Frankwood Company Ltd. was registered with the capital of Rs.5,000,000 divided into ordinary shares at par value each. The company offered to the public 15,000 shares payable in full on application. The bank informs that 25,000 shares applications were received. The company allotted the offered shares and refunded the amount received in excess. During the year the company completed the following transactions Issued further 5,000 shares at Rs. 18 each for cash Issued 7,000 shares to the promoters at par Purchased computers for Rs.40,000 and issued 3,000 shares Purchases a piece of land and issued 50,000 shares at Rs. 15 each Required Pass journal entries for Frankwood Company Ltd
Frankwood Company Ltd. was registered with the capital of Rs.5,000,000 divided into ordinary shares at par value each. The company offered to the public 15,000 shares payable in full on application. The bank informs that 25,000 shares applications were received. The company allotted the offered shares and refunded the amount received in excess. During the year the company completed the following transactions Issued further 5,000 shares at Rs. 18 each for cash Issued 7,000 shares to the promoters at par Purchased computers for Rs.40,000 and issued 3,000 shares Purchases a piece of land and issued 50,000 shares at Rs. 15 each Required Pass journal entries for Frankwood Company Ltd
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Frankwood Company Ltd. was registered with the capital of Rs.5,000,000 divided into ordinary shares at par value each. The company offered to the public 15,000 shares payable in full on application. The bank informs that 25,000 shares applications were received. The company allotted the offered shares and refunded the amount received in excess.
During the year the company completed the following transactions
- Issued further 5,000 shares at Rs. 18 each for cash
- Issued 7,000 shares to the promoters at par
- Purchased computers for Rs.40,000 and issued 3,000 shares
- Purchases a piece of land and issued 50,000 shares at Rs. 15 each
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