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No. 7(a): Preparation of the Income Statement of Liontown Co-operative for the year ended 31st December, 2010: 
2 Comments
No. 6(a) (i): Calculation of direct materials consumed:  No. 6(a) (ii): Calculation of indirect materials used:  No. 5(b): Preparation of journal entries to record the issuance of the remaining ordinary shares and preference shares and the redemption of some of the debentures: Workings:
2. The remaining balance of preference shares = Authorized preference share capital – Issued preference share capital, i.e. 100,000 – 83,000 = 17,000 shares. There is no premium on the preference shares as they were issued at their par value of $1. Below are the journal entries to record the transactions of Aries Limited that took place on 1st April, 2011.
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