The following balances appeared in the ledger of bilal and Co. Ltd. on December 31,1282- 50,000...

 

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The following balances appeared in the ledger of bilal and Co. Ltd. on December 31,1282- 50,000 7% preference shares of Rs20 each 100,000 ordinary shares of Rs.10 each Retained earnings un-appropriated Rs.1,000,000 Rs.1.000.000 Rs.500,000. At this date the company decided as under:- (1) To declare cash dividend at 15% on ordinary shares. (ii) To declare normal dividend on preference shares for which ordinary shares at par were issued. (iii) (iv) To appropriate Rs.40 000 for contingencies. To appropriate Rs.60,000 for debenture redemption and (v) To appropriate Rs.30.000 for plant expansion. The company was informed by its bankers that cash dividend was collected on 64,000 ordinary shares and stock dividend was collected on 44,000 preference shares by December 31, 1989. REQUIRED 1 2 Give entries in General journal in proper form on the books of Shahid and Co. Ltd.to give sffect to the above decision, and Prepare a partial Balance Sheet of the above company as of December 31, 1982, after giving effect to the above decisions. b) The following balances appeared in the ledger of Aasel Company Ltd. on December 31st 2010 500,000 Ordinary shares of Rs.10/ each Rs.5,000,000/- Rs.1.400.000/- Retained earnings un-appropriated On this date the company decided as under: (1) To declare cash dividend at 15% on ordinary shares. (ii) To declare stock dividend at 10% on ordinary shares. (iii) To appropriate Rs.70.000/ for contingencies. (ix) The company was informed by its banker that cash dividend was collected by 400,000 ordinary shareholders on December 31st, 2010. REQUIRED Give entries in General journal in proper form on the books ofbilall Company Ltd.to give effect to the above decisions. The following balances appeared in the ledger of bilal and Co. Ltd. on December 31,1282- 50,000 7% preference shares of Rs20 each 100,000 ordinary shares of Rs.10 each Retained earnings un-appropriated Rs.1,000,000 Rs.1.000.000 Rs.500,000. At this date the company decided as under:- (1) To declare cash dividend at 15% on ordinary shares. (ii) To declare normal dividend on preference shares for which ordinary shares at par were issued. (iii) (iv) To appropriate Rs.40 000 for contingencies. To appropriate Rs.60,000 for debenture redemption and (v) To appropriate Rs.30.000 for plant expansion. The company was informed by its bankers that cash dividend was collected on 64,000 ordinary shares and stock dividend was collected on 44,000 preference shares by December 31, 1989. REQUIRED 1 2 Give entries in General journal in proper form on the books of Shahid and Co. Ltd.to give sffect to the above decision, and Prepare a partial Balance Sheet of the above company as of December 31, 1982, after giving effect to the above decisions. b) The following balances appeared in the ledger of Aasel Company Ltd. on December 31st 2010 500,000 Ordinary shares of Rs.10/ each Rs.5,000,000/- Rs.1.400.000/- Retained earnings un-appropriated On this date the company decided as under: (1) To declare cash dividend at 15% on ordinary shares. (ii) To declare stock dividend at 10% on ordinary shares. (iii) To appropriate Rs.70.000/ for contingencies. (ix) The company was informed by its banker that cash dividend was collected by 400,000 ordinary shareholders on December 31st, 2010. REQUIRED Give entries in General journal in proper form on the books ofbilall Company Ltd.to give effect to the above decisions.

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a Entries in General Journal To record cash dividend on ordinary shares Retained Earnings Unappropriated 75000 Dividend Payable Ordinary Shares 75000 ... View the full answer