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Category > Accounting Posted 08 Dec 2017 My Price 10.00

amount payable as dividends on 31 December 2016

On 1 January 2016, Rainy Storms Ltd was registered with an authorized share capital of 250 000 ordinary shares and 100 000 10% preference shares. The incorporators of the company subscribed to 20% of the ordinary shares at R1,00 per share and paid in full.

On 30 April 2016, Rainy Storms Ltd offered 40% of the authorized ordinary share capital and 15 000 preference shares to the public at R2,50 and R2,80 per share respectively. CloudyBank was appointed as the underwriter for the issue of shares at a commission of 1%.

On 15 May 2016, the closing date for the applications, 125 000 ordinary and 15 000 preference shares were applied for by the public.

On 31 May 2016, all of the shares offered to the public were allotted by the board of directors and the underwriter’s account was settled in full.

During the board meeting on 31 December 2016, the directors declared an ordinary dividend of R0,20 per share. The dividends were paid on 2 January 2017.7.

 

Which one of the following alternatives represents the amount payable as dividends on 31 December 2016?

1. R32 450

2. R34 200

3. R30 000

4. R31 450

Answers

CourseLover
(12)
Status NEW Posted 08 Dec 2017 02:12 PM My Price 10.00

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