Will Bhd closes its accounts on 31 December annually. On 2 January 2020, the company offered 5,000,000 ordinary shares at RM1 per share to the public and 3,000,000 preference shares at RM2 per share to selected investors. Full payment of both shares must be made upon application. On 31 January 2020 (closing date of application), the company received RM6,000,000 for ordinary shares application and RM6,000,000 for preference shares application. On 28 February 2020, the surplus application money was fully refunded.
Will Bhd closes its accounts on 31 December annually. On 2 January 2020, the company offered 5,000,000 ordinary shares at RM1 per share to the public and 3,000,000 preference shares at RM2 per share to selected investors. Full payment of both shares must be made upon application. On 31 January 2020 (closing date of application), the company received RM6,000,000 for ordinary shares application and RM6,000,000 for preference shares application. On 28 February 2020, the surplus application money was fully refunded.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Do iii) and iv) only.
Transcribed Image Text:Will Bhd closes its accounts on 31 December annually. On 2 January 2020, the
company offered 5,000,000 ordinary shares at RM1 per share to the public and
3,000,000 preference shares at RM2 per share to selected investors. Full payment of
both shares must be made upon application. On 31 January 2020 (closing date of
application), the company received RM6,000,000 for ordinary shares application and
RM6,000,000 for preference shares application. On 28 February 2020, the surplus
application money was fully refunded.
Transcribed Image Text:(c)
Prepare the following accounts and extracted statement:
(i)
Bank account.
(ii)
Ordinary shares capital account
(iii)
Preference shares capital account.
(iv)
Extracted Statement of Financial Position as at 31 December 2020.
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