On April 01, 2020 a limited company was incorporated with an authorised of a 40000 $ capital of divided into shares of $ 10 each. It offered to the public for subscription of 3,000 shares payable as follows: On Application $3 per share On Allotment $2 per share On First Call (One month after allotment) $ 2.50 per share On Second and Final Call $ 2.50 per share The shares were fully subscribed for by the public and application money duly received on April 15, 2020. The directors made the allotment on May 1, 2020. Requirement Pass journal entries to record this transaction
On April 01, 2020 a limited company was incorporated with an authorised of a 40000 $ capital of divided into shares of $ 10 each. It offered to the public for subscription of 3,000 shares payable as follows: On Application $3 per share On Allotment $2 per share On First Call (One month after allotment) $ 2.50 per share On Second and Final Call $ 2.50 per share The shares were fully subscribed for by the public and application money duly received on April 15, 2020. The directors made the allotment on May 1, 2020. Requirement Pass journal entries to record this transaction
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 9EB: Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction...
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On April 01, 2020 a limited company was incorporated with an authorised of a 40000 $ capital of divided into shares of $ 10 each. It offered to the public for subscription of 3,000 shares payable as follows:
On Application $3 per share
On Allotment $2 per share
On First Call (One month after allotment) $ 2.50 per share
On Second and Final Call $ 2.50 per share
The shares were fully subscribed for by the public and application money duly received on April 15, 2020. The directors made the allotment on May 1, 2020.
Requirement
Pass
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