The following information has been extracted from the

statement of #8274
The following information has been extracted from the statement of financial position of Aston
Products Ltd as at 30 April 20X1.Authorized share capitalEquity shares of 50p
each........................40006% preference share of £1
each..................1500.......................................................5500Allotted and called up share capital
Equity shares of 50p each .......................20006% preference shares of £1
each................1000.......................................................3000Retained
profits.....................................950There were no other reserves in the statement of financial
position at 30 April 20X1.You are given the following additional information relating to the year
ended 30 April 20X2.1. The company issued one million equity shares at a price of 75 pence
each on 1 January 20X2.2. The management have decided to revalue the land and buildings
that cost £400,000 at a value of £600,000.3. The profit before tax for the year ended 30 April
20X2 was £475,000.4. The income tax charge on the profit for the year ended 30 April 20X2
was estimated to be £325,000.5. There are no interim dividends during the year ended 30 April
20X2 but the directors have proposed a final dividend on the preference shares, and a dividend
of 10 pence each on the equity shares.6. The directors have agreed to transfer £350,000 to a
general reserve at 30 April 20X2.You are required to prepare in vertical form the statement of
comprehensive income for the year ended 30 April 20X2, a statement of financial position
extract at that date showing the composition of the equity and a statement of changes in
equity.View Solution:
The following information has been extracted from the statement of

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