HI5020 Online Exam On Corporate Accounting

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Question 1 (10 marks)

Prepare general journal entries to record the following unrelated transactions of a limited company:

Payment of an interim dividend of $400,000 (in cash).
Declaration of a final dividend of $840,000.
Transfer of $240,000 to the general reserve from retained earnings.
Payment of 600,000 bonus shares, fully paid at $1 per share from a general reserve.
Issued 500,000 shares for $30,000,000 by a private placement.

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