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Question 5 36.5A Futurescope Ltd has an authorised capital of 200,000 3% preference shares of...

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Question 5 36.5A Futurescope Ltd has an authorised capital of 200,000 3% preference shares of 1 each and 500,000 ordinary shares of 50p each. After preparation of the income statement for 2020, the following balances remained in the ledger: 000 Share capital: fully paid-up: Preference 20 Ordinary 130 Loan notes 116 Share premium account 78 General reserve 30 Retained profits at 1 January 2020 282 Net profit for 2020 43 Non-current assets 612 Current assets 191 Accounts payable 104 The directors recommend: that 12,000 be transferred to general reserve, (1) payment of the preference dividend, (iin an ordinary dividend of 10 pence per share. Required: Prepare a statement of changes in equity for 2020 and a balance sheet as at 31 December 2020. 3

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