On 30 June 2020, the equity accounts of Punter Ltd consisted of: Share capital 190,000 ordinary shares, issued at $2 each, fully paid $380,000 General reserve 30,000 Retained earnings 75,000 The following transactions and events occurred during the year ended 30 June 2021: • On 1 October 2020, the directors issued a prospectus offering 40,000 ordinary shares at an issue price of $2.90, payable $2 on application and $0.90 at a future call. The closing date for application was 31 October 2020. The share issue was underwritten by Support Stockbrokers for a fee of $5,500, payable on 15 November 2020. • By 31 October 2020, applications for 50,000 shares had been received. • On 5 November 2020, the directors allotted the shares on a pro-rata basis, with applicants receiving 40,000 (80%) of their requested shares. • On 9 November 2020, the company returned the money to unsuccessful applicants. • On 15 November 2020, the underwriting fee was paid. • On 16 November 2020, the company announced a call for $0.90 payable on 30 November 2020. • On 30 November 2020, call payments received from all shareholders. • On 31 December 2020, the directors announced an interim dividend of 3c per share payable in cash on 1 February 2021. • On 1 February 2021, dividend declared on 31 December 2020 was paid. • To raise funds for expansion, the directors sold a parcel of 90,000 ordinary shares to KPI Capital Ltd on 28 April 2021 at an issue price of $4.90 per share through private placement. Required Prepare general journal entries to record the above transactions
On 30 June 2020, the equity accounts of Punter Ltd consisted of:
|
Share capital 190,000 ordinary shares, issued at $2 each, fully paid |
$380,000 |
|
General reserve |
30,000 |
|
|
75,000 |
The following transactions and events occurred during the year ended 30 June 2021:
• On 1 October 2020, the directors issued a prospectus offering 40,000 ordinary shares at an issue price of $2.90, payable $2 on application and $0.90 at a future call. The closing date for application was 31 October 2020. The share issue was underwritten by Support Stockbrokers for a fee of $5,500, payable on 15 November 2020.
• By 31 October 2020, applications for 50,000 shares had been received.
• On 5 November 2020, the directors allotted the shares on a pro-rata basis, with applicants receiving 40,000 (80%) of their requested shares.
• On 9 November 2020, the company returned the money to unsuccessful applicants.
• On 15 November 2020, the underwriting fee was paid.
• On 16 November 2020, the company announced a call for $0.90 payable on 30 November 2020.
• On 30 November 2020, call payments received from all shareholders.
• On 31 December 2020, the directors announced an interim dividend of 3c per share payable in cash on 1 February 2021.
• On 1 February 2021, dividend declared on 31 December 2020 was paid.
• To raise funds for expansion, the directors sold a parcel of 90,000 ordinary shares to KPI Capital Ltd on 28 April 2021 at an issue price of $4.90 per share through private placement.
Required
Prepare general
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