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Summary Owners Equity

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Accounting for transactions involving the owners of the entity affecting the SCE and EPS.

Institution
University Of Johannesburg (UJ)
Module
Accounting 200








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Institution
University of Johannesburg (UJ)
Module
Accounting 200
All documents for this subject (83)

Document information

Uploaded on
February 9, 2018
Number of pages
4
Written in
2016/2017
Type
Summary

Subjects

  • equity
  • bacc
  • 2nd year
  • acc200
  • uj

Content preview

Owner’s
equity
-

Residual
OWNERS CONTROL
interest in
a business
RETAINED EARNINGS
after
deducting
RESERVES @ HISTORICAL COST
all
liabilities
from assets




EQUITY vs LIABILITY

- Equity usually has no redemption or redeemed at board’s decision
- Liability redeemed at holder’s decision

SHARE CAPITAL vs RESERVES

- Share capital: Contributions by shareholders with no obligation to distribute funds
- No definition for reserves, they arise from transactions that do not involve actual
changes in equity.

Types of reserves

 Retained earnings
 Gains and losses i.e. Revaluation, mark
to market
 Statutory reserves

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