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The following of balances are from the accounting records of Hillcrest Supplies...
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The following of balances are from the accounting records of Hillcrest Supplies Limited as at 1 April 2022:
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$
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Contributed Equity
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7,000,000
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Credit Balance
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Retained Earnings
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320,000
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Credit Balance
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Revaluation Reserve for Property plant and Equipment
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1,000,000
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Credit Balance
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Treasury Stock
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280,000
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Debit Balance
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Additional information for the year ended 31 March 2023:
· Additional ordinary shares were issued for $1.230,000
· Profit for the year is $2,725,720
· Dividends for the year $300,000
· Revaluation loss on land $900,000. The revaluation reserve $1,000,000 as at 1 April 2022 was in relation to previous revaluation of land
· Revaluation gain on financial assets available for sale $500,000