Reference no: EM132635151

Question - Angelica Limited has approached you for assistance with regards to certain transactions. The following balances were taken from the records of Angelica for the financial year 30 June 20.19

Ordinary share capital (400 000 no par value shares) 210 000

Retained earnings 65 000

Receiver of Revenue: Income tax (Cr) 11 400

The following transactions (among others):

Date Transactions

1 July 20.19 A further 100 000 ordinary shares were offered to the public at 70 cents per share. The issue was underwritten by Enoch Limited for a commission of 5%. Applications were received for 40 000 shares and were issued at that date.

12 September 20.19 Received the income tax assessment from the Receiver of Revenue for R10 000. The amount due to the Receiver of Revenue was paid on that date.

18 December 20.19 Angelica Limited made a first provisional income tax payment of R34 000.

20 June 20.20 Angelica Limited made a second provisional income tax payment of R36 000.

30 June 20.20 Angelica Limited made a profit before tax for the year ended 30 June 20.19 of R170 000. The taxable profit was calculated to be R160 000.

30 June 20.20 An ordinary dividend of 5 cents per share were declared.

The income tax rate is 28% and the dividend tax rate 20%.

REQUIRED - Make the journal entries to record the above transactions of Angelica Limited for the year ended 30 June 20.20.