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Prepare journal entries to record the dividend transactions

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Reference no: EM132728698

Wellington Ltd had the following equity accounts at 1 July 2016.

Share capital, 100,000 fully paid shares $300,000

Revaluation surplus 60,000

Retained earnings 150,000

The following transactions occurred during the year ended 30 June 2017.

15 Aug Final dividend for the year ended 30 June 2016 of 15c a share was declared

1 Oct Paid final cash dividend.

6 Jan Wellington Ltd declared an interim share dividend of 12%. The shares were to be issued at $3 per share.

15 Mar Shares were issued as dividends. The value of each share was $3.

30 Jun $12,000 was transferred to general reserve.

Required

Problem 1: Prepare journal entries to record the dividend transactions and the transfer to general reserve.

Reference no: EM132728698

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