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Category > Accounting Posted 20 Sep 2017 My Price 8.00

Eagle Boatbuilders Ltd

The 'capital and reserves' section of the published Balance Sheet of Eagle Boatbuilders Ltd, as at 31 December, 19-2 was as follows:

The directors are anxious to increase the company's funds by £500,000 during 19-3. During the year, the company earns a profit of £400,000 {after providing £100,000 for depreciation). There have been no other sources and no applications of funds during the year, but the usual dividend of 20% has not been paid. As at 31 December 19-3, the Directors are considering the following changes in the company's capital:

Either

(a) a rights issue on the basis of one share for each five already held at a premium of 25p

(b) a bonus issue on the basis of one share for each four already held.

Required:

(a) Pro-forma Balance Sheet (capital and reserve section only) as at 31 December, 19-3 for each of the two alternatives, i.e. after making (i) the rights issue, (ii) the bonus issue.

(b) The maximum dividend the directors could declare in each case if their objective of increasing the company's funds by £500,000 is to be achieved. Explain how you calculate the maximum dividend in each case.

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Sep 2017 02:09 PM My Price 8.00

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