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Kelly Ltd undertook an issue of ordinary and
following transactions:
2018
1 April: A prospectus was issued inviting applications for 100,000 ordinary shares at an issue
price of $1.50, fully payable on application. The prospectus also offered 100,000 10%
preference shares at an issue price of $2, fully payable on application. The issue was
underwritten at a commission of $4,500, being $500 relating to the issue of ordinary
shares and the balance for preference shares. All unsuccessful application monies
were to be returned to the applicants.
10 April: Applications closed with the ordinary issue oversubscribed by 40,000 shares and the
preference shares undersubscribed by 15,000 shares.
15 April: 100,000 ordinary shares were allotted, applications for 40,000 shares were rejected,
and money refunded. 100,000 preference shares were also allotted.
20 April: The underwriter paid for the shares allocated to her, less the commission due.
Required:
Prepare
Step by step
Solved in 2 steps with 1 images
- Goofy Ltd was incorporated on 1 July 2016 and issued a prospectus inviting applications for 500,000 ordinary shares at an issue price of $10. The shares are payable are follows: • $5 payable on application • $3 payable on allotment • $2 payable on call to be made 30th September 2016 The transactions for the period were as follows: 31August2016: Applications were received for 580,000shares. 3 September 2016: Applications for 80,000 were rejected by the directors and the application money was returned to the shareholders concerned. 4 September 2016: The Company allotted 500,000 shares to the remaining applicants. 25 September 2016: All the allotment money was received. 30 September 2016: The call was made on the shares, payable by 31 October 2016. 31October2016:Call money was received from the shareholders of only 460,000shares. 31 December 2016: The remaining 40,000 shares were forfeited. The forfeited shares were offered to an investment company at a price of $8.50 per share paid to$10…JB Ltd was incorporated on 1 July 2021 and issued a prospectus inviting applications for 200,000 ordinary shares at an issue price of $10. The shares are payable as follows: $5 payable on application $2 payable on allotment ● ● ● ● $3 payable on call to be made 30th September 2021 Share issue costs were $10,500 and legahcosts were $1,500 The transactions for the period were as follows: Date Transaction 31/08/2021 Applications were received for 260,000 shares. 3/09/2021 Applications for 60,000 were rejected by the directors and the application money was refunded to the shareholders concerned. The Company allotted 200,000 shares to the remaining applicants All the allotment money s received. Share issue and legal costs were paid in cash The call was made on the shares, payable by 31 October 2021 Call money was received from the shareholders of only 180,000 shares The remaining 20,000 shares were forfeited. The forfeited shares were offered to an investment company at a price of $8 per…4. ABC Co. issued a prospectus for the issue of 900,000shares at $6 per shares on 1 January 2019. The prospectus specified that $3.50 was payable on application, a further $1.25 was payable on allotment and the final $1.25 was payable at call. On 31 January 2019 ABC issued 300,000 shares. On 31 May 2019, the company made the call for the outstanding balance of $1.25 per share. The call was payable by 30 June 2019. At 30 June 2019, the call on 30,000 shares remained unpaid.Instructions:b) The Share Capital that would appear in the Balance Sheet of ABC Co. (2marks)
- ABC issued a prospectus for the issue of 100,000 $5 shares on 1 January 2016. The prospectus specified that $2.50 was payable on application, a further $1.25 was payable on allotment and the final $1.25 was payable at call. On 31 January 2016 ABC issued 100,000 shares. On 31 May 2016, the company made the call for the outstanding balance of $1.25 per share. The call was payable by 30 June 2016. At 30 June 2016, the call on 20,000 shares remained unpaid. On 1 July 2016 the directors of ABC decided to forfeit the 10,000 shares in respect of which the call of $1.25 was not made. The shares were cancelled and reissued as fully paid to $5 per share on payment of $3.8 per share. Costs of $500 were incurred to reissue the shares. Required: Prepare the journal entries to account for the issue of shares for ABC.In January 2019, ABC Limited called for subscriptions for 12 millions of shares. The issue price per share was $1.0 to be paid in four parts, these being $0.4 on application, $0.3 in the first call on 31 March, $0.20 in the second call on 31 July and $0.10 in the third call on 30 September. Required Provide the accounting entries to record the issue of ABC Limited’s shares. (BY HAND, not by excel)On 1 July 2018, Popular Ltd had the following issued capital: 50,000 10% Redeemable preference shares issued at $2 each $100,000 The following transactions occurred during 2021. March 1 A disclosure document was issued inviting applications for 100 000 ordinary shares at an issue price of $2.50, payable in full on application. The main purpose of the issue was to fund the redemption of the preference shares. March 31 The issue was fully subscribed and all money due was received. The shares were then allotted. April 10 The preference shares were redeemed at a price of $2.10 per share. The shares had been classified as equity in the financial statements. For the above transactions the Accountant recorded the following journal entries: March 31 Dr Cash Trust 250,000 Cr Application – Ordinary 250,000 Dr Application – Ordinary 250,000 Cr Share Capital – Ordinary 250,000 Dr Cash 250,000 Cr Cash Trust 250,000 April 10 Dr Share Capital –…
- Sintok Niaga Bhd issues 40,000 shares at RM1 each during the year ended 31 December 2019. The applications are received with full payment on October 31, 2019 for 100,000 shares. The shares are subsequently allotted on December 31, 2019 to the successful applicants, while unsuccessful applicants are refunded at the same date. Show the journal entries to record the transactions. Sintok Niaga Bhd had the following transactions pertaining to its ordinary shares during the first year of operations. Jan 10 Issued 80,000 shares for cash at RM6 per share. Mar 1 Issued 5,000 shares to lawyer in payment of a bill for RM40,000 for services rendered in helping the company to incorporate. July 1 Issued 30,000 shares for cash at RM8 per share. Sep 1 Issued 60,000 shares for cash at RM10 per share. REQUIRED: Prepare the journal entries to record the transactions.Sintok Niaga Bhd issues 40,000 shares at RM1 each during the year ended 31 December 2019. The applications are received with full payment on October 31, 2019 for 100,000 shares. The shares are subsequently allotted on December 31, 2019 to the successful applicants, while unsuccessful applicants are refunded at the same date. Show the journal entries to record the transactions. Maxwell had the following transactions pertaining to its ordinary shares during the first year of operations. Jan 10 Issued 80,000 shares for cash at RM6 per share. Mar 1 Issued 5,000 shares to lawyer in payment of a bill for RM40,000 for services rendered in helping the company to incorporate. July 1 Issued 30,000 shares for cash at RM8 per share. Sep 1 Issued 60,000 shares for cash at RM10 per share. REQUIRED: Prepare the journal entries to record the transactions.In January 2019, ABC Limited called for subscriptions for 12 millions of shares. The issue price per share was $1.0 to be paid in four parts, these being $0.4 on application, $0.3 in the first call on 31 March, $0.20 in the second call on 31 July and $0.10 in the third call on 30 September. RequiredProvide the accounting entries to record the issue of ABC Limited’s shares.
- Maxi Berhad offered 1 million ordinary shares for issue to public on 1 January 2019 at an issue price of RM1.50 per share. A total amount of RM3,000,000 was received from the applicants on 30 November 2019. The oversubscription of RM1,500,000 was returned to unsuccessful applicants on 20 December 2019. On 31 March 2020, Maxi Berhad declared a 3 for 2 bonus issue. Extract of Maxi Berhad's balance sheet prior to issuance of bonus shares is as follows: RM Ordinary Share Capital Revaluation Reserve 1,500,000 1,500,000 5.000,000 8,000,000 Retained Profits Required:- State the journal entries required to account for the above transactions and prepare extract of the balance sheet after bonus issue.The following trial balance was extracted from the accounts of Grooms Ltd as of 31 December 2019. The authorised capital was 1,000,000 ordinary shares of 50p each and £100,000 preference shares (6%) of £1 each Debit £ Credit £ Ordinary share capital(1,000,000 of 50p each) 500,000 Preference share capital (100,000 fully paid shares of £1 each) 100,000 Share premium 100,000 Premises at cost 400,000 Motor Vehicles at cost 80,000 Accumulated depreciation-Motor vehicle - 12,000 Accumulated depreciation on Premises 8,000 Investment at Cost 150,000 Investment Income 5,000 Retained Profit 50,000 Carriage Inwards 3,500 Wages and Salaries 96,500 Maintenance and repairs 30,000 Bad debts…On 1 July 2021, Sydney Ltd issued a prospectus inviting applications for 400,000 ordinary shares, at an issue price of $7, payable $2.00 on application, $3 on allotment, and $2 on future call(s), dates to be determined by the directors. By 1 September 2021, applications were received for 420,000 shares with $2 paid per share. On 6 September 2021, the directors allotted 400,000 shares. Refunds were made to oversubscribed applicants. Share issue costs of $14,400 were also paid on the same date. All the allotment money was received by 1 October. On 1 December 2021, a final call for $2 was made. 380,000 shares call money were received by 4 January 2022. 0n 15 January 2021, all the shareholders who failed to pay the final call money Required: Prepare journal entries to record the above transactions (explanations are not required).
