Reference no: EM132536047
Question - 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 -
(a) Prepare journal entries to record the above dividend payments.
(b) Prepare the retained profits general ledger account.
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