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 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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Question

What is payable on allotment and payable when called? What is the differences?

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

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