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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 9P: Comprehensive Young Corporation has been operating successfully for several years. It is authorized...

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ABC Ltd. was registered with 1, 00,000 ordinary shares of Rs. 15 each. It later offered 60,000 shares for public subscription as follows: Rs. 4.00 on application Rs. 5.00 on allotment Rs. 3.00 on first call Rs. 3.00 on second call Applications were received for only 50,000 ordinary shares. By December 20, 2018 the company had issued all the shares applied for and received applications and allotment moneys. It had also received the first call on all the issued shares except 500 of them, but the second call had not yet been made. Compute the various forms of share capital.

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