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. Theshares are subsequently allotted on December 31, 2019 to the successful applicants, whileunsuccessful applicants are refunded at the same date. Show the journal entries to record thetransactions.Sintok Niaga Bhd had the following transactions pertaining to its ordinary shares during the first year ofoperations.Jan 10Issued 80,000 shares for cash at RM6 per share.Mar 1Issued 5,000 shares to lawyer in payment of a bill for RM40,000 for servicesrendered in helping the company to incorporate.July 1Issued 30,000 shares for cash at RM8 per share.Sep 1Issued 60,000 shares for cash at RM10 per share.REQUIRED:Prepare the journal entries to record the transactions.

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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 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.
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