Exercise 1 As per the company's articles of association, Hamal Company Limited, a public company, had authorized capital of 1,500,000 ordinary shares @ $1.50 each. On 1 January 2021, they issued a total of 500,000 ordinary shares @ $1.50 each and invited applications for the shares at their par or full value ($1.50) By 30th January 2021, they received cash for all the issued shares (500,000). These were then allocated to the respective shareholders. Required: Prepare the general journal entries to record the above transactions.

Exercise 1 As per the company's articles of association, Hamal Company Limited, a public company, had authorized capital of 1,500,000 ordinary shares @ $1.50 each. On 1 January 2021, they issued a total of 500,000 ordinary shares @ $1.50 each and invited applications for the shares at their par or full value ($1.50) By 30th January 2021, they received cash for all the issued shares (500,000). These were then allocated to the respective shareholders. Required: Prepare the general journal entries to record the above transactions.

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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