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Record the declaration of dividends on November

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Reference no: EM132645362

Question - Fed Ltd has the following authorized share capital: Authorized:

900 000 Ordinary shares

500 000 12% Preference shares

The issued share capital at 31 December 2019 is as follows:

400 000 Ordinary shares at R1,00 each, and

200 000 12% Preference shares at R2, 00 each

Of the issued share capital, the following shares were issued on the 30 June 2019 and have been correctly recorded:

100 000 Ordinary shares at R1, 00 each, and

50 000 12% Preference shares of R2,00 each

On 30 November 2019 directors declared an ordinary dividend of 50 cents per share payable to all shareholders on 31 December 2019.

Required - Show general journal entries to record the declaration of dividends on 30 November 2019 and the subsequent payment of dividends on 31 December 2019.

Show dates on which the Journal entries will be recorded. Include a brief narration.

Reference no: EM132645362

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