E18-4 Propco Limited was incorporated with a share capital consisting of 500 000 4% preference shares and 2 000 000 ordinary shares. The incorporators took and paid for 100 000 ordinary shares at 50 cents each. Four years later, the remaining shares were offered to the public: the preference shares for C1 each and the ordinary shares for 50 cents each. The issue was underwritten for a commission of 2%. A total of 600 000 preference shares and 1 500 000 ordinary shares were applied for and the available shares were allotted and the necessary refunds made. The terms of the underwriting agreement were implemented. You are required to: Record all the above transactions in the general journal of Propco Limited.

E18-4 Propco Limited was incorporated with a share capital consisting of 500 000 4% preference shares and 2 000 000 ordinary shares. The incorporators took and paid for 100 000 ordinary shares at 50 cents each. Four years later, the remaining shares were offered to the public: the preference shares for C1 each and the ordinary shares for 50 cents each. The issue was underwritten for a commission of 2%. A total of 600 000 preference shares and 1 500 000 ordinary shares were applied for and the available shares were allotted and the necessary refunds made. The terms of the underwriting agreement were implemented. You are required to: Record all the above transactions in the general journal of Propco Limited.

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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