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Dividends in publish financial statements

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Dividends in publish financial statements

  • This topic has 1 reply, 2 voices, and was last updated 12 years ago by MikeLittle.
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  • June 7, 2010 at 11:35 am #44509
    timeomna
    Member
    • Topics: 3
    • Replies: 0
    • ☆

    In TB for the year ended 31st March 2008
    Dividend received 210 Dividend paid 390.

    During the year, the company paid a final divided of 240,000 in respect of the year ended 31st March 2007; this was in addition to the interim dividend paid 1st September 2007 in respect of the year ended 31 March 2008.
    The directors have proposed a final dividend of 270,000.

    ?
    How to adjust above in profit and loss statement and in statement of changes in equity

    June 9, 2010 at 10:26 am #63606
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22705
    • ☆☆☆☆☆

    Dividend received is irrelevant to your question – I think. That will be shown as investment income in the I/S

    Dividend PAID will be in the TB as a debit – presumably it’s the 390 in your question.

    The proposed dividend of 270? Did the directors declare this BEFORE the year end? If not, it will be shown as a non-adjusting subsequent event.

    If they DID declare BEFORE the year end, it needs to be accrued as a current liability. The debit will be in the Statement of changes in Equity as an appropriation of this year’s profits together with the 390 interim dividend already paid.

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