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QUESTION 2 Required: Journalise the transactions given below: On 1...

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Accounting

QUESTION 2
Required:
Journalise the transactions given below:
On 1 January 2022, Canada Ltd had the following equity accounts:
Share capital Ordinary ($30 PV, issued and outstanding 50000)
Share premium Ordinary
Retained Earnings 1500000
250000
600000
During the year the following transactions occurred:
1 Feb Declared a $1.00 cash dividend per share to shareholders of record on 15 February, payable on 1 March.
1 March Paid the dividends declared in February.
1 April Announced a 5-for-1 share split. Prior to the split, the market price per share was $35.
1 July Declared a 10% share dividend to shareholders of record on 15 July, distributable 31 July.
On 1 July, the market price per share was $8.
31 July Issued the shares for the share dividend.
31 Dec Declared a $0.50 per share dividend to shareholders of record on 15 December, payable 5 January 2021.
31 Dec Determined that the net income for the year was $350000.

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