XYZ Ltd issued 2,000,000 ordinary shares of Sh. 20 at Sh. 23 payable as follows: On application sh 10, On first call and final call sh 3. All the monies were duly received. Required  Prepare an open journal entries to record the above transactions Prepare ledger accounts Extract a balance sheet

Q: Joint Stock Company          M/s. Kamal Limited completed the following transactions. Received…

A: Journal means the record of all transaction of the organisation during an accounting year.

Q: ICOT Industries issued 15 million of its $1 par common shares for $424 million on April 11. Legal,…

A: Part 1: Journal entry to record the issuance of the shares:

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: The shares issued at the higher amount as compared to par value are the shares issued at premium.…

Q: The Sneed Corporation issues 10,900 shares of $49 par preferred stock for cash at $63 per share. The…

A: Share capital: It refers to the cap[ital raised by the company by issuing common stock or preferred…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

A:

Q: Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock.…

A: Formula: Cash received = Number of shares issued x Issue price per share

Q: Prepare entries for memorandum and journal entry method Matt corporation, on april 1, was…

A: Equity shares are those shares which do not have preferential right on dividend and repayment of…

Q: Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On January 31, Outback Coast Resorts Inc. reacquired 18,700 shares of its common stock at $45 per…

A: Treasury stocks are reacquired shares by the company and it can be reissued further at higher than…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Common Stock - Common Stock is the stock issued to the public for raising capital. This recorded in…

Q: A company's common share account showed the following transactions for 20x3: Date Jan 1 Description…

A: Adjusting journal entries are those journal entries that are recorded at the end of the accounting…

Q: The correct ledger entries needed to record the issue of £400,000 £1 shares at a premium of 60p,…

A: Correct Entry for Share Issue with premium Required Entries are given below

Q: MUSCAT SAOG has registered its capital as 5,000,000 divided into 5,000,000 shares of OMR 1 each. The…

A: Calculation of number of shares rejected by the company:::: Offered shares::30,00,000.....…

Q: Red Corporation had the following transactions related period January to June 2021. Red Corporation…

A: Shares are issued to raise capital for the company. The holders of shares benefit when the value of…

Q: On 30 April, MBC Company issued 60 000 shares for $12 each, payable $4 on application, $4 on the…

A: Share Issued = 60,000 shares Share Subscribed = 60,000 - 10,000 = 50,000 shares  Share Application…

Q: Maxwell had the following transactions pertaining to its ordinary shares during the first year of…

A: Here in this case, we are required to make journal entry for issue if share. Company issue shares to…

Q: ABC Company Ltd. was registered with an authorized capital of Rs 10,000,000 divided into 100,000…

A: Accounting cycle can be defined as the accounting process adopted universally to record the monetary…

Q: ledger entries in the books

A: Application money received (50,000 shares @Ghc200) = Ghc10,000,000 Allotment money received (50,000…

Q: Amar trading Company issued 10,000 equity shares of Rs.10 each at a premium of Rs.2 per share. The…

A: The organization can raise funds for the operation song integrity by issuing common stock, preferred…

Q: Prepare in a vertical form for publication profit & lost account for the year ended 30th April 201

A: Following that, we'll figure out the company's trading accounts. Then, in order to determine the…

Q: MUSCAT SAOG has registered its capital as 5,000,000 divided into 5,000,000 shares of OMR 1 each. The…

A: Paid up capital = Number of Shares upon which shares are fully paid x Called Up amount per share

Q: MUSCAT SAOG has registered its capital as 5,000,000 divided into 5,000,000 shares of OMR 1 each. The…

A: Calls in arrears = No. of shares who did not pay the call amount x call amount  per share

Q: ICOT Industries issued 15 million of its $1 par common shares for $440 million on April 11. Legal,…

A: The answer is as fallows

Q: The following selected transactions occurred for Corner Corporation:   Feb. 1   Purchased 420…

A: Journal entries represent the starting point in the accounting cycle, they are used to record every…

Q: Thomas Company is issuing 4 000 ordinary shares, payable by instalments. Investors must pay $10 per…

A: option c Debit cash, Credit Ordinary Share Capital

Q: Pronghorn Inc. issued 4.200 of its common shares common shares for $ 4.90 each. The company incurred…

A: Cash proceeds from the issuance of the common stock = (No. of shares issued x  issue price per…

Q: Ivanhoe Corporation issued 341 shares of $10 par value common stock and 145 shares of $50 par value…

A: Journal entry to record the issuance:: Cash account Dr::$19188...      To Common stock…

Q: Numba Ephraim plc, a retailing company has an authorized share capital of 700,000 ordinary shares of…

A: A balance sheet is a representation of an individual's personal or corporation's financial balances…

Q: During its first year of operations, Bonita Corporation had the following transactions pertaining to…

A: Share issued Known as issued shares, these are the subset of authorized shares that have been sold…

Q: Aquafina Company has 500,000 OMR 1 common shares as on 31 July 2018.The company makes a right issue…

A: Amount of  Right share = Number of right share issued * Issue price   Number of right share =…

Q: Ogag company issued 1,000 shares of its P5 par value ordinary shares as payment for 1,000 hours of…

A: Par. value of Ordinary Shares :- P5  No. Of Equity Shares issued :- 1000 shares  Market Value of…

Q: VaughnCompany issued 2400 shares of its $5 par value common stock in payment of its attorney's bill…

A: Answer) Account Titles and Explanation Debit Credit Legal Expense $ 29,800…

Q: How I recorded the following transactions in general journal for BM, Inc. Include with a brief…

A: Transaction 1:Cash is a current asset, and it is increased. Therefore, debit cash account for…

Q: Give the journal entries of the following: Received payments in full for half of the share…

A: The following transactions are journalized as per the information given.

Q: Select Ltd is registered with an authorised share capital of 300,000 ordinary shares of Ksh.1. The…

A: Balance sheet and profit and loss(p/l) account are prepared to interpret the financial position of…

Q: On 1 January 20X8 a company purchased 40,000 $1 listed equity shares at a price of $3 per share. An…

A: We have the following information: On 1 January 20X8 a company purchased 40,000 $1 listed equity…

Q: Illustration 2 Eastern Company Limited issued 40,000 shares of Rs. 10 each to the public for the…

A: Authorized shares are the maximum no. of shares a company is allowed to issue to the general public.…

Q: An entity was organized at the beginning of the current year with 100,000 authorized shares of P100…

A: Share holder equity: It is the owner's claim on assets after liabilities are paid. It is also called…

Q: The following selected transactions occurred for Corner Corporation:  Feb. 1   Purchased 450…

A: Treasury stock:Shares which are purchased back by the company and held in treasury is referred to as…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Journal is the book where transactions are originally recorded. Further, a journal entry is used to…

Q: On January 31, Outback Coast Resorts Inc. reacquired 23,900 shares of its common stock at $31 per…

A: Required Journal Entries are as follows:

Q: Required information [The following information applies to the questions displayed below.] Incentive…

A: Shares of a corporation can be issued at a value more than par value, at par value or less than par…

Q: Tarrant Corporation was organized this year to operate a financial consulting business. The charter…

A: Given information is: Tarrant Corporation was organized this year to operate a financial consulting…

Q: Tropical Rainwear issues 2,000 shares of its $16 par value preferred stock for cash at $18 per…

A: If common stock or preference stock is issued at premium then the journal entry comprises of credit…

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

Q: Frankwood Company Ltd. was registered with the capital of Rs.5,000,000 divided into ordinary shares…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Worldwide Company was authorized to issue 10,000 preference shares of $200 par value and 10,000…

A: Answer and calculations are given below

Q: Riverside Ltd is issuing shares payable by instalments. It completed the following transactions:…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.