Bahwan engineering LLC is having 6,000 stocks of 12%, OMR2.250 par value, non-cumulative, redeemable preferred stock outstanding as on 1st Jan 2017. The company at the end of the year had excess profits and decided to announce dividends for preferred stock which was finally paid on 10th Jan. 208. what will be the journal entry for payment of preference dividend on the date of declaration? Dr. Preference Dividend Payable OMR 12,500 Cr. Bank OMR 12,500 Cr. Retained earnings OMR 12,500 Dr. Preference dividend Payable OMR 12,500 Dr. Preference Dividend OMR 1,620 Cr. Preference dividend payable OMR 1,620 Dr. Bank OMR 1,125 Cr. Preference Dividend Payable 1,125

Bahwan engineering LLC is having 6,000 stocks of 12%, OMR2.250 par value, non-cumulative, redeemable preferred stock outstanding as on 1st Jan 2017. The company at the end of the year had excess profits and decided to announce dividends for preferred stock which was finally paid on 10th Jan. 208. what will be the journal entry for payment of preference dividend on the date of declaration? Dr. Preference Dividend Payable OMR 12,500 Cr. Bank OMR 12,500 Cr. Retained earnings OMR 12,500 Dr. Preference dividend Payable OMR 12,500 Dr. Preference Dividend OMR 1,620 Cr. Preference dividend payable OMR 1,620 Dr. Bank OMR 1,125 Cr. Preference Dividend Payable 1,125

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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