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Greg Ltd was registered as a corporation on 1 July 2024. On 3 July 2024, Greg Ltd issu prospectus offering 55 000 ordinary shares at an issue price of $6.00 each, payable $4.0 application and $2.00 on allotment. Application closed on 1 August 2024 with the company having received applications 60,000 shares. The shares were allotted on 15 August 2024, with the over-subscription am being refunded to unsuccessful applicants. All allotment monies were received by 31 Au 2024 R-11

Greg Ltd was registered as a corporation on 1 July 2024. On 3 July 2024, Greg Ltd issu prospectus offering 55 000 ordinary shares at an issue price of $6.00 each, payable $4.0 application and $2.00 on allotment. Application closed on 1 August 2024 with the company having received applications 60,000 shares. The shares were allotted on 15 August 2024, with the over-subscription am being refunded to unsuccessful applicants. All allotment monies were received by 31 Au 2024 R-11

FINANCIAL ACCOUNTING
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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Greg Ltd was registered as a corporation on 1 July 2024. On 3 July 2024, Greg Ltd issue prospectus offering 55 000 ordinary shares at an issue price of $6.00 each, payable $4.00 application and $2.00 on allotment. Application closed on 1 August 2024 with the company having received applications 60,000 shares. The shares were allotted on 15 August 2024, with the over-subscription amo being refunded to unsuccessful applicants. All allotment monies were received by 31 Aug 2024. Following the allotment, the balance in the Share Capital account would be: a. $55 000 CR. b. $240 000 CR. c. $220 000 DR. d. $360 000 DR
Transcribed Image Text:Greg Ltd was registered as a corporation on 1 July 2024. On 3 July 2024, Greg Ltd issue prospectus offering 55 000 ordinary shares at an issue price of $6.00 each, payable $4.00 application and $2.00 on allotment. Application closed on 1 August 2024 with the company having received applications 60,000 shares. The shares were allotted on 15 August 2024, with the over-subscription amo being refunded to unsuccessful applicants. All allotment monies were received by 31 Aug 2024. Following the allotment, the balance in the Share Capital account would be: a. $55 000 CR. b. $240 000 CR. c. $220 000 DR. d. $360 000 DR
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