Exercise 1 As per the company's articles of association, Hamal Company Limited, a public company, had authorized capital of 1,500,000 ordinary shares @ $1.50 each. On 1 January 2021, they issued a total of 500,000 ordinary shares @ $1.50 each and invited applications for the shares at their par or full value ($1.50) By 30th January 2021, they received cash for all the issued shares (500,000). These were then allocated to the respective shareholders. Required: Prepare the general journal entries to record the above transactions.
Exercise 1 As per the company's articles of association, Hamal Company Limited, a public company, had authorized capital of 1,500,000 ordinary shares @ $1.50 each. On 1 January 2021, they issued a total of 500,000 ordinary shares @ $1.50 each and invited applications for the shares at their par or full value ($1.50) By 30th January 2021, they received cash for all the issued shares (500,000). These were then allocated to the respective shareholders. Required: Prepare the general journal entries to record the above transactions.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 5PA: Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par...
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please answer this question I need this for my assignment * please prepare general journal entry to record the above transaction . I need full answer please to help me on my assignment and better learning
Transcribed Image Text:Exercise 1
As per the company's articles of association, Hamal Company Limited, a public company,
had authorized capital of 1,500,000 ordinary shares @ $1.50 each.
On 1 January 2021, they issued a total of 500,000 ordinary shares @ $1.50 each and invited
applications for the shares at their par or full value ($1.50)
By 30th January 2021, they received cash for all the issued shares (500,000). These were then
allocated to the respective shareholders.
Required:
Prepare the general journal entries to record the above transactions.
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