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Question 1 What are share splits and what accounting entries are necessary when a share split...
Question 2 [15 marks] Topic 4: Accounting for equity Victoria Ltd was incorporated on 1 September...
Question 2 [15 marks] Topic 4: Accounting for equity Victoria Ltd was incorporated on 1 September 2018 and its constitution states that the company can issue the following shares: ▪ 3,000,000 ordinary shares; and ▪ 1,000,000 preference shares (non-voting) The following events took place during the financial year ended 30 June 2019. 13 September Issued a prospectus inviting the public to subscribe for 1,500,000 ordinary shares at an issue price of $3.50 each, with $2 due on application, $1 due...
Question 4 Cool Breeze Ltd required additional equity funding and decided to issue a renounceable rights...
Question 4 Cool Breeze Ltd required additional equity funding and decided to issue a renounceable rights offer. To reduce risks associated with the rights issue, Cool Breeze appointed an underwriter. Cool Breeze sent out details of the rights issue to existing shareholders on 1 July 2019 and offered existing shareholders the right to acquire an additional share in Cool Breeze for $3.00 per share. The shares were to be fully paid on application and all applications had to be received...
Accounting for share capital On 1 January 2019, Funland Ltd was registered and issued a prospectus,...
Accounting for share capital On 1 January 2019, Funland Ltd was registered and issued a prospectus, offering 1,000,000 preference shares at $2.00 payable in full on application by 31 March 2019, and 2,000,000 ordinary shares at $6.00 with $4.00 due on application by 31 March 2019, $1.50 due within one month of allotment, and $0.50 due on a call to be made by the directors at a later date. By 31 March 2019, the company had received applications for 800,000...
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 %...
weele to Question 1 Polard Ltd issues a prospectus inviting the public to subscribe for 60...
weele to Question 1 Polard Ltd issues a prospectus inviting the public to subscribe for 60 million ordinary shares of $3.00 each. The terms of the issue are that $2.00 is to be paid on application and the remaining $1.00 within one month of allotment Applications are received for 72 million shares during August 2018. The directors allot 60 million shares on 15 September 2018. All applicants receive shares on a pro rata basis. The amounts payable on allotment are...
Batangas Corporation was organized on March 1, 2014 with authorized share capital of 20,000 shares comprised...
Batangas Corporation was organized on March 1, 2014 with authorized share capital of 20,000 shares comprised of 7% preference shares with a P50 par value and 30,000 ordinary shares with a P30 par value. Marl Incorporators subscribed 25% of the authorized preference share capital and ordinary share capital at par and paid 25% of the total subscriptions... 15 Collected from the incorporators 50% of the balance of their subscriptions 31 Collected the remaining balance of the incorporators' subscriptions April 1...
• Prepare the general journal entries to record the above independent scenarios. • Narrations to general journal entries must be provided. • Complete and detailed workings/calculations must be shown....
• Prepare the general journal entries to record the above
independent scenarios.
• Narrations to general journal entries must be provided.
• Complete and detailed workings/calculations must be shown.
• Absence of workings/calculations may lead to zero marks
allocated to the particular general journal entry, despite the fact
that the entry might be correct!
PLEASE answer scenario5 to 7 thank you very much
The directors issued a prospectus offering 40,000 ordinary shares at an issue price of $2.80, payable $2...
Question 3 Week 4 (7 marks) Aqua Ltd issues a prospectus inviting the public to subscribe...
Question 3 Week 4 (7 marks) Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. The terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month of allotment. Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15 August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the...
(25 MARKS) QUESTION 3 Miranda Berhad issues 1,000,000 no-par value ordinary shares for cash at RM4.00...
(25 MARKS) QUESTION 3 Miranda Berhad issues 1,000,000 no-par value ordinary shares for cash at RM4.00 per share. The following were the related transaction for Miranda Berhad. 2 October 2019 A prospectus is issued to the public inviting subscription of shares payables in full upon application. 18 November 2019 All shares are fully subscribed with the application money received on that date. 30 November 2019 The shares are allotted to successful applicants. The cost of share issue is RM300,000. Required:...
Question 4 Cool Breeze Ltd required additional equity funding and decided to issue a renounceable rights offer. To reduce risks associated with the rights issue, Cool Breeze appointed an underwriter. Cool Breeze sent out details of the rights issue to existing shareholders on 1 July 2019 and offered existing shareholders the right to acquire an additional share in Cool Breeze for $3.00 per share. The shares were to be fully paid on application and all applications had to be received...
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 %...
weele to Question 1 Polard Ltd issues a prospectus inviting the public to subscribe for 60 million ordinary shares of $3.00 each. The terms of the issue are that $2.00 is to be paid on application and the remaining $1.00 within one month of allotment Applications are received for 72 million shares during August 2018. The directors allot 60 million shares on 15 September 2018. All applicants receive shares on a pro rata basis. The amounts payable on allotment are...
Batangas Corporation was organized on March 1, 2014 with authorized share capital of 20,000 shares comprised of 7% preference shares with a P50 par value and 30,000 ordinary shares with a P30 par value. Marl Incorporators subscribed 25% of the authorized preference share capital and ordinary share capital at par and paid 25% of the total subscriptions... 15 Collected from the incorporators 50% of the balance of their subscriptions 31 Collected the remaining balance of the incorporators' subscriptions April 1...
• Prepare the general journal entries to record the above
independent scenarios.
• Narrations to general journal entries must be provided.
• Complete and detailed workings/calculations must be shown.
• Absence of workings/calculations may lead to zero marks
allocated to the particular general journal entry, despite the fact
that the entry might be correct!
PLEASE answer scenario5 to 7 thank you very much
The directors issued a prospectus offering 40,000 ordinary shares at an issue price of $2.80, payable $2...
Question 3 Week 4 (7 marks) Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. The terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month of allotment. Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15 August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the...
(25 MARKS) QUESTION 3 Miranda Berhad issues 1,000,000 no-par value ordinary shares for cash at RM4.00 per share. The following were the related transaction for Miranda Berhad. 2 October 2019 A prospectus is issued to the public inviting subscription of shares payables in full upon application. 18 November 2019 All shares are fully subscribed with the application money received on that date. 30 November 2019 The shares are allotted to successful applicants. The cost of share issue is RM300,000. Required:...
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