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Macy Berhad has issued share capital of 5,000,000 ordinary shares of RM0.50 each and 200,000 6% preference shares of RM2 each, in addition to borrowing in the form of 5% debentures totaling RM1,000,000.
The board of directors are now recommending a 5% final dividend to be paid to ordinary shareholders and to pay dividends to preference shareholders. No interim dividends have been paid. Applicable tax rate is 25%.
Interest on debenture s paid during the year was RM25 ,000. The remaining interest on debentures is still outstanding at year-end.
Required:
A. Show the necessary journal entries of the above dividend and debenture interest transactions. (Show all workings)
B. Prepare the Statement of financial position extract to show the above position as at year-end.
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