The following selected accounts were taken from the December 31, 2020, trial balance of OCTO CORPORATION during your audit engagement with the corporation: Subscribed share capital P 1,250,000 Treasury shares, 600 shares, at cost 90,000 Unissued share capital 6,000,000 Share premium 180,000 Appropriation for plant expansion 500,000 Retained earnings 1,200,000 Authorized share capital – 100,000 shares 10,000,000 Subscriptions receivable 320,000 On your examination of the minutes of meetings of the board of directors revealed that on December 5, 2020, the company’s board declared a 10% cash dividend payable to shareholders and subscribers of record on December 20, 2010. The dividend checks are to be distributed on January 10, 2021. The company’s accountant has not recorded this dividend declaration. What is the amount of unrecorded dividend payable that must adjust in the book?
The following selected accounts were taken from the December 31, 2020,
Subscribed share capital P 1,250,000
Treasury shares, 600 shares, at cost 90,000
Unissued share capital 6,000,000
Share premium 180,000
Appropriation for plant expansion 500,000
Authorized share capital – 100,000 shares 10,000,000
Subscriptions receivable 320,000
On your examination of the minutes of meetings of the board of directors revealed that on December 5, 2020, the company’s board declared a 10% cash dividend payable to shareholders and subscribers of record on December 20, 2010. The dividend checks are to be distributed on January 10, 2021. The company’s accountant has not recorded this dividend declaration.
What is the amount of unrecorded dividend payable that must adjust in the book?
Answer in figures. ignore peso sign.
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