Where we have a figure for Retained earnings already ,so shall we pass the payment of Dividends from retained earnings part?
Awaiting your worthy reply - guy's
:)

Depends on whether you really mean the "payment" or not. When the dividend is declared, it is debited to Cash Dividends** and credited to Dividends Payable. When it's later paid, it's debited back out of Dividends Payable and credited to cash, like any payment of a payable.

**If this is for homework, some texts debit this directly out of Retained Earnings. If you debit it into Cash Dividends, you will have to do a closing entry at year-end that debits Retained Earnings and credits Cash Dividends.