A company issued 10000 equity shares of Rs. 100 each. The payment was called upon as under. On Application- Rs. 30; On Allotment-Rs. 30; On I Call - Rs. 20; On II Call - Rs. 20%3; On Final Call - Rs. 20. X, holder of 1000 shares failed to pay Il and Final Call and his shares were forfeited. Give entry for issue and forfeiture of share. Also give journal entries for forfeiture, if: i. Shares of X are re-issued to Z for Rs. 80 as fully paid-up. ii. Shares of X are re-issued to Z for Rs. 120 as fully paid-up.

A company issued 10000 equity shares of Rs. 100 each. The payment was called upon as under. On Application- Rs. 30; On Allotment-Rs. 30; On I Call - Rs. 20; On II Call - Rs. 20%3; On Final Call - Rs. 20. X, holder of 1000 shares failed to pay Il and Final Call and his shares were forfeited. Give entry for issue and forfeiture of share. Also give journal entries for forfeiture, if: i. Shares of X are re-issued to Z for Rs. 80 as fully paid-up. ii. Shares of X are re-issued to Z for Rs. 120 as fully paid-up.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be debited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenue
Grouper Corp. has 7,700 shares of common stock outstanding. It declares a $5 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
Please help me
Required information [The following information applies to the questions displayed below.] a. On March 22, purchased 1,000 shares of RPI Company stock at $10 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $1 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 50 shares of RPI stock for $15 per share. Prepare journal entries to record the given transactions involving the short-term stock investments of Duke Company, all of which occurred during the current year. View transaction list Journal entry worksheet On March 22, purchased 1,000 shares of RPI Company stock at $10 per share. Duke's stock investment results in it having an insignificant influence over RPI. Note: Enter debits before credits. Transaction General Journal Debit Credit a. ▸
2. White Co. issues 100 shares of $4 par common stock and 250 shares of $100 par preferred stock for a lump sum of $45,000. Assume the fair value of common stock is $80 per share and the fair value of the preferred stock is not known What amount should be recorded to APIC- Preferred Stock in the journal entry that records this transaction? O Debit - $12,000 O Credit - $7,600 O Credit - $12,000 O Credit - $25,000 2 pts
s California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $16 per share. Later in the year, the company decides to purchase 100 shares at a cost of $19 per share. Record the purchase of treasury stock. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the purchase of treasury stock. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Canto answer
Required: Prepare general journal entries for the following transactions involving short-term securities (assume no investments were held prior to the following transactions): (a) Feb 12: Purchased 600 Flipper Corp shares at $50 per share. Commission Fee was $50. (b) Feb 27: Purchased 200 Jason Corp shares at $30 per share, no commission (c) Mar 16: Received a $4 per share dividend on the Flipper Corp shares. (d) Mar 31: Sold 150 shares of Flipper Corp at $60 per share.
On July 1, 2020, Phoenix company offers to issue their accountant 800 common shares at their current market value of $12 per share, to equal the fair value of $9,600. The accountant accepts the offer of shares in exchange for accounting services. Record the journal entry for the issuance of shares. Select one: a. Debit Cash $9,600, Credit Common Shares $9,600 b. Debit Accounting Fees Expense $9,600, Credit Cash $9,600 c. Debit Accounting Fees Expense $9,600, Credit Common Shares $9,600 d. Debit Cash $9,600, Credit Service Revenue $9,600
Rim Ltd purchased assets of 8,00,000 from Ant Ltd. It issued equity shares of 100 each full paid up in satisfaction of their claim. Make Journal entries to record these transactions.
On January 1, Star Corp sold 10,000 shares of stock at $26 per share. Later in the year, Star Corp acquired all the shares from the market paying $28 per share. Assuming the cost method is used, what is the debit to common stock from this transaction? (Lesson 12.3) (If you do not know this JE. you should review it.) O a.so Ob. $260,000 OC. $20,000 d.$280.000
Liberward, Inc., sold and issued 1,000 shares for $15 per share. The book value of the shares was $10 per share. The journal entry to record the share issue would include which of the following? A). A debit to Cash for $10,000. B). A credit to Common Shares for $10,000. C). A credit to Common Shares for $15,000. D). A credit to Cash for $15,000
On April 2 a corporation purchased for cash 7,000 shares of its own $10 par common stock at $28 per share. It sold 4,000 of the treasury shares at $31 per share on June 10. The remaining 3,000 shares were sold on November 10 for $24 per share. a. Journalize the entries for the purchase (treasury stock is recorded at cost). If an amount box does not require an entry, leave it blank. Apr. 2 b. Journalize the entries for the sale of the stock. If an amount box does not require an entry, leave it blank. June 10 Nov. 10