On 1 February 2015, Big Brother Ltd issued a prospectus and inviting applicants to subscribe for 10 million shares. The shares were issued at 52 per share. Applications for shares closed on 1 March 2015, with $1 per share being paid on application and a further 60c per share being payable within one month of allotment. By 1 March 2015, applications were received for 10 million shares, and the directors allotted these shares on 8 March 2015. On 1 May 2015, the directors made a call of 20c per share. Call monies were due and payable by 31 May. Subsequently, all payments. were received by 31 May except for one parcel of 500 000 shares. Required: a) Provide the journal entries necessary to account for the issue of the shares. b) Enter the entries into the ledgers
On 1 February 2015, Big Brother Ltd issued a prospectus and inviting applicants to subscribe for 10 million shares. The shares were issued at 52 per share. Applications for shares closed on 1 March 2015, with $1 per share being paid on application and a further 60c per share being payable within one month of allotment.
By 1 March 2015, applications were received for 10 million shares, and the directors allotted these shares on 8 March 2015.
On 1 May 2015, the directors made a call of 20c per share. Call monies were due and payable by 31 May. Subsequently, all payments. were received by 31 May except for one parcel of 500 000 shares.
Required:
a) Provide the
b) Enter the entries into the ledgers
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