Homework Answers
| 1.Grey Corp Journal entries in the books of accounts for the year 2015 | |||||
| Date | Particulars | Debit($) | Credti($) | ||
| 15-Jan | For issue of common shares | ||||
| Treasury stock (Under Share capital) | 14850 | 4500*3.3 | |||
| Cash/Bank | 14850 | 4500*3.3 | |||
| 1-Mar | Cash/Bank | 3840 | 800*4.8 | ||
| Treasury stock (Under Share capital) | 2640 | 800*3.3 | |||
| Additional Paid in capital- Treasury stock | 1200 | 800*1.5 | |||
| 15-Mar | Treasury stock (Under Share capital) | 850 | 500*1.7 | ||
| Cash/Bank | 850 | 500*1.7 | |||
| 31-Mar | Cash/Bank | 1845 | 900*2.05 | ||
| Additional Paid in capital- Treasury stock | 1125 | 900*(3.3-2.05) | |||
| Treasury stock (Under Share capital) | 2970 | 900*3.3 | |||
| 1-Jun | Additional Paid in capital- Common stock | 14190 | |||
| Treasury stock | 10890 | ||||
| Retained earnings | 3300 | ||||
| 2.Grey Corp Journal entries in the books of accounts for the year 2015 | |||||
| Account Balances: | |||||
| Common shares issued and outstanding | 1611210 | 378000*4.3-14190 | |||
| Contributed Capital Treasury stock | -875 | ||||
| Contributed Capital Shares retirement | 10890 | ||||
| Retained Earnings | 968800 | ||||
| 2590025 | |||||
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