Reference no: EM132855366
Question 1 - TTG Bhd had the following transactions pertaining to its ordinary shares during the first year of operations.
1 Jan Issued 80,000 shares for cash at RM6 per share.
1 Mar Issued 5,000 shares to lawyer in payment of a bill for RM40,000 for services rendered in helping the company to incorporate.
1 July Issued 30,000 shares for cash at RM8 per share.
1 Sep Issued 60,000 shares for cash at RM10 per share.
REQUIRED - Prepare the journal entries to record the transactions.
Question 2 - Savonn Bhd has outstanding 3,000,000 ordinary shares. The balanced in its contributed share capital and retained earnings accounts at 1 January 2019 were RM60,000,000 and RM24,000,000, respectively. During 2019, the company's net income was RM4,700,000. A cash dividend of RM0.60 per share was declared on 5 May 2019, and was paid on 30 June 2019. A 6% share dividend was declared on 30 November 2019, and distributed to shareholders of record on 31 December 2019. The market price of the shares has been as follows:
31 October 2019 RM31
30 November 2019 RM34
31 December 2019 RM38
REQUIRED -
(a) Prepare the journal entries to record the declaration and payment of the cash dividend and the share dividend.
(b) Prepare the Statement of Changes in Equity for the year ended 31 December 2019.
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