Problem 1:- Following particulars are given from the books and records of Standard Products Ltd. Relating to issue and forfeiture of Equity Shares during January to April, 2016. The amount per share was payable as under: $ 3 on Application $ 5 on Allotment ( including $ 2 as premium) $ 4 on First & Final Call. No. of shares No. of shares allotted applied for Category I 20,000 30,000 Category II 10,000 10,000 5,000 ( application money refunded) Allotments were made pro- rata in Category I. Mr. Giri who applied for 450 shares in Category I failed to pay Allotment and Call Money and his shares were forfeited by the Directors. Subsequently 200 forfeited Shares were reissued to Mr. Puri as fully paid for $ 9 per share. Show Journal and Cash Book entries to record the above transactions.

Problem 1:- Following particulars are given from the books and records of Standard Products Ltd. Relating to issue and forfeiture of Equity Shares during January to April, 2016. The amount per share was payable as under: $ 3 on Application $ 5 on Allotment ( including $ 2 as premium) $ 4 on First & Final Call. No. of shares No. of shares allotted applied for Category I 20,000 30,000 Category II 10,000 10,000 5,000 ( application money refunded) Allotments were made pro- rata in Category I. Mr. Giri who applied for 450 shares in Category I failed to pay Allotment and Call Money and his shares were forfeited by the Directors. Subsequently 200 forfeited Shares were reissued to Mr. Puri as fully paid for $ 9 per share. Show Journal and Cash Book entries to record the above transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

PROBLEM 1: Mr. Queen Company is authorized to issue 80,000 ordinary shares. During the current year, the company issued 25,000 shares. REQUIRED: Prepare the required entry to record the issuance of the ordinary shares under each of the following assumptions: 1. The shares are no-par but have a stated value of P10. The total issue price was P850,000. 2. The shares are no-par and have no stated value. They were issued to a lawyer in exchange for services rendered in connection with the organization of the corporation. The lawyer would normally charge P70,000 for these services. There is no reasonable way to determine the fair market value of the stock.
Please don't provide answer in image format thank you. Required 1. Record the transactions in the general journal. 2. Prepare the statement of shareholders' equity for the year ended December 31, 2023.
Question Six: The following accounts appear in the ledger of Alico Corporation after the books are closed at December 31, 2019. Common Stock, $2 par value, 700,000 shares authorized, 400,000 shares issued Paid-in Capital in Excess of Par Value-Common Stock Preferred Stock, $100 par value, 8%, 10,000 shares authorized; 2,000 shares issued Retained Earnings Treasury Stock (10,000 common shares) Paid-in Capital in Excess of Par Value Preferred Stock Required: Prepare the stockholders' equity section at December 31, 2019. .$800,000 .750,000 .200,000 1,000,000 .85,000 .410,000
Help me answer this ty
At the end of the accounting year, December 31, 2007, Emme's records reflected the following: (Compute for the total stockholders' equity) - Common stock, no par, 5,000 shares issued, issue price P12 per share - Preferred stock, par P5, 1,000 shares issued and outstanding; issue price, P15 per share - Unrealized gain, available-for-sale securities, P18,000 - Retained earnings, P20,000 (unappropriated) - Preferred stock, par P5, subscribed (not yet issued), 400 shares; subscription price P20 per share -Subscriptions receivable on the preferred stock P5,000 to be collected on January 1, 2008 -Reserve for bond sinking fun, P15,000 -Treasury stock, common stock, 1,000 shares, cost P10 per share
Consider the following data being taken out of the trial balance of GPA Ltd. as at 31 March 2017: Dr Cr Ordinary shares of $5 each 520,000 Preference shares of $1 each 10,000 8% debentures 84,000 General reserve 89,700 Retained profits 145,623 Motor vehicles at cost 175,000 Machinery at cost 196,000 Accumulated depreciation - vehicles 109,500 Accumulated depreciation - machinery 127,800 Stock at 31 March 2016 94,403 Debtors 225,640 Creditors 91,661 Cash at bank 566,662 Purchases 222,820 Sales 630,260 Wages & salaries 73,740 General expenses 84,608 Directors’ remuneration 30,364 Rent and rates 100,807 Debenture interest 2,880 Interim dividend paid – Ordinary shares 9,400 Interim dividend paid – 10%…
Glen Tay Inc. had issued 24,000 shares of its no-par common shares on April 1, 2017 for property with an appraisal value of $320,000. The common shares of the company were being traded at $13.15 each on that day. What is the journal entry required to record the issuance of the shares? Select one: a. DR Common Shares Receivable, $320,000; CR Common Share Capital, $315,600; CR Gain On Issue Of Shares, $4,400. b. DR Common Shares Receivable, $320,000; CR Common Share Capital, $315,600; CR Contributed Surplus - Common Shares, $4,400. c. DR Property, $320,000; CR Common Share Capital, $315,600; CR Retained Earnings -Issue Of Shares, $4,400. d. DR Property, $320,000; CR Common Share Capital, $315,600; CR Gain On Issue Of Shares, $4,400. e. None of the above entries.
Question - Calculates the weighted average numbers of common shares for the year do not give solution in image
63. A partial list of the accounts and ending account balances taken from the post-closing trial balance of Debilitate Corporation on December 31, 2016 is shown as follows: Retained earnings – Unappropriated 410,000 Bonds payable 220,000 Ordinary share subscribed 50,000 Long-term investments in equity securities 210,000 Additional paid-in capital on ordinary shares 460,000 Premium on bonds payable 30,000 Authorized ordinary share at P10 par value 900,000 Preference shares subscribed 45,000 Additional paid-in capital on preference shares 112,000 Authorized preference shares at P50 par value 400,000 Gain on sale of treasury shares 4,000 Unrealized increase in value of securities available-for-sale 3,000 Ordinary share warranty outstanding 20,000 Unissued ordinary shares 500,000 Unissued preference shares 100,000 Cash dividends payable – preference 50,000 Donated capital 25,000…
Bizarre Company acquired 6,000 shares with P1 par value at P36 per share. During 2012, the entity issued 3,000 of these shares at P50 per share. The cost method is used in accounting for treasury shares. What accounts and amounts should be credited to record the issuance of the 3,000 shares? a. Share capital for P6,000, share premium for P102,000, and retained earnings for P42,000. b. Share capital for P6,000 and share premium for P144,000. c. Treasury shares for P108,000 and share premium for P42,000. d. Treasury shares for P108,000 and retained earnings for P42,000.
1. Swarten AG issued 500 shares of no-par ordinary shares for €8,000. Prepare Swarten's journal entry if (a). the shares have no stated value, and (b). the shares have a stated value of €2 per share.