Answer to Question #288593 in Accounting for Sho

Question

Kd ltd began trading with an issued share capital of 6000000 ordinary shares. The issue price was 50 cents each. On 30 June 20.1 the end of the previous financial year ,the retained income account reflected a balance of 320000

On 31 December 20.1 ,after six months of trading in the current financial year, the first provisional tax payment of 105000 was made interim dividends of 2 cents per share were paid on that date.

At the end of the second accounting period on 30 June 20.2, the second provisional tax payment of 105000 was made.

After completion of the audit ,net profit for the year was calculated to be 720000, and the total income tax for the year was calculated to be 216 000 the directors authorized a final dividend of 5 cents per share

Required

Draft the following accounts in the ledger

Retained income

Shareholders for dividends

Dividends on ordinary shares

SARS (income tax)

Income tax

Appropriation account

Answer 1

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