Homework Answers
The answer to the above mentioned question is
$10 Million Credit
Shares issued 1 Million @ $10 each.
Share capital will be credited with 1 Million x $10
=$10 Million Credit
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QUESTION 16 Saturn Ltd issued 1 million shares at a price of $10 on 1 July...
On 1 July 2020 Jenny Ltd issued a prospectus to the public offering 15 million shares...
On 1 July 2020 Jenny Ltd issued a prospectus to the public offering 15 million shares at $2.00 each. The prospectus specified that $1.00 per share is to payable on application and a further $0.50 will be payable on allotment. The closing date for applications was 31 August 2020. By the closing date, applications have been received for 20 million shares. To deal with the oversubscription, the directors of Jenny Ltd decided to issue shares to all subscribers on a...
QUESTION 4 Spice Ltd makes an offer to the general public of 10 million shares at...
QUESTION 4 Spice Ltd makes an offer to the general public of 10 million shares at an issue price of $5.00. Spice Ltd requires a $2.50 per share payment on application. Another $2.50 is to be paid as a call at a future date to be determined by the board of directors. On application money was received on 12 July for exactly 10 million shares and shares were allotted on that date. On 28 July, 9.5 million shareholders paid their...
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...
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...
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...
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...
Problem 1 (11 marks) 1. Prepare journal entries for each of the following transactions for ABL...
Problem 1 (11 marks) 1. Prepare journal entries for each of the following transactions for ABL Ltd that started operations in September 2019: In September 2019, ABC Ltd issued a prospectus offering 500 000 shares at $3.00 per share with $2 payable at the time of application, $0.50 payable on allotment and $0.50 on call. On 15 October, the directors allotted 500 000 shares to subscribers. The call was receivable on 15 November 2019 and all amounts due were collected...
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...
1. Prepare journal entries for each of the following transactions for ABL Ltd that started operations...
1. Prepare journal entries for each of the following transactions for ABL Ltd that started operations in September 2019: In September 2019, ABC Ltd issued a prospectus offering 500 000 shares at $3.00 per share with $2 payable at the time of application, $0.50 payable on allotment and $0.50 on call. On 15 October, the directors allotted 500 000 shares to subscribers. The call was receivable on 15 November 2019 and all amounts due were collected on 30 November On...
On 4 July 2019, Smith Ltd issued a prospectus offering 300,000 ordinary shares at an issue...
On 4 July 2019, Smith Ltd issued a prospectus offering 300,000 ordinary shares at an issue price of $4.00 each, payable $2.00 on application and $2.00 on allotment. Applications closed on 1 August 2019 with the company having received applications for 330,000 shares. The shares were allotted on 15 August 2019, with the over- subscription amount being refunded to unsuccessful applicants. All allotment money was received by 31 August 2019. Following the allotment on 15 August 2019, the amount transferred...
QUESTION 4 Spice Ltd makes an offer to the general public of 10 million shares at an issue price of $5.00. Spice Ltd requires a $2.50 per share payment on application. Another $2.50 is to be paid as a call at a future date to be determined by the board of directors. On application money was received on 12 July for exactly 10 million shares and shares were allotted on that date. On 28 July, 9.5 million shareholders paid their...
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...
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...
Problem 1 (11 marks) 1. Prepare journal entries for each of the following transactions for ABL Ltd that started operations in September 2019: In September 2019, ABC Ltd issued a prospectus offering 500 000 shares at $3.00 per share with $2 payable at the time of application, $0.50 payable on allotment and $0.50 on call. On 15 October, the directors allotted 500 000 shares to subscribers. The call was receivable on 15 November 2019 and all amounts due were collected...
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...
1. Prepare journal entries for each of the following transactions for ABL Ltd that started operations in September 2019: In September 2019, ABC Ltd issued a prospectus offering 500 000 shares at $3.00 per share with $2 payable at the time of application, $0.50 payable on allotment and $0.50 on call. On 15 October, the directors allotted 500 000 shares to subscribers. The call was receivable on 15 November 2019 and all amounts due were collected on 30 November On...
On 4 July 2019, Smith Ltd issued a prospectus offering 300,000 ordinary shares at an issue price of $4.00 each, payable $2.00 on application and $2.00 on allotment. Applications closed on 1 August 2019 with the company having received applications for 330,000 shares. The shares were allotted on 15 August 2019, with the over- subscription amount being refunded to unsuccessful applicants. All allotment money was received by 31 August 2019. Following the allotment on 15 August 2019, the amount transferred...
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