Journalise the transactions given below: On 1 January 2020, Canada Ltd had the following equity accounts:...

 

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Journalise the transactions given below: On 1 January 2020, Canada Ltd had the following equity accounts: Share capital – Ordinary ($25 PV, 48 000 issued and outstanding) 1 200 000 Share premium - Ordinary Retained Earnings 200 000 600 000 During the year the following transactions occurred: 1 Feb Declared a $1 cash dividend per share to shareholders of record on 15 February, payable on 1 March. Paid the dividends declared in February. Announced a 5-for-1 share split. Prior to the split, the market price per share was $36. Declared a 10% share dividend to shareholders of record on 15 July, distributable 31 July. On 1 July, the market price per share was $7. Issued the shares for the share dividend. 1 March 1 April 1 July 31 July 31 Dec Declared a $0.50 per share dividend to shareholders of record on 15 December, payable 5 January 2021. Determined that the net income for the year was $350 000. 31 Dec Journalise the transactions given below: On 1 January 2020, Canada Ltd had the following equity accounts: Share capital – Ordinary ($25 PV, 48 000 issued and outstanding) 1 200 000 Share premium - Ordinary Retained Earnings 200 000 600 000 During the year the following transactions occurred: 1 Feb Declared a $1 cash dividend per share to shareholders of record on 15 February, payable on 1 March. Paid the dividends declared in February. Announced a 5-for-1 share split. Prior to the split, the market price per share was $36. Declared a 10% share dividend to shareholders of record on 15 July, distributable 31 July. On 1 July, the market price per share was $7. Issued the shares for the share dividend. 1 March 1 April 1 July 31 July 31 Dec Declared a $0.50 per share dividend to shareholders of record on 15 December, payable 5 January 2021. Determined that the net income for the year was $350 000. 31 Dec

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JOURNAL ENTRY DATE ACCOUNT TITLLES EXPLANATIONS DEBIT CREDIT 1 Feb Retained Ear... View the full answer