R360 000 being the proceeds of issuing 600 000 Ordinary shares of 50 cents each, has been posted from the Cash Book to the credit of the Share Capital account. How should this error be corrected? Dr Share Capital account R300 000, Cr Share Premium account R360 000 or Dr Cash account R360 000, Cr Share Capital account R300 000 and Cr Share premium R60 000 or Dr Suspense account R360 000 Cr Share Capital a/c R300 000 and Cr Share Premium R60 000 or Dr Share Capital account R60 000, Cr Share Premium R60 000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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R360 000 being the proceeds of issuing 600 000 Ordinary shares of 50 cents each, has been posted from the Cash Book to the credit of the Share Capital account. How should this error be corrected? Dr Share Capital account R300 000, Cr Share Premium account R360 000 or Dr Cash account R360 000, Cr Share Capital account R300 000 and Cr Share premium R60 000 or Dr Suspense account R360 000 Cr Share Capital a/c R300 000 and Cr Share Premium R60 000 or Dr Share Capital account R60 000, Cr Share Premium R60 000

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