HA2032 Tutorial Questions On Corporate And Financial Accounting - Assignment 1

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Week 2 Question (10 marks)

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:

  1. Prepare journal entries to record the above dividend payments. (6 marks)
  2. Prepare the retained profits general ledger account. (4 marks)

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