User Account

All Pages

Prepare the retained profits general ledger account

Assignment Help Financial Accounting
Reference no: EM132519258

The following data relates to ABC Ltd: 

  • Profit for the year ended 30 June 20X1, $500,000.
  • On 31 March 20X1, the directors decided to pay an interim cash dividend of $100,000.
  • On 7 April 20X1, the interim dividend was paid.
  • For final dividends, the company's constitution provides that the directors can recommend a dividend to be subsequently declared by a resolution of the members in a general meeting.
  • The directors recommended a final dividend of $250,000 to be paid.
  • The shareholders accepted the final dividend at the annual general meeting, and payment was made on 14 September 20X1.

Required:

Question (a) Prepare journal entries to record the above dividend payments.

Question (b) Prepare the retained profits general ledger account.

Reference no: EM132519258

Questions Cloud

How a price discriminating monopolist maximizes profit : Explain how a price discriminating monopolist maximizes profit. Most of the cases of discrimination involve services rather than goods.
What can you do to manage your digital footprint : What does privacy mean to you? What can you do to manage your digital footprint?
Derive the optimization condition of a profit-maximizing : Derive the optimization condition of a profit-maximizing firm that operates in a perfectly competitive markets.
Insisting on easing up the existing locked down : The Federal government in Pakistan is insisting on easing up the existing locked down in the country by this Monday 11th May 2020
Prepare the retained profits general ledger account : Prepare journal entries to record the above dividend payments. Prepare the retained profits general ledger account.The data relates to ABC Ltd
What do we have to do to protect the authentication system : What happens when we place the authentication system in our demilitarized zone (DMZ)-that is, in the layer closest to the Internet?
Construct the market demand and supply curve for labour : Construct the market demand and supply curve for labour, and mark the equilibrium wage and employment.
Managing information systems and technology : A variety of Customer Relationship Management (CRM) systems have integrated social media networks in an effort to be competitive
How digital investigators can enhance professional conduct : What is digital investigator professional conduct and why is it important? Provide examples of how digital investigators can enhance their professional conduct.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd