A The following items usually appear in the final financial

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a. The following items usually appear in the final financial statements of a limited company:i.
Interim dividend;ii. Authorized capital;iii. General reserve;iv. Share premium
account.Required:An explanation of the meaning of each of the above terms.b. The following
information has been obtained from the books of Drayfuss Ltd:Authorized capitol
.....................100,0008%£1 preference shores 400,00050p equity shoresRetained earnings - I
Apr 20X0...............................................................£355,000General
reserve...................................................................................£1 05,000Issued capital 80,000 8%
preference shores (fully paid) 250,000 50p equity shores (fully paid)Profit for the year to 31 Mar
20X1..............................................................£95,000The preference share interim dividend of 4
per cent had been paid and the final dividend of 4 per cent had been proposed by the directors.
No equity share interim dividend had been declared, but the directors proposed a final dividend
of 15p per share. The directors agreed to transfer £150,000 to general
reserve.RequiredPrepare the statement of changes in equity for the year ended 31 March 20X1.
Ignore taxation.View Solution:
A The following items usually appear in the final financial

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