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Calculate the opening balances for Ordinary Share Capital, Retained Earnings, SARS: Income Tax, and Shareholders for Dividends.

Accounting

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Step 1: Calculate the opening balances for Ordinary Share Capital, Retained Earnings, SARS: Income Tax, and Shareholders for Dividends.

  • Ordinary Share Capital (1 March 2024):
    • Authorised shares: 2,000,000
    • Shares in issue: 60%×2,000,000=1,200,00060\% \times 2,000,000 = 1,200,000 shares
    • Average issue price: R10.00 per share
    • Opening balance: $1,200,000 shares \times R10.00/share = R12,000,00
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