Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. uestion one from the information given below, you

uestion One From the information given below, you are required to prepare a profit and...

60.1K

Verified Solution

Question

Accounting

uestion One From the information given below, you are required to prepare a profit and loss appropriation accounts for the first three years for Dambo Limited, a company based in Lusaka. a) Ordinary share capital of 40 000 ordinary shares of K1.00 each and 20 000 5% preference shares of K1.00 each. b) Corporation Tax based on the net profits of each year, is: 2004 K4 100 2005 K5 250 2006 K 6 300 c) Transfers to reserves are made as follows: 2004 nil, 2005 general reserve K1 000, and 2006, fixed asset replacement reserve, K2 250. d) Dividends were proposed for each year on the preference shares at 5 % and on the ordinary shares at: 2004, 10%; 2005, 12.5%; and 2006, 15%. e) The net profits for the first three years of business ended 31 December are: K10 967, K14 864 and K15 822, respectively.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

When does homologous recombination occur?Meiosis IICytokinesis IICytokinesis IMeiosis I

Biology
Q

Many businesses in recent years have shifted their energy needs from traditional oil/gasoline to traditionally cheaper,...

Operations Management
Q

Identify and discuss the five models of affirmative action that are examined in research by David...

Psychology
Q

Arrivals were asked 29 questions including name occupation and the amount of money carried Those...

Biology
Q

Two metal cubes with 3 cm edges of copper and aluminium are arranged as shown...

Physics
Q

Ashlynn heard that as a general rule she should spend no more than on week...

Geometry
Q

Suppose a jar contains 7 red marbles and 20 blue marbles If you reach in...

Statistics
Q

For what values of x is f x x a function

Algebra
Q

could someone help me fill in the following data with explanations. ...

Accounting
Q

Which of the following does NOT need to be performed prior to accepting a new...

Accounting
Q

Problem 3-16 Comprehensive Problem [LO3-1, LO3-2, LO3-4] Gold Nest Company of Guandong, China, is a...

Accounting
Q

Jason Archer is the CEO of JCPenney. Because Jasons bonus is based on the companys...

Accounting