Prepare Jornal Entry and Ledger account. Attached Question and format of ledger
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Prepare Jornal Entry and Ledger account. Attached Question and format of ledger

Transcribed Image Text:Lincoln Ltd was registered as a public company on January 2, 2020. Directors immediately
issued a prospectus inviting the public to subscribe for 2,000,000 million shares at $2 each,
payable $1 on application, $0.50 on allotment and the remainder in two calls of $0.25 each.
The closing date for applications was April 30 and the directors allotted shares on May 1.
Applications were received for 2,500,000 shares and allotments were made on a pro-rata basis
to applicants as follows:
# Shares applied
for
Shares Allotted
Amount paid per
share
Total Amount
Received
$
1,200,000
750,000
1,200,000
1,000,000
1.00
500.000
400,000
1.50
800,000
600,000
2,00
1,600.000
2,500,000
2,000,000
3,550,000
Directors have exercised their right to retain excess application money and apply it against
allotment and future calls when due. Refunds were made as necessary on May 1.
Other relevant dates are:
. Маy 31
Outstanding allotment money received in full.
• July 1
Call #1 is made
• July 31
Outstanding call money received in full
• Sept 1
Call #2 is made
Sept 30
All call money received except from holders of 16,500 shares
# Shares
Shares
Total
Application Allotment
$1
Call #1
Call #2
Refunds
applied
for
Allotted
Amount
.50c
.25c
25c
Received
$
Trust Bank
Calls in Advance
Вank
Call #1
Call #2
Share Capital
Application
Allotment
Allotment
|
|
||
||
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