Journal entries: | ||||||
Calculations | ||||||
Serial No. | Date | Accounts Title | Debit $ | Credit $ | ||
a | 15-Apr-22 | Cash | 2527200 | (3888000*65%) | ||
Subscription receivable | 1360800 | (3888000*35%) | ||||
Share Capital | 3888000 | (108000*36) | ||||
(share capital made due for 108000 shares @ 36) | ||||||
b | 1-May-22 | Cash | 39750000 | (150000*265) | ||
Preferred shares | 39750000 | |||||
(150000 preferred shares issued @265) | ||||||
c | 30-Jun-22 | Cash | 1171800 | (1360800*93/108) | ||
Share Capital | 540000 | (3888000*15/108) | ||||
Subscription receivable | 1360800 | |||||
Share forfeiture | 351000 | (2527200*15/108) | ||||
(Subscription due received except 15000 shares | ||||||
and down payments on defaulters forfeited) | ||||||
30-Jun-22 | Share Capital | 3348000 | (3888000*93/108) | |||
Common shares | 3348000 | |||||
(fully paid shareholders are issued certificates) | ||||||
d | 5-Aug-22 | Common Shares | 200000 | (10000*20) | ||
Cash | 200000 | (10000*20) | ||||
(10000 shares repurchased and cancelled) | ||||||
e | 15-Sep-22 | Dividend | 1279200 | (450000+93000-10000)*2.4 | ||
Preferred Dividend | 6420000 | (460000*6*2)+(150000*6) | ||||
Dividend payable | 1279200 | |||||
Preferred dividend payable | 6420000 | |||||
(dividend declared on preferred and common shares) | ||||||
f | 1-May-22 | Cash | 39750000 | (150000*265) | ||
Preferred shares | 31500000 | (150000*210) | ||||
Additional paid in Capital | 8250000 | (150000*55) | ||||
(150000 preferred shares with Par 210 issued @265) |
Bridgeport Corporation showed the following information on its financial statements on December 31, 2021: Preferred Shares,...
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