Greg Ltd was registered as a corporation on 1 July 2024. On 3 July 2024, Greg Ltd issu prospectus offering 55 000 ordinary shares at an issue price of $6.00 each, payable $4.0 application and $2.00 on allotment. Application closed on 1 August 2024 with the company having received applications 60,000 shares. The shares were allotted on 15 August 2024, with the over-subscription am being refunded to unsuccessful applicants. All allotment monies were received by 31 Au 2024 R-11

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

please show the claculation part

Greg Ltd was registered as a corporation on 1 July 2024. On 3 July 2024, Greg Ltd issue
prospectus offering 55 000 ordinary shares at an issue price of $6.00 each, payable $4.00
application and $2.00 on allotment.
Application closed on 1 August 2024 with the company having received applications
60,000 shares. The shares were allotted on 15 August 2024, with the over-subscription amo
being refunded to unsuccessful applicants. All allotment monies were received by 31 Aug
2024. Following the allotment, the balance in the Share Capital account would be:
a. $55 000 CR.
b.
$240 000 CR.
c. $220 000 DR.
d. $360 000 DR
Transcribed Image Text:Greg Ltd was registered as a corporation on 1 July 2024. On 3 July 2024, Greg Ltd issue prospectus offering 55 000 ordinary shares at an issue price of $6.00 each, payable $4.00 application and $2.00 on allotment. Application closed on 1 August 2024 with the company having received applications 60,000 shares. The shares were allotted on 15 August 2024, with the over-subscription amo being refunded to unsuccessful applicants. All allotment monies were received by 31 Aug 2024. Following the allotment, the balance in the Share Capital account would be: a. $55 000 CR. b. $240 000 CR. c. $220 000 DR. d. $360 000 DR
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Depletions and Amortizations
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education