• 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
• 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....
February 8 As provided for in the constitution, the ordinary shares on which the call was unpaid were forfeited. The constitution in relation to this class of shares further provided for any surplus on resale, after satisfaction of unpaid calls and associated costs, to be returned to the former shareholders. 100,000 “A” ordinary shares, issued at $2, called to $1.80 $ 180,000 Less: Calls in Arrears - “A” ordinary shares $ (3,500) 120,000 “B” ordinary shares, issued at $1.50, called...
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...
July 1 The company decided that 1,500,000 ordinary shares were to be offered to the public at an issue price of $3, payable as follows: $1.50 on application (due 1 August) $0.50 on allotment (due 30 August) $1 on future calls August 1 Applications had been received for 1,750,000 shares of which applicants for 300,000 shares forwarded the full $3 per share, the remainder paying only the application money. August 5 At the directors’ meeting it was decided to allot...
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...
On 1 August 2016, NBS Ltd was incorporated and a prospectus was issued inviting applications for 200 000 ordinary shares to the public at an issue price of $8, payable as follows: $4 on application (due by closing date of 1 October) $2 on allotment (due 1 November) $2 on final call/calls (to be determined by the directors) By 1 October, applications had been received for 230 000 ordinary shares of which applicants for 50 000 shares forwarded the full...
only question 4 please Trust Bank account. The directors proceeded with The directors then issued a notice to these shareholders on 30 April asking for the payment due on Allotment. This was all received by 14 May. Required: Prepare general journal entries to record the above transactions. 13. On 31 August, Fripp Ltd issued a prospectus offering 500,000 $2.00 ordinary eoshares, $1.50 payable on Application and $0.50 on Allotment When applications closed on 31 October applications had been received for...
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...
Jenny Ltd’s equity at 30 June 2019 was as follows: 200 000 ordinary shares, issued at $3.20, fully paid 250 000 ordinary shares, issued at $4, called to $2.40 180 000 redeemable preference shares, issued at $1, fully paid Calls in advance (5 000 ordinary shares) Share issue costs General reserve Retained earnings $640 000 600 000 180 000 8 000 (7 000) 60 000 310 000 The following events occurred during the year ended 30 June 2019: 2018 July...
Neste Berhad has offered to public for subscription 30,000 ordinary shares of RM100 each payable as RM30 per share on application, RM30 per share on allotment, RM20 on the first call and RM20 on the second call. Applications were received for 40,000 shares and pro-rata allotment was made on the application for 35,000 shares. Excess application money was utilised towards allotment. Albert to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited immediately...
On 1 Feb 2021, a prospectus was issued offering 300,000 ordinary shares at an issue price of $6 per share, payable $2 on application, 2$ on allotment, and $2 on a final call. The closing date for application was 7 Feb. The issue was underwritten at a commission of $500. On 7 Feb, applications were received for 350,000 shares by this date. On 8 Feb, the shares were allotted, with the oversubscription being refunded to unsuccessful applicants. The underwriting commission...