Answer-
Journal Entries | |||
Date | Particulars | Debit | credit |
Jan-01 | Cash A/c Dr | $17,000 | |
To Share capital A/c | $15,000 | ||
To Security premiumA/c | $2,000 | ||
( Being 5000 share of $3 each issued at $17,000 ) | |||
Mar-15 | Treasury stock A/c Dr | $48,000 | |
To cash A/c | $48,000 | ||
( Being own shares purchased from open market) | |||
Jul-10 | Cash A/c Dr | $42,000 | |
To Additional paid up capital A/c | $6,000 | ||
To Treasury stock A/c | $36,000 | ||
( being 3,000 treasury stock reissued @ $14) | |||
Oct-31 | Cash A/c Dr | $11000 | |
Additional paid up capital A/c Dr | $1,000 | ||
To Treasury stock A/c | $12,000 | ||
( Being 1000 treasury stock reissued @ $11 each ) |
Cash A/c | |||||
Date | Particulars | Amount | Date | Particulars | Amount |
Jan-01 | To share capital A/c | $15,000 | Mar-15 | By treasury stock A/c | $48,000 |
Jan-01 | To Security premiumA/c | $2,000 | |||
Jul-10 | To Additional paid up capital A/c | $6,000 | |||
Jul-10 | To Treasury stock A/c | $36,000 | |||
Oct-31 | To Treasury stock A/c | $11,000 |
Share capital A/c | |||||
Date | Particulars | Amount | Date | Particulars | Amount |
Jan-01 | By cash | $15,000 | |||
Security Premium A/c | |||||
Date | Particulars | Amount | Date | Particulars | Amount |
Jan-01 | By cash | $2,000 | |||
Treasury stock A/c | |||||
Date | Particulars | Amount | Date | Particulars | Amount |
Mar-15 | To cash A/c | $48,000 | Jul-10 | By cash | $36,000 |
Oct-31 | By cash | $11,000 | |||
Oct-31 | By Additional paid up capital A/c | $1000 | |||
Additional paid up capital A/c | |||||
Date | Particulars | Amount | Date | Particulars | Amount |
Oct-31 | To Treasury stock A/c | $1000 | Jul-10 | By cash | $6,000 |
Jones Junkyard Corp. had the following transactions for this year. Prepare journal entries for each transaction...
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