On September 5, 2020, Bank of Kigali receives subscriptions for 65,000 shares of Frw10,000 par common stock at Frw15,000 per share. The subscription terms require a down payment of 40%, with the remainder of the purchase price to be paid in three equal installments, the first installment to be paid in the mid of December, 2020, the second to be paid during the First week of March, 2021, the third and last installment to be paid in last week of November, 2021. Akenes and Kennels Ltd, the subscriber of 15,000 shares failed to pay the last installment of the subscription, and decision was to Issue shares to the defaulting subscriber based on the amount paid in. The financial year ends every December 31. Requirement: Based on information above, 1. Prepare the statement of Stockholders' Equity extract of Bank of Kigali on December 31, 2020 2. Prepare the statement of Stockholders' Equity extract of Bank of Kigali on December 31, 2021 3. How many will be outstanding stocks by Documber 31, 20212

On September 5, 2020, Bank of Kigali receives subscriptions for 65,000 shares of Frw10,000 par common stock at Frw15,000 per share. The subscription terms require a down payment of 40%, with the remainder of the purchase price to be paid in three equal installments, the first installment to be paid in the mid of December, 2020, the second to be paid during the First week of March, 2021, the third and last installment to be paid in last week of November, 2021. Akenes and Kennels Ltd, the subscriber of 15,000 shares failed to pay the last installment of the subscription, and decision was to Issue shares to the defaulting subscriber based on the amount paid in. The financial year ends every December 31. Requirement: Based on information above, 1. Prepare the statement of Stockholders' Equity extract of Bank of Kigali on December 31, 2020 2. Prepare the statement of Stockholders' Equity extract of Bank of Kigali on December 31, 2021 3. How many will be outstanding stocks by Documber 31, 20212

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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