracted from Saracen’s trial balance at 31 December 2015: Debit Credit USD USD Retained earnings at 1 January 2015 4,695,600 10% Loan notes issued in 2012 1,300,000 Loan note interest paid 65,000 Profit for the year ended 31 December 2015 is USD520,000. Income tax for the year has been estimated at USD156,000.What is the figure for retained earnings in Saracen’s statement of financial position as at 31 December 2015?
A USD4,929,600 B USD4,994,600 C USD5,059,600D USD5,215,600
5 .Floyd made a rights issue of 150,000 USD1 ordinary shares at price of USD1.20 per share.What is the correct journal to record this?
A Dr Bank USD 180,000Cr Share capital USD150,000; Cr Share premium USD30,000 B Dr Bank USD 180,000Cr Share premium USD180,000 C Dr Bank USD 180,000Cr Share capital USD180,000 D Dr Bank USD 150,000Cr Share capital USD120,000; Cr Share premium USD30,000
7 .At 30 June 2015 a company had USD1m 8% loan notes in issue. Interest is paid half-yearly on 30 June and 31 December.On 30 September 2015 the company redeemed USD250,000 of these loan notes at par, and paid the interest due to that date.On 1 April 2016 the company issued USD500,000 7% loan notes at par. Interest is payable halfyearly on 31 March and 30 September.What figure should appear in the company’s statement of profit or loss for finance costs for the year ended 30 June 2016?
A USD88,750 B USD82,500 C USD73,750 D USD65,000
8 .The following information is available about a company’s dividends: USD 2014 September Paid final dividend for the year ended 30 June 2014 (declared August 2014) 600,000 2015 March Paid interim dividend for the year ended 30 June 2015 250,000 September Paid final dividend for the year ended 30 June 2015 (declared August 2015) 750,000 How should these dividends be recognised in the company’s profit or loss for the year ended 30 June 2015 and its statement of financial position as at that date?
A Profit or loss for the period USD1,000,000 deduction Statement of financial position USD750,000 liability B Profit or loss for the period USD850,000 deduction Statement of financial position USDnil C Profit or loss for the period USDnil Statement of financial position USD750,000 liability D Pro...
9 .Which of the following most closely describes the meaning of relevance in the IASB’s “Conceptual Framework for Financial Reporting”?
A It makes information provided in the financial statements useful to primary users B It ensures that accounting records and financial statements are free from bias C It provides a predictive or confirmatory value that can make a difference in a decision D It ensures that financial statements comply...
10 .Which of the following statements about accounting concepts are correct?(1) The entity concept requires that a business is treated as being separate from its owners.(2) The prudence concept means that the lowest possible values should be applied to income and assets and the highest possible values to expenses and liabilities.(3) The money measurement concept means that only assets capable of being reliably measured in monetary terms can be included in the financial statements.
A 1 and 2 only B 1 and 3 only C 2 and 3 only D All three statements
