Reference no: EM133145865
Question - Mongoose Ltd had the following balances on 1 July 2021:
Share capital (120 000 ordinary shares @ $2) $240,000
General Reserve $45,000
Retained Earnings $90,000
The following transactions and events occurred during the year ending 30 June 2022:
2021
3 August Paid a $15 000 dividend that had been declared by the directors on 30 June 2021. Mongoose Ltd recognises dividends when declared by the directors.
30 December Paid an interim dividend of $22 000
2022
25 March Declared a 1-10 bonus share issue at $2 each, using retained earnings.
30 June Mongoose Ltd calculated a profit after tax of $114 000. A final dividend of $20000 was declared and $15 000 was transferred to the general reserve from retained earnings.
Required -
1. Prepare journal entries in relation to the above transactions and events.
2. Prepare the Statement of Changes in Equity for Mongoose Ltd for the year ended 30 June 2022.
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