Multiple Choice
LMN Ltd declared an interim dividend on 12 February 2016 of 5 cents per share (500 000 issued shares) and paid it on 3 March 2016.
- The journal entry on 3 March 2016 would include:
A) Dr Interim dividend declared,$25 000.
B) Cr Cash,$25 000.
C) Cr Interim dividend payable,$25 000.
D) Cr Retained profits,$25 000.
Correct Answer:
Verified
Correct Answer:
Verified
Q34: Briar Ltd acquired short-term investments for $100
Q35: An issue of 50 000 shares at
Q36: When bonus shares are issued:<br>A) total assets
Q37: On 1 January 2016,Sky-High Ltd acquired 100
Q38: What percentage of shares,as a general rule,are
Q39: LMN Ltd declared an interim dividend on
Q40: A debit balance in the retained profits
Q42: XYZ buys a 24 per cent share
Q43: Springtown Ltd issued 10 000 ordinary shares
Q44: On 1 January 2016,Sky-High Ltd acquired 100