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Yüksel A.Ş., of which our company had previously purchased and was a 20% shareholder, made a profit of TL 500,000 on 15.03.2021 and announced to the public that it would distribute 30% of the profit to the shareholders in cash. explained. Show the journal entry that our business should make accordingly

Yüksel A.Ş., of which our company had previously purchased and was a 20% shareholder, made a profit of TL 500,000 on 15.03.2021 and announced to the public that it would distribute 30% of the profit to the shareholders in cash. explained. Show the journal entry that our business should make accordingly

FINANCIAL ACCOUNTING
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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. Yüksel A.Ş., of which our company had previously purchased and was a 20% shareholder, made a profit of TL 500,000 on 15.03.2021 and announced to the public that it would distribute 30% of the profit to the shareholders in cash.
explained. Show the journal entry that our business should make accordingly.

Expert Solution
Step 1

 

 

Retained Earning            Dr       30000

   To Dividend Payable                          30000

(Being 30% of The profit would be payable to shareholder as dividend)

 

 

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