Suppose that the results of the accounting cycle in 31.12.2022 for one of the joint-stock companies showed a net profit. The company's general assembly approved the distribution of these profits in accordance with the applicable laws and the company's statute and based on the proposal of the company's board of directors. The deduction of 10% and 10% as a Mandatory reserve and a voluntary reserve, respectively. Also, a deducting 5% of the expansion reserve. Further, based on The Companies Law and the Articles of Association, the dividend to shareholders by cash is determined to be 5% based on the capital of 8 million dinars. Moreover, the board of directors remuneration percentage is 10% of the net profit after deductions.

Requirements:

Use your last seven numbers of ID as net profit of the company and answer the following:

1. Preparing the draft distribution account provided by the Board of Directors?
2. Record the entries in the books of the company?
3. Organizing the profit and loss distribution account?

My ID:220101100162