Homework Answers
Journal Entries in the books of Raymond Textiles
1. Cash Account-----------------Dr $ 30,00,000
To, Equity (common)Share Capital Account $ 2,00,000
To, Share Premium Account $ 28,00,000
(Being 200000 common shares of $ 1 at par issued at premium)
2. Cash Account-----------------Dr $ 75,00,000
To, Preference Share Capital Account $ 12,50,000
To, Share Premium Account $ 6250,000
(Being 250000 preference shares of $ 5 at par issued at premium)
3. Factory building ---------------------Dr $ 165000
Discount on issue of shares --- Dr $ 10000
To, Equity (common)Share Capital Account $ 175000
(Being 18000 shares issued against factory building)
4. Equity (common)Share Capital Account -----------------Dr $ 12,00,000
To, Cash Account $ 12,00,000
(Being 15000 common shares of $ 8 at per share acquierd by company)
5. Equity (common)Share Capital Account -----------------Dr $ 21,00,000
To, Cash Account $ 21,00,000
(Being 175000 common shares of $ 12 per share acquierd by company)
6. Cash Account-----------------Dr $ 9,00,000
To, Equity (common)Share Capital Account $ 7,20,000
To, Share Premium Account $ 1,80,000
(Being 60000 common share of $ 12 per share reissued at $15 per share)
7. Cash Account-----------------Dr $ 6,00,000
Discount on issue of shares ---- DR $ 120000
To, Equity (common)Share Capital Account $ 7,20,000
(Being 60000 common shares of $ 12 per shares reissued at $ 10 per share)
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