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Question 8 Equity Required: Prepare journal entries to record items 1,2 and...

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Accounting

Question 8 Equity
Required:
Prepare journal entries to record items 1,2 and 3.
Date / Accounts Debit Credit
Show the note to the financial statements providing details of the movements in the Retained Earnings account during the year.Question 8- Equity
Huntless Ltd has the following items in its accounting records for the current year:
50,000$3 issued and paid up ordinary shares
Dividends declared and paid during the year $35,000
Transfer from Retained earnings to General reserve $12,000
Net profit for the year $35,000
Opening Retained earnings $50,000
Required:
Prepare journal entries to record items 1,2 and 3.
Show the note to the financial statements providing details of the movements in the Retained
Earnings account during the year.
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