QUESTION 11 50 points Save Answer Dividends, reserves, retained earnings During the year ended 30 June 2022, the directo

Post by **answerhappygod** » Mon Mar 21, 2022 4:21 pm

: Question 11 50 Points Save Answer Dividends Reserves Retained Earnings During The Year Ended 30 June 2022 The Directo 1 (110.99 KiB) Viewed 30 times

QUESTION 11 50 points Save Answer Dividends, reserves, retained earnings During the year ended 30 June 2022, the directors of Jindabyne Ltd declared and paid an interim dividend of $18 000 out of retained earnings. At the end of the year the financial statements showed a profit (before tax) of $460 000 out of which the directors made the following reserve transfers and tax liability. $ 140 000 Income tax expense Reserves: Plant replacement General 40 000 102 000 The beginning balance of retained earnings was $15 000. Required a. Prepare journal entries relating to the above transactions. b. Prepare the retained Earnings account for Jindabyne Ltd for the year ended 30 June 2022. Complete Part (a) below: IMPORTANT: In the answer you provide, please write your number in the following format: 2560 (Do not write $2 560) - therefore, please don't include the dollar sign ($) or any spaces or commas in your numbers. Date Credit ($) Account names Debit ($) 2022
Date Account names Debit ($) Credit ($) 2022 (Declaring an interim dividend) 2022 (Payment of interim dividend) June 30 2022 (Recording income tax liability) June 30 2022
(Transfer to various reserves) Closing entries: June 30 2022 (Recording profit for the year after tax) June 30 2022 (Transfer profit to retained earnings) Complete Part (b) (the Retained Earnings T-account) below: IMPORTANT: In the answer you provide, please write your number in the following format in the Debit ($) and Credit ($) columns of the T-account: 2560 (Do not write $2 560) - therefore, please don't include the dollar sign ($) or any spaces or commas in your numbers. Retained Earnings Date Particulars (description of Particulars (description of Debit ($) Date Credit ($) transaction that occurred) transaction that occurred)
Complete Part (b) (the Retained Earnings T-account) below: IMPORTANT: In the answer you provide, please write your number in the following format in the Debit ($) and Credit ($) columns o the T-account: 2560 (Do not write $2 560) - therefore, please don't include the dollar sign ($) or any spaces or commas in your numbers. Retained Earnings Particulars (description of Date Debit ($) Particulars (description of Date Credit ($) transaction that occurred) transaction that occurred) 2022 Beginning balance of retained July earnings (Balance b/d) 2021 30 30 June June 2022 2022 30 June Balance c/d 2022 Total Debits ($) Total Credits ($) 1 July Balance b/d 2022