Exercise 1 As per the company's articles of association, Hamal Company Limited, a public company, had authorized capital of 1,500,000 ordinary shares @ $1.50 each. On 1 January 2021, they issued a total of 500,000 ordinary shares @ $1.50 each and invited applications for the shares at their par or full value ($1.50) By 30th January 2021, they received cash for all the issued shares (500,000). These were then allocated to the respective shareholders. Required: Prepare the general journal entries to record the above transactions.
Exercise 1 As per the company's articles of association, Hamal Company Limited, a public company, had authorized capital of 1,500,000 ordinary shares @ $1.50 each. On 1 January 2021, they issued a total of 500,000 ordinary shares @ $1.50 each and invited applications for the shares at their par or full value ($1.50) By 30th January 2021, they received cash for all the issued shares (500,000). These were then allocated to the respective shareholders. Required: Prepare the general journal entries to record the above transactions.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 7EB: Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the...
Related questions
Question
100%
please answer this question I need this for my assignment * please prepare general journal entry to record the above transaction . I need full answer please to help me on my assignment and better learning
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning