Assume that Lowprice Supermarkets is a limited company. It calculates its tax liability on the profit for
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Assume that Lowprice Supermarkets is a limited company. It calculates its tax liability on the profit for June at £11,000. Mr Tate, the managing director, declares a dividend of £8,000 from the remaining profit after tax. Any retained profit is to be transferred to the company’s reserves. Draft the appropriation account for June.
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