Please solve this 2 math 2. A company issued for public subscription 50,000 equity shares of Tk.10 each at a premium ofTk. 2 per share as under:On application Tk. 2On allotment Tk. 5 per share (including premium),On 1st call Tk. 2.50 per sharepershareOn final call Tk. 2.50pershareApplications were receive for 60,000 shares. Allotment was made 50,000 shares, theremaining applications were refused and application money was paid back. A, to whom 1,600shares were allotted, failed to pay the allotment, first and final call money and B, to whom2,000 shares were allotted, failed to pay the two calls. These shares were subsequentlyforfeited after the final call was made. All the forfeited shares were sold to C as fully paid upat Tk.8 per share.Requirements:Show Journal Entries required to record the above transactions and the opening BalanceSheet of the Company.3. Mr Basak of Dhaka sent on consignment to Mr Alok of Cumilla 500 cases @ Tk.1,250 on 1stJuly 2019 to be sold on his account and at his risk for 10% commission.Mr Basak incurred Tk.30,000 expenses on dispatching the goods to Alok.On July 10, 2019 Mr Basak received a bill for Tk.200,000 at 2 months from Alok.On September 30, 2019 Alok sent on account sales disclosing that 300 cases have been soldfor Tk.1,600/- each and the remaining cases @ Tk.1,500/- each.The account sales also disclose that Alok has incurred unloading expenses Tk.6,000 andselling expenses Tk.9,000. He sends a draft for the net amount due.You are required to enter the transactions in the books of Mr Basak (Consignor).

Balance sheet shows the assets and liabilities during an accounting year. It is most important…

2. A company issued for public subscription 50,000 equity shares of Tk.10 each at a premium of Tk. 2 per share as under: On application Tk. 2 per share On allotment Tk. 5 per share (including premium), On 1st call Tk. 2.50 per share On final call Tk. 2.50 per share Applications were receive for 60,000 shares. Allotment was made 50,000 shares, the remaining applications were refused and application money was paid back. A, to whom 1,600 shares were allotted, failed to pay the allotment, first and final call money and B, to whom 2,000 shares were allotted, failed to pay the two calls. These shares were subsequently forfeited after the final call was made. All the forfeited shares were sold to C as fully paid up at Tk.8 per share. Requirements:

2. A company issued for public subscription 50,000 equity shares of Tk.10 each at a premium of Tk. 2 per share as under: On application Tk. 2 per share On allotment Tk. 5 per share (including premium), On 1st call Tk. 2.50 per share On final call Tk. 2.50 per share Applications were receive for 60,000 shares. Allotment was made 50,000 shares, the remaining applications were refused and application money was paid back. A, to whom 1,600 shares were allotted, failed to pay the allotment, first and final call money and B, to whom 2,000 shares were allotted, failed to pay the two calls. These shares were subsequently forfeited after the final call was made. All the forfeited shares were sold to C as fully paid up at Tk.8 per share. Requirements:

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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