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Prepare the retained earnings account for jindabyne ltd

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Reference no: EM132956945

During the year ended 30 June 2019, the directors of Jindabyne Ltd declared and paid an interim dividend of $18 000 out of retained earnings. At the end of the year the financial statements showed a profit (before tax) of $460 000 out of which the directors made the following reserve transfers and tax liability.

Income tax expense $140000
Reserves:
Plant Replacement $40000
General $102000

The beginning balance of retained earnings was $15 000.

Required

Problem 1: Prepare journal entries relating to the above transactions.

Problem 2: Prepare the Retained Earnings account for Jindabyne Ltd for the year ended 30 June 2019.

Reference no: EM132956945

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