required : *please prepare the general journal entry* ABC Ltd was registered on 1" January 2021 with an authorized share capital of 1,000,000shares at a par value of $2 and premium of $1. On 2nd January 2021, the company issued500,000 shares to the public and required the shares to be paid as follows:1. $1 per share payable on Application;2. $0.60 per share payable on Allotment; and3. $0.40 per share payable on call with an addition Premium of $1 per share.On 10 January 2021, Applications were received for 600,000 shares. On 11 January 2021,the board decided to transfer 50% of excess application to Allotment and refund theremaining excess applications. The remaining allotment money was received on 20th January2021. A call was made on the 31* of January 2021 and all call money was received.Required:Prepare the general journal entries necessary to record the above transactions.

The process of funding the capital of a firm by issuing ordinary or equity shares to the public is…

ABC Ltd was registered on 1" January 2021 with an authorized share capital of 1,000,000 shares at a par value of $2 and premium of $1. On 2nd January 2021, the company issued 500,000 shares to the public and required the shares to be paid as follows: 1. $1 per share payable on Application; 2. $0.60 per share payable on Allotment; and 3. $0.40 per share payable on call with an addition Premium of $1 per share.

ABC Ltd was registered on 1" January 2021 with an authorized share capital of 1,000,000 shares at a par value of $2 and premium of $1. On 2nd January 2021, the company issued 500,000 shares to the public and required the shares to be paid as follows: 1. $1 per share payable on Application; 2. $0.60 per share payable on Allotment; and 3. $0.40 per share payable on call with an addition Premium of $1 per share.

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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