Homework Answers
Declaring a Cash dividend means the company want
to distribute his profit to there shareholders. For
dividend payment company first declare the dividend and thereafter
some times it will pay as per the record date of
dividend.
When the Company declare the dividend (In month of March) than entry is passed as below
Retained Earning Account Debit
To Dividend Payable Account Credit
so this entry will create the liability of dividend and our retained profit will reduced from the same amount.
At the time of payment of Dividend entry(In month of April) will pass as below,
Dividend Payable Account Debit
To Cash Credit
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12-6
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12-6
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