A Limited Liability Company (LLC) or Limited Company establishes on the basic of common stocks.
When the company needs more capital, it issues preferred stocks.
The company has to pay some profit percentage on pro rata to its stockholders (shareholders).
This distributed profit percentage is known as dividends.
Accumulated profit is transferred to retained earnings.
The company pays dividends from the retained earnings.
Dividends are NOT expenses; therefore, they are not shown in the income statement.
Dividends are recorded or shown in retained earnings or profit and loss appropriation account.
Generally, the company pays dividends in cash but sometimes it pays in the form stock (share).
When the company pays dividends in stocks, it is known as stock dividends.
Types of dividends
There are two types of dividends; they are:
Cash dividends
Stock dividends
Dividend is the reward of investment in shares or stocks.
Cash dividends (usually referred to as dividends) are a distribution of the corporation’s net income.
Generally, dividend is paid from profits earned by the company.
There are two types of cash dividend; they are interim dividend and final dividend.
Dividends are not expenses for the company; they will not appear in the income statements.
They are distributed from profit; so, they are recorded in retained earnings.
The company never distributes entire profits to its stockholders as dividend.
Company transfers profits to general reserve, capital reserve, sinking fund, dividend equalization fund etc.
New established or growing company may pay no dividends at all.
Before distributing cash dividend to its stockholders, the company’s board of directors must declare a dividend.
When the board declares dividend date, it is known as the declaration date.
On this date, the liability for the dividend is created.
Legally, the company must have a credit balance of retained earnings to declare cash dividend.
Practically, the company must have cash balance to pay the dividend.
There must be remaining cash balance to meet payment of current liabilities and some reserves.
The company first declares dividends at its annual general meeting (AGM).
Then, the company fixes dividends payable date.
Finally, the company pays dividends in certain date.
Here, time lags are:
Declaration date (suppose 20th March) = approved at the AGM
Recording date (suppose 5th April) = recording in the shareholders register
Payment date (suppose 15th April) = payment made to shareholders
Journal Entry
In the book of ABC Company Ltd
Date |
Particulars |
|
LF |
Amount Dr |
Amount Cr |
Mar 20 |
Declaration of dividend |
|
|
|
|
|
Retained earnings account |
Dr |
|
xxxx |
|
|
To Dividend payable account |
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|
|
xxxx |
|
(Being: BOD declared dividend on…….) |
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Apr 5 |
Recording date |
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No journal entry |
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Apr 15 |
Dividend paid |
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Dividend payable account |
Dr |
|
xxxx |
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To Bank account |
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|
xxxx |
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(Being: dividend paid in cash) |
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Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country
PROBLEM: 6A
The board of directors of EP Company Ltd approves dividend $2 per share on 20th March. The company has 6,000 issued and outstanding shares of $10 par value. The company has sufficient balance in retained earnings statement. Payment made to stockholders on 15th April.
Required: Journal entries
[Answer: Dividend = $12,000]
SOLUTION
Journal Entries
In the book of EP Company Ltd
Date |
Particulars |
|
LF |
Amount Dr |
Amount Cr |
Mar 20 |
Declaration of dividend |
|
|
|
|
|
Retained earnings account |
Dr |
|
12,000 |
|
|
To Dividend payable account |
|
|
|
12,000 |
|
(Being: BOD declared dividend on 6,000 stocks @ $2) |
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|
Dividend paid |
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|
|
|
Apr 15 |
Dividend payable account |
Dr |
|
12,000 |
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|
To Bank account |
|
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|
12,000 |
|
(Being: dividend paid in cash) |
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Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country
PROBLEM: 6B
The board of directors of KP Company Ltd approves 22% dividend on 20th March. The company has 6,000 issued and outstanding shares of $10 par value. The company has sufficient balance in retained earnings statement. Payment made to stockholders on 15th April.
Required: Journal entries
[Answer: Dividend = $13,200]
SOLUTION
Given and working note:
Dividend = 6,000 shares x $10 per share x 22% = $13,200
Journal Entries
In the book of KP Company Ltd
Date |
Particulars |
|
LF |
Amount Dr |
Amount Cr |
Mar 20 |
Declaration of dividend |
|
|
|
|
|
Retained earnings account |
Dr |
|
13,200 |
|
|
To Dividend payable account |
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|
13,200 |
|
(Being: BOD declared dividend) |
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Dividend paid |
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Apr 15 |
Dividend payable account |
Dr |
|
13,200 |
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To Bank account |
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|
13,200 |
|
(Being: dividend paid in cash) |
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Accounting Equation |
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Journal Entries in Nepali |
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Journal Entries |
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Journal Entry and Ledger |
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Ledger |
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Subsidiary Book |
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Cashbook |
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Trial Balance and Adjusted Trial Balance |
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Bank Reconciliation Statement (BRS) |
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Depreciation |
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Financial Accounting and Analysis (All videos) |
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Accounting Process |
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Accounting for Long Lived Assets |
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Analysis of Financial Statement |
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The company issues common stocks and preferred stocks.
The persons who own preferred stocks, they are known as preferred stockholders.
Preferred stockholders have prior rights on dividends.
Dividends rate is prefixed on preferred stocks.
There are 8 types of preferred stocks.
Out of them, cumulative and participating preferred stocks effect more on dividends.
Cumulative preferred stockholders will receive arrears dividends.
Participating preferred stockholders will get extra or surplus dividend.
PROBLEM: 6C
The equity section of balance sheet of B&B Company Ltd in December end 2020 appeared as follows:
Liabilities |
Amount $ |
Common stock of $10 par: 10,000 stocks issued and outstanding |
1,00,000 |
8% Preferred stocks of $100 par: 2,000 stocks issued and outstanding |
2,00,000 |
Additional paid in capital |
3,00,000 |
Retained earnings |
5,00,000 |
Total stockholders’ equity |
11,00,000 |
The company has declared a total cash dividend of $160,000 in December end 2020. It could not pay dividend for 2 years prior to the year 2020. Assuming that the preferred stocks are cumulative and participating.
You are required to distribute the dividend to both the common and preferred stock and also pass the journal entry to record the declaration and payment of cash dividend. The dividend was paid on 1st January 2021.
Also calculate the dividend per share for both the stocks.
[Answer: Total dividends = $117,333 and $42,667;
Dividend per share = $58.67 and $4.27]
SOLUTION
Cumulative preferred stockholders will receive arrears dividend (here 2 years arrears).
Participating preferred stockholders will get extra surplus dividend.
Dividend declared in December end viz 1 year
Preferred stocks |
Common stocks |
|
Dividend amount for preferred stocks |
Dividend amount for common stocks |
|
= $200,000 x 8% x 3 years |
= $1,00,000 x 8% |
|
= $48,000 |
= $8,000 |
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Remaining dividend |
= $160,000 – $48,000 – $8,000 |
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= $104,000 is distributed in par value ratio |
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Stock ratio = 2,00,000 : 1,00,000 or 2: 1 or 1: 2 |
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Again, |
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$104,000 x 2/3 = 69,333 |
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$104,000 x 1/3 = 34,667 |
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Total dividend = 48,000 + 69,333 = $117,333 |
Total dividend = 8,000 + 34,667 = $42,667 |
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Now, |
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Dividend per share of preferred stockholders |
Dividend per share of common stockholders |
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= Dividend amount ÷ No. outstanding stocks |
= Dividend amount ÷ No. outstanding stocks |
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= $117,333 ÷ 2,000 stocks |
= $42,667 ÷ 10,000 stocks |
|
= $58.67 |
= $4.27 |
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Journal Entries
Date |
Particulars |
|
LF |
Amount Dr |
Amount Cr |
2020 |
Declaration of cash dividend |
|
|
|
|
Dec 31 |
Retained earnings account |
Dr |
|
160,000 |
|
|
To Cash dividend distributable (common stocks) |
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|
117,333 |
|
To Cash dividend distributable (preferred stocks) |
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|
|
42,667 |
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(Being: cash dividend declared) |
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2021 |
Distribution cash stock dividend |
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Jan 1 |
Cash dividend distributable (common stocks) |
Dr |
|
117,333 |
|
|
Cash dividend distributable (preferred stocks) |
Dr |
|
42,667 |
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To Cash account |
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|
160,000 |
|
(Being: cash dividend paid to common and preferred stocks) |
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Generally, the dividend is paid in cash.
But sometimes a company declares a stock dividend instead of a cash dividend.
Often this occurs when the company has insufficient cash but wants to keep its shareholders happy.
The major purpose of stock dividends is to benefit to the shareholders of the company by returning in wealth.
Stock dividends are also known as scrip dividends.
When a company issues a stock dividend, it distributes additional shares of stock to existing shareholders.
These shareholders (stockholders) do not have to pay income taxes on stock dividends when they receive them; in its place, they are taxed when the investor sells them in the future.
A stock dividend distributes shares in such a way so that after the distribution, all stockholders have the exact same percentage of ownership that they held prior to the dividend.
Stock dividend is distributed to the shareholders of the company on a percentage basis.
These are the payments given by the company, from their profits to their shareholders.
It is considered as a monetary benefit to its shareholders; it is given from profit earned by the company.
As per the Companies Act, stock dividends are paid to the shareholders only when the company earns enough profit at the end of the year.
There are many reasons for stock dividend; out of them, some major reasons are:
(a) The company wants to conserve cash,
(b) The company does have sufficient cash to pay cash dividend,
(c) Large company that is profitable, but have little potential for growth,
(d) The company wants to increase the number of shares of stock outstanding,
(e) The company wants to move some of its retained earnings to paid-in capital,
(f) The company wants to minimize distributing the cash to its stockholders etc.
Date of dividend
On this date, the board of directors approved a motion declaring that dividends should be paid.
The board action creates the liability for dividends payable.
Dividend rate on common stocks is declared at the Annual General Meeting.
The boards of directors establish the date of record.
This date determines which stockholders receive dividends.
The firm’s records (the stockholders’ ledger) determine its stockholders as of the date of record.
This date indicates when the corporation will pay dividends to the stockholders.
The major advantages of stock dividend are explained below:
Yielding income
Dividend is steady yielding income of the investors in the future.
For earning income through stock dividends, investors need to find good stocks for yielding profitable dividends.
Dividend re-investment
Dividends received from stocks can be used to re-invest in various secondary investment options.
These options are bonds, mutual fund, gold etc.
It can help expand one’s portfolio.
Longstanding investment
Stock dividends offer a steady and long term income.
It benefits to most investors who favour holding the stocks for a long time
It helps to reap the benefits of long-term investing.
Price of stock
The company declares stock dividends in a shortage of cash.
In this condition, the prices of the stocks may fall in the market.
Dividend cut
The board of directors changes the dividend policy of the company from time to time.
When the company cuts the dividends, the share prices may fall.
Dividend cut will harm the stock or share investors.
Low-growth companies
Reputed companies offer a large profit to their shareholders.
But low growth companies may not offer high returns stock investment.
Bases |
Stock dividend |
Bonus shares |
Meaning |
Stock dividend is a part of company profit that the company distributes to its shareholders in the form of cash. |
When a company decides to give extra shares to its existing shareholders, it is known as bonus shares. |
Purpose |
The purpose of stock dividends is to distribute wealth back to the shareholders of the company. |
The purpose of issue of bonus shares is that of increasing the liquidity of the shares of a company. |
Mode of calculation |
Stock dividends are decided to be distributed to the shareholders in the form of a percentage. |
Bonus shares are decided to be distributed to the shareholders in the form of a ratio. |
Benefit |
Stock dividend is a monetary benefit. |
Bonus shares provide non-monetary benefits. |
Allocation to shareholders |
A company can pay the dividends to the shareholders only when the company earns substantial profits at the end of the financial year. |
A company can issue bonus shares to its shareholders even when the company has incurred losses; this can be done from the accumulated reserves. |
There are two types of stock dividends; they are:
(1) Small stock dividends
(2) Large stock dividends.
Here, small stock dividend means dividend of small company.
Small company is to be expanded.
The company is earning profit from its business but has not well established.
Therefore, small company distributes less dividend percentage than large company.
A small stock dividend occurs when stock dividend distribution is less than 25% of the total outstanding shares.
It is based on market par value of shares outstanding.
Here, large stock dividend means dividend of large company.
We assume large company has already established and expanded.
The company is earning good profit from its business.
Therefore, large company can distribute more dividend percentage than small company.
A large stock dividend occurs when stock dividend distribution is more than 25% of the total outstanding shares.
It is based on the par value of shares outstanding prior to the dividend distribution.
Bases |
Small Stock Dividends |
Large Stock Dividends |
Threshold |
Less than 25% of total shares. |
More than 25% of total shares. |
Par or market |
Dividend is calculated on market value per share. |
Dividend is calculated on par value per share. |
From |
Dividend is issued from new shares. |
Dividend is issued from retained earnings . |
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country
PROBLEM: 6D Small stock dividend
MK Corporation Ltd has following extracted information:
Authorized and outstanding stock 6,000 common stock of $10 each
Additional paid in capital $5,000
Retained earnings $40,000
The board of directors declares a 15% stock dividend on the last day of the year
The market value of each share of stock on the same day was $28.
Required: (a) Journal entries; (b) Stockholders’ equity prior and post to the stock declaration;
(c) The stockholders’ equity section of balance sheet
[Answer: Dividends = $25,200
SOLUTION
Given and working note:
Stock dividend distributable |
= 6,000 stocks x $28 MVPS x 15% |
= $25,200 |
Retained earnings Dr |
Stock dividend declared |
= 6,000 stocks x $10 par value x 15% |
= $9,000 |
Common stock Cr |
Retained earnings |
= 25,200 – 9,000 |
= $16,200 |
Additional paid in capital Cr |
Journal Entries
In the book of MK Corporation Ltd
Date |
Particulars |
|
LF |
Amount Dr |
Amount Cr |
|
Distributable of small stock dividend |
|
|
|
|
|
Retained earnings account |
Dr |
|
25,200 |
|
|
To Stock dividend distributable account |
|
|
|
25,200 |
|
(Being: small stock dividend distributable) |
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Declaration of small stock dividend |
|
|
|
|
|
Stock dividend distributable account |
Dr |
|
25,200 |
|
|
To Common stock account |
|
|
|
9,000 |
|
To Additional paid in capital account |
|
|
|
16,200 |
|
(Being: 900 stocks of $10 issued for dividend) |
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|
Stockholders’ equity prior and post to the stock declaration
Stockholders’ equity |
Before Stock Dividend |
Stock Dividend |
After Stock Dividend |
Common stock |
60,000 |
9,000 |
69,000 |
Additional paid in capital |
5,000 |
16,200 |
21,200 |
Retained earnings |
40,000 |
(25,200) |
14,800 |
|
$105,000 |
Nil |
$105,000 |
Extracted Balance Sheet
MK Corporation Ltd
|
Amount |
Amount |
|
Shareholders’ Equity: |
|
|
|
|
Common stock |
69,000 |
|
|
Additional paid in capital |
21,200 |
|
|
Retained earnings |
14,800 |
105,000 |
|
|
|
|
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country
PROBLEM: 6E Large stock dividend
MK Corporation Ltd has following extracted information:
Authorized and outstanding stock 6,000 common stock of $10 each |
$60,000 |
Additional paid in capital |
$5,000 |
Retained earnings |
$40,000 |
The board of directors declares a 35% stock dividend on the last day of the year
The market value of each share of stock on the same day was $28.
Required: (a) Journal entries; (b) Stockholders’ equity prior and post to the stock declaration;
(c) The stockholders’ equity section of balance sheet;
[Answer: Dividends = $21,000]
SOLUTION
Given and working note:
Stock dividend declared |
= 6,000 stocks x $10 par value x 35% |
= $21,000 |
Common stock Cr |
Retained earnings |
= $40,000 – $21,000 |
= $19,000 |
Retained earnings Cr balance |
Journal Entries
In the book of MK Corporation Ltd
Date |
Particulars |
|
LF |
Amount Dr |
Amount Cr |
|
Declaration of large stock dividend |
|
|
|
|
|
Retained earnings account |
Dr |
|
21,000 |
|
|
To Common stock dividend account |
|
|
|
21,000 |
|
(Being: large stock dividend declared) |
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|
Distribution of large stock dividend |
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|
Common stock dividend account |
Dr |
|
21,000 |
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|
To Common stock account |
|
|
|
21,000 |
|
(Being: 2,100 stocks of $10 issued for dividend) |
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|
Stockholders’ equity prior and post to the stock declaration
Stockholders’ equity |
Before Stock Dividend |
Stock Dividend |
After Stock Dividend |
Common stock |
60,000 |
21,000 |
81,000 |
Additional paid in capital |
5,000 |
0 |
5,000 |
Retained earnings |
40,000 |
(21,000) |
19,000 |
|
$105,000 |
Nil |
$105,000 |
Extracted Balance Sheet
MK Corporation Ltd
|
Amount |
Amount |
|
Shareholders’ Equity: |
|
|
|
|
Common stock |
81,000 |
|
|
Additional paid in capital |
5,000 |
|
|
Retained earnings |
19,000 |
105,000 |
|
|
|
|
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country
PROBLEM: 6F Small and large stock dividend
JK Corporation Ltd has following extracted information:
10,000 common stocks of $10 par value outstanding.
The market price per share is $18 on the date.
Required: Stock dividend if:
(a) The company issued 14% small stock dividend
(b) The company issued 35% large stock dividend
[Answer: Dividends = $25,200]
SOLUTION
Given and working note:
Stock dividend distributable |
= 10,000 stocks x $18 MVPS x 14% |
= $25,200 |
Retained earnings Dr |
Stock dividend declared |
= 10,000 stocks x $10 par value x 14% |
= $14,000 |
Common stock Cr |
Retained earnings |
= 25,200 – 14,000 |
= $11,200 |
Additional paid in capital Cr |
Given and working note:
Stock dividend declared |
= 10,000 stocks x $10 par value x 35% |
= $35,000 |
Common stock |
Retained earnings |
|
|
Retained earnings |
Journal Entries
In the book of JK Corporation Ltd
Date |
Particulars |
|
LF |
Amount Dr |
Amount Cr |
|
Distributable of small stock dividend |
|
|
|
|
|
Retained earnings account |
Dr |
|
25,200 |
|
|
To Stock dividend distributable |
|
|
|
25,200 |
|
(Being: small stock dividend distributable) |
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|
Declaration of small stock dividend |
|
|
|
|
|
Stock dividend distributable account |
Dr |
|
25,200 |
|
|
To Common stock |
|
|
|
14,000 |
|
To Additional paid in capital account |
|
|
|
11,200 |
|
(Being: 1,400 stocks of $10 issued for dividend) |
|
|
|
|
Journal Entries
In the book of JK Corporation Ltd
Date |
Particulars |
|
LF |
Amount Dr |
Amount Cr |
|
Distributable of large stock dividend |
|
|
|
|
|
Retained earnings account |
Dr |
|
35,000 |
|
|
To Stock dividend distributable |
|
|
|
35,000 |
|
(Being: large stock dividend distributed) |
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|
Declaration of large stock dividend |
|
|
|
|
|
Stock dividend distributable |
Dr |
|
35,000 |
|
|
To Common stock account |
|
|
|
35,000 |
|
(Being: 3,500 stocks of $10 issued for dividend) |
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#####
PROBLEMS AND ANSWERS OF CASH DIVIDENDS & STOCK DIVIDENDS |
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country
PROBLEM: 6A
The board of directors of AM Company Ltd approves dividend $4 per share on 20th March. The company has 15,500 issued and outstanding shares of $10 par value. The company has sufficient balance in retained earnings statement. Payment made to stockholders on 15th April.
Required: Journal entries
[Answer: Dividend = $62,000]
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country
PROBLEM: 6B
The stockholders’ equity section of balance sheet of Birat Company Ltd on 31st December 2020 appeared as follows:
Details |
Amount $ |
Common stock of $10 par: 40,000 stocks issued and outstanding |
4,00,000 |
8% Preferred stock of $100 par: 2,000 stocks issued and outstanding |
2,00,000 |
Additional paid in capital |
5,00,000 |
Total contributed capital |
11,00,000 |
Retained earnings |
9,00,000 |
Total stockholders’ equity |
20,00,000 |
The footnotes to the financial statements indicate that dividends were not declared and paid for 2018 and 2019. The company wants to declare a dividend of $118,000 for 2020.
Required: Determine the total and the per share amounts that should be declared to the preferred and common stockholders under the following assumptions:
The preferred stock is cumulative and participating on the basis of the proportion of the total par values of the preferred and common stock.
[Answer: Total dividends = $60,667 and $57,333;
Dividend per share = $30.33 and $1.43]
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country
PROBLEM: 6C Small stock dividend
EP Corporation Ltd has following extracted information:
|
Amount $ |
Authorized and outstanding stock 6,000 common stock of $10 each |
60,000 |
Additional paid in capital |
44,000 |
Retained earnings |
51,000 |
The board of directors declares a 12% stock dividend on the last day of the year
The market value of each share of stock on the same day was $25.
Required: (a) Journal entries; (b) Stockholders’ equity prior and post to the stock declaration;
(c) The stockholders’ equity section of balance sheet
[Answer: Dividends = $18,000; Premium = $10,800
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country
PROBLEM: 6D Large stock dividend
MK Corporation Ltd has following extracted information:
Authorized and outstanding stock 6,000 common stock of $10 each |
$60,000 |
Additional paid in capital |
$25,500 |
Retained earnings |
$40,000 |
The board of directors declares a 40% stock dividend on the last day of the year
The market value of each share of stock on the same day was $35.
Required: (a) Journal entries; (b) Stockholders’ equity prior and post to the stock declaration;
(c) The stockholders’ equity section of balance sheet;
[Answer: Dividends = $24,000]
Here, Amount = Rs = $ = £ = € = ₹ = Af = ৳ = Nu = Rf = රු = Br = P = ₦ = Birr = Currency of your country
PROBLEM: 6E Small and large stock dividend
JB Corporation Ltd had following extracted data:
100,000 common stocks of $10 par value outstanding.
The market price per share is $200 on the date.
Required: Stock dividend if:
(a) The company issued 10% small stock dividend
(b) The company issued 40% large stock dividend
[Answer: (a) RE = $20,00,000; CS = $100,000; APIC = $19,00,000;
(b) CS = $400,000]
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