Introductory Accounting
A) XYZ Ltd is a new company. During its start-up phase, it completed the following transactions:
· Nov 6 Issued 200 ordinary shares to the promoters who organised the company, receiving cash of $2 200.
· Nov 12 Issued 3 500 preference shares for cash of $20 000.
· Nov 14 Issued 1 700 ordinary shares in exchange for land valued at $21 000.
1. | Record the transactions in the general journal. |
2. | Prepare the shareholders' equity section of the XYZ balance sheet at 31 July, assuming the company had a net profit of $34 000 for the month. |
Date | Particulars | Debit | Credit |
B) On 18 April 2020, Lary Lawn Service Ltd declared a total dividend of $5 500 to ordinary shareholders registered on the record date of 23 April, to be paid on 1 May.
Requirements (4 MARKS)
1. | Journalise the entries related to the dividends on 18 April, 23 April and 1 May 2020. |
2. | On 30 April 2020, on what financial statement would the dividend balance appear? Why? |
Date | Particulars | Debit | Credit |
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these last 3 pics from stage 1 and 2 has information needed to answer stage 3. thanks ZHL held its a...
these last 3 pics from stage 1 and 2 has information needed to
answer stage 3. thanks
ZHL held its annual general meeting as intended on the 10th October 20X3 and the final dividend determined in the previous fi nal I year was approved, dedared and On the 30th October 2003 60% of ordinary shareholders advised ZHL that they elected to take shares instead of dividends under the terms of the DRP conditions previously advised. The 60% was evenly spread...
Refrence Deegan. (2016). Financial Accounting . McGraw-Hill Education, Australi On 1 January 2019, Rake Ltd had...
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australi
On 1 January 2019, Rake Ltd had equity accounts as follows. Share capital (60 000 shares issued for $30 each) General reserve Retained earnings $1 800 000 250 000 900 000 During the year, the following transactions occurred. Feb. 1 Mar. 1 July 1 Declared a $0.60 cash dividend per share to shareholders, payable on 1 March. Paid the dividend declared in February. Declared a 10% share dividend to shareholders, distributable...
Please show all working QUESTION 2: COMPANY EQUITY, SPECIAL REPORTING ISSUES AND EPS Question 2 consists...
Please show all working
QUESTION 2: COMPANY EQUITY, SPECIAL REPORTING ISSUES AND EPS Question 2 consists of three separate parts, Part 1, Part 2 and Part 3. All parts are compulsory. Part 1 Kelly Ltd undertook an issue of ordinary and preference shares in April 2018 as stated by the following transactions: 2018 A prospectus was issued inviting applications for 100,000 ordinary shares at an issue price of $1.50, fully payable on application. The prospectus also offered 100,000 10 %...
Please show all working QUESTION 2: COMPANY EQUITY, SPECIAL REPORTING ISSUES AND EPS Question 2 consists...
Please show all working
QUESTION 2: COMPANY EQUITY, SPECIAL REPORTING ISSUES AND EPS Question 2 consists of three separate parts, Part 1, Part 2 and Part 3. All parts are compulsory. Part 1 Kelly Ltd undertook an issue of ordinary and preference shares in April 2018 as stated by the following transactions: 2018 A prospectus was issued inviting applications for 100,000 ordinary shares at an issue price of $1.50, fully payable on application. The prospectus also offered 100,000 10 %...
1) Journalise the above transactions 2) Prepare the updated statement of financial position as at 31...
1) Journalise the above transactions
2) Prepare the updated statement of financial position
as at 31 December 2017
QUESTION 4 La Sfera Co was formed on July 1, 2014. The company reported the following summarized statement of financial position at July 1, 2017: RM Assets Cash 472.000 Other assets 1.680.000 Total assets 2.152.000 Liabilities and Equity Liabilities Other liabilities 546,000 Ordinary dividend payable 35,000 Shareholders' equity 7% preference shares, 300,000 authorised, 50,000 issued 250,000 Ordinary share, 500,000 authorised, 250,000 issued...
Part 2 (32 Marks) These balances were extracted from the books of Tembo Ltd as at 31 January 2018...
Part 2 (32 Marks) These balances were extracted from the books of Tembo Ltd as at 31 January 2018 Debit Credit Retained eamings (31 January 2018) Interest payable Long term loan Application and allotment Shareholders for ordinary dividends Stated share capital (2 000 000 ordinary shares Preference share capital and shareholders for preference dividends are not known 12,994,000.00 175,312.50 2,250,000.00 2,691,000.00 30,000.00 4,000,000.00 Additional information On 28 February 2018 Tembo Ltd issued 877 000 ordinary shares and applications worth NS...
Part 2 (32 Marks) hese balances were extracted from the books of Tembo Ltd as at 31 January 2018:...
Part 2 (32 Marks) hese balances were extracted from the books of Tembo Ltd as at 31 January 2018: Debit Credit 12,994,000.00 Retained eamings (31 January 2018) Interest payable Long term loan Application and alotment Shareholders for ordinary dividends Stated share capital ( 2 000 000 ordinary shares) Preference share capital and shareholders for preference dividends are not known 175,312.50 2.250,000.00 2,691,000.00 30,00000 4,000,000.00 Additional information On 28 February 2018 Tembo Ltd issued 877 000 ordinary shares and applications worth...
Zermatt Holdings Ltd (ZHL) is a public company and was established on the 1st July 20x1 The company decided to...
Zermatt Holdings Ltd (ZHL) is a public company and was established on the 1st July 20x1 The company decided to go to the public for its first share issue and the prospectus was released on the 2nd July 20X1. Applications were sought for 10,000,000 ordinary shares of $1.00 each payable in full on application on the 31tAugust 20X1. The offer was opl and applications for 12,520,000 shares were received together with the required monies. The share issue was made on...
Austec Ltd manufactures garden tools and has decided to expand operations. The new operations are...
Austec Ltd manufactures garden tools and has decided to expand operations. The new operations are expected to increase EBIT from the current level of $500 000 to $1 million p.a. Austec has a capital structure that utilises bonds, ordinary equity and preference shares. The $500 000 of issued bonds pay 6% p.a.. Preference shares pay an annual fixed dividend of $70 000. The company has 1 000 000 ordinary shares that are trading at $5.1 per share. The Australian corporate...
these last 3 pics from stage 1 and 2 has information needed to
answer stage 3. thanks
ZHL held its annual general meeting as intended on the 10th October 20X3 and the final dividend determined in the previous fi nal I year was approved, dedared and On the 30th October 2003 60% of ordinary shareholders advised ZHL that they elected to take shares instead of dividends under the terms of the DRP conditions previously advised. The 60% was evenly spread...
Refrence
Deegan. (2016). Financial Accounting . McGraw-Hill
Education, Australi
On 1 January 2019, Rake Ltd had equity accounts as follows. Share capital (60 000 shares issued for $30 each) General reserve Retained earnings $1 800 000 250 000 900 000 During the year, the following transactions occurred. Feb. 1 Mar. 1 July 1 Declared a $0.60 cash dividend per share to shareholders, payable on 1 March. Paid the dividend declared in February. Declared a 10% share dividend to shareholders, distributable...
Please show all working
QUESTION 2: COMPANY EQUITY, SPECIAL REPORTING ISSUES AND EPS Question 2 consists of three separate parts, Part 1, Part 2 and Part 3. All parts are compulsory. Part 1 Kelly Ltd undertook an issue of ordinary and preference shares in April 2018 as stated by the following transactions: 2018 A prospectus was issued inviting applications for 100,000 ordinary shares at an issue price of $1.50, fully payable on application. The prospectus also offered 100,000 10 %...
Please show all working
QUESTION 2: COMPANY EQUITY, SPECIAL REPORTING ISSUES AND EPS Question 2 consists of three separate parts, Part 1, Part 2 and Part 3. All parts are compulsory. Part 1 Kelly Ltd undertook an issue of ordinary and preference shares in April 2018 as stated by the following transactions: 2018 A prospectus was issued inviting applications for 100,000 ordinary shares at an issue price of $1.50, fully payable on application. The prospectus also offered 100,000 10 %...
1) Journalise the above transactions
2) Prepare the updated statement of financial position
as at 31 December 2017
QUESTION 4 La Sfera Co was formed on July 1, 2014. The company reported the following summarized statement of financial position at July 1, 2017: RM Assets Cash 472.000 Other assets 1.680.000 Total assets 2.152.000 Liabilities and Equity Liabilities Other liabilities 546,000 Ordinary dividend payable 35,000 Shareholders' equity 7% preference shares, 300,000 authorised, 50,000 issued 250,000 Ordinary share, 500,000 authorised, 250,000 issued...
Part 2 (32 Marks) These balances were extracted from the books of Tembo Ltd as at 31 January 2018 Debit Credit Retained eamings (31 January 2018) Interest payable Long term loan Application and allotment Shareholders for ordinary dividends Stated share capital (2 000 000 ordinary shares Preference share capital and shareholders for preference dividends are not known 12,994,000.00 175,312.50 2,250,000.00 2,691,000.00 30,000.00 4,000,000.00 Additional information On 28 February 2018 Tembo Ltd issued 877 000 ordinary shares and applications worth NS...
Part 2 (32 Marks) hese balances were extracted from the books of Tembo Ltd as at 31 January 2018: Debit Credit 12,994,000.00 Retained eamings (31 January 2018) Interest payable Long term loan Application and alotment Shareholders for ordinary dividends Stated share capital ( 2 000 000 ordinary shares) Preference share capital and shareholders for preference dividends are not known 175,312.50 2.250,000.00 2,691,000.00 30,00000 4,000,000.00 Additional information On 28 February 2018 Tembo Ltd issued 877 000 ordinary shares and applications worth...
Zermatt Holdings Ltd (ZHL) is a public company and was established on the 1st July 20x1 The company decided to go to the public for its first share issue and the prospectus was released on the 2nd July 20X1. Applications were sought for 10,000,000 ordinary shares of $1.00 each payable in full on application on the 31tAugust 20X1. The offer was opl and applications for 12,520,000 shares were received together with the required monies. The share issue was made on...
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