Usually short-term and unsecured. Payable - The dividend recommended to the general meeting. This is not a legal debt until approved by the general meeting. Statement is like a movie. Revenue may be recognised before the receipt of cash.
Retained profits is transferred to the balance sheet.
There are two components to every transaction. We will not look at journals or ledgers in detail. A worksheet consists of as many columns as you need. Each row in the worksheet represents one transaction. To overcome this problem accountants use a journal and a ledger.