Activity 1 Account Dr. Bank (1,200 x 0.8) Cr. Application and Allotment – Ordinary Shares To record the money received from the 1200 share applications Debit ($) Credit ($) 960 960 Dr. Application and Allotment – Ordinary Shares (1,000 x 1.2) 1,200 1,200 Cr. Share Capital To record the allotment of 1,000 shares Dr. Application and Allotment – Ordinary Shares (200 x 0.8) Cr. Bank 160 160 To record the refund to the unsuccessful applicants Activity 1 Prepare journal entries to record the issue of shares: ► Application to issue 1,000 ordinary share Issue price = $1.4 $0.8 payable on application ► $0.4 payable on allotment $0.2 payable when called ► Application were received for 1,200 shares

Activity 1 Account Dr. Bank (1,200 x 0.8) Cr. Application and Allotment – Ordinary Shares To record the money received from the 1200 share applications Debit ($) Credit ($) 960 960 Dr. Application and Allotment – Ordinary Shares (1,000 x 1.2) 1,200 1,200 Cr. Share Capital To record the allotment of 1,000 shares Dr. Application and Allotment – Ordinary Shares (200 x 0.8) Cr. Bank 160 160 To record the refund to the unsuccessful applicants Activity 1 Prepare journal entries to record the issue of shares: ► Application to issue 1,000 ordinary share Issue price = $1.4 $0.8 payable on application ► $0.4 payable on allotment $0.2 payable when called ► Application were received for 1,200 shares

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...

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