Question 13 Which statement is true for journalising the payment A. Retained earnings is debited and Common Share B. Retained earnings is credited and Common Shar c. Cash is credited and Common Share Dividend Pa D. Cannot say a b Retained earnings is credited and Common Share Dividend Payable is debited Retained earnings is debited and Common Share Dividend Payable is credited Cash is credited and Common Share Dividend Payable is debited Cannot say d Question 14 Which statement is not true for a Sole Proprietorship A. It is a business entity B. It is a legal entity C. It has limited life D. Cannot say a b It is a business entity It has limited life It is a legal entity Cannot say C d