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Prepare Jornal Entry and Ledger account. Attached Question and format of ledger

Prepare Jornal Entry and Ledger account. Attached Question and format of ledger

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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Prepare Jornal Entry and Ledger account. Attached Question and format of ledger

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 | | || ||
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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