The following information relates to Miles Limited for the year ended 31 December 20X1: MILES

The following information relates to Miles Limited for the year ended 31 December 20X1:

MILES LIMITED DRAFT RESULTS OF OPERATIONS

 

20X1

20X0

 

C

C

Profit before tax

503 000

403 000

Income tax expense

-200000

(180 000)

Profit after tax

303 000

223 000

Preference dividends declared

(3 000)

(3 000)

Ordinary dividend declared

-30000

(30 000)

Retained earnings for the year

270 000

190000

Additional information:

• The balances in equity at 1January 20X0 comprised:

• 1 000 000 ordinary shares of C0.20 each;

• 10 000 10% non-cumulative non-redeemable preference shares of C3 each;

• Share premium of C290 000; and

• Retained earnings of C60 000.

• In terms of an agreement with the bank the company has undertaken to have a capitalization issue in order to capitalize excess reserves. In accordance with this agreement, there was a capitalization issue of 1 for every 2 shares held on 1July 20X1.

• There are no components of other comprehensive income.

Required:

Prepare extracts from the statement of comprehensive income, statement of changes in equity and related notes of Miles Limited in terms of International Financial Reporting Standards for the year ended 31 December 20X1.

Comparatives are required.

 

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