QUESTION FOUR

$[25]$

Success Limited registered with the CIPC and the Certificate of Commencement was issued on $1$ July $2022.$ Authorised share capital was granted as follows:

$900000$ Ordinary shares of R$2$ each, and

$40000010\%$ Preference shares of R$5$ each

The following transactions took place for the year ended $30$ June $2023.$

$\backslash$table$[[\frac{2022}{4\text{J}\text{u}\text{l}\text{y}},\backslash$table$[[$The Founders resolved to purchase $100000$ Ordinary shares at R$2$ each and$],[2000010\%$ Preference shares at R$5$ each. The share certificates for the Ordinary$],[$shares and the $10\%$ Preference Shares were issued to the Founders as agreed.$]]],[7$ July,Upon receipt of the share certificates, the Founders paid in full as resolved.$],[2$ Sept,$\backslash$table$[[$The Company offered $100000$ Ordinary shares at R$2$ each to the public. The$],[$closing date for applications was $2$ December $2023.]]],[2$Dec,$\backslash$table$[[$Application for $110000$ ordinary shares were received from the public with their$],[$application monies and the regulatory application documents.$]]]]$

$\backslash$table$[[($continued$)],[30$ Dec,Shares were allotted to successful applicants.$],[2023,\backslash$table$[[$Unsuccessful applicants were refunded their application monies. The company$],[$paid R$7300$ in respect of share issue expenses.$]]],[1$ May,$\backslash$table$[[$Ordinary dividends of $10$ cents per share were declared by the Directors after$],[$approval by the shareholders at the annual general meeting. Dividends were$],[$payable on $10$ June $2023.]]],[10$ June,Dividends due to shareholders were paid.$],[30$ June,$\backslash$table$[[$Record the income tax expense that was calculated at R$124800$ for the$],[$current financial year. Provisional tax payments have not been made.$]]],[30$ June,$\backslash$table$[[$Record the closing entry at end of the financial year for the Share issue$],[$expenses of R$7300]]]]$

Required:

Prepare general journal entries to record all the relevant transactions regarding the issue of shares during the current financial year ended $30$ June $2023.$ Include general journal entries for the declaration and payment of dividends, the income tax expense, the payment of dividends as approved, and the year$-$end closing entry for the share issue expenses.

NB: You are required to also record the date and a short narration for each transaction