Asuoba Plc has issued 500,000 equity shares at GHc5.80 per share. All shares were subscribed and paid for. As indicated in the prospectus of the company, the subscribed shares are to be paid as follows: GHc2.30 on application, GHc1.10 on allotment, GHc 0.70 on first call, GHc0.90 on second call, GHc0.50 on third call and Ghc0.30 on final call. Required i. Pass the journal entries for the above transactions ii. Prepare the relevant ledgers
Asuoba Plc has issued 500,000 equity shares at GHc5.80 per share. All shares were subscribed and paid for. As indicated in the prospectus of the company, the subscribed shares are to be paid as follows: GHc2.30 on application, GHc1.10 on allotment, GHc 0.70 on first call, GHc0.90 on second call, GHc0.50 on third call and Ghc0.30 on final call. Required i. Pass the journal entries for the above transactions ii. Prepare the relevant ledgers
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Asuoba Plc has issued 500,000 equity shares at GHc5.80 per share.
All shares were subscribed and paid for. As indicated in the
prospectus of the company, the subscribed shares are to be paid as
follows: GHc2.30 on application, GHc1.10 on allotment, GHc 0.70 on
first call, GHc0.90 on second call, GHc0.50 on third call and Ghc0.30
on final call.
Required
i. Pass the
ii. Prepare the relevant ledgers
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