FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

N2.

Account 

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
expand button
Transcribed Image Text: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
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
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
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education