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PACC6004 Financial Accounting

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Question:

The equity of Newcastle Ltd at 30 June 2017 consisted of:
120,000 12% redeemable preference shares,
issued at $1.50 each, fully paid 180,000
200,000 “A” ordinary shares, issued at $2.90 each, called to $2.00 400,000
180,000 “B” ordinary shares, issued at $3.80 each, fully paid 684,000
Share issue costs (35,000)
Calls in advance (at 90c) 45,000
Share options issued at 70c each 70,000
General reserve 190,000
Contingencies reserve 60,000
Retained earnings 220,000

During the year ended 30 June 2018, the following transactions occurred: 4 Jul A 1-for-6 bonus share issue was made to “B” ordinary shareholders valued at $4.00 each from general reserve. The shares did not rank for dividend until 2018.
12 Sep The preference dividend of 18 cents per share and the final ordinary dividend of 15 cents and 20 cents per share for “A” and “B” shares respectively, all declared on 30 June 2017, were paid. No shareholder approval was required.

30 Sep The holders of 60,000 share options exercised their options. Each option allowed the holder to subscribe for one “B” ordinary share at an exercise price of $3.50 per share. The remaining options lapsed. All money was received by 7 October 2017. The shares did not rank for dividend until June 2018.

2 Jan The final call was made on the partly paid “A” ordinary shares.16 Jan All call money was received by this date, except for 17,000 shares.20 Jan The 17,000 shares on which the call was unpaid were forfeited. 31 Jan The forfeited shares were reissued, credited to $2.90, for $2.50 cash per share. Costs of forfeiture and reissue amounted to $300. The balance in the forfeited shares account was refunded to the former shareholder.8 Feb The redeemable preference shares were redeemed out of Retained earnings at a premium of 10 cents per share.

28 Feb An interim ordinary dividend of 10 cents and 14 cents per share for “A” and “B” shares respectively was paid.
17 Mar An on-market buy-back scheme was undertaken to repurchase 10% of the company’s “A” ordinary shares for $3.10 per share. The incidental cost was $4,000. The share buy-back was accounted for by writing off 

$58,000 against the related share capital and the balance to retained earnings.30 Jun The profit for the year after income tax expense was $260,000.The directors resolved to transfer $35,000 from retained earnings to general reserve, and to transfer $60,000 from a previously created contingencies reserve back to retained earnings.A final ordinary dividend of 12 cents and 16 cents per share for “A” and “B” shares respectively was declared. No shareholder approval was required.
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