Zeus Ltd declared a final dividend to its shareholders at the Annual General Meeting on 31.12.2017...
Zeus Ltd declared a final dividend to its shareholders at the Annual General Meeting on 31.12.2017 of $1,200,000.
The amount was finally paid on 31.3.2018.
Required:
Prepare the Journal Entries for the declaration and distribution of the dividends in 2017 and 2018.
(10 marks)
Homework Answers
Answer:
1. Journal entry for the declaration of final dividends. (31.12.2017)
| Date | Account titles | Ref | Debit | Credit |
| 31.12.2017 | Retained earnings | $1,200,000 | ||
| Dividends payable | $1,200,000 | |||
| (final dividends declaired) |
* Retained earnings account will decrease by $1,200,000 and Dividends payable account will be created for an amount of $1,200,000
2. Journal entry for the payment of final dividends on 31.03.2018
| Date | Account titles | Ref | Debit | Credit |
| 31.03.2018 | Dividends payable | $1,200,000 | ||
| Cash | $1,200,000 | |||
| (final dividends paid) |
* Cash is decreased by $1,200,000 and Dividends payable account is closed now.
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