Tobias Limited received its registration certificate on 10 February 2020. The article 2 of the Memorandum of incorporation provides for an authorized share capital of R4 500 000 consisting of 3 000 000 ordinary shares and 1500 000, 8% non- redeemable preference shares. The board decided on a year end of 30 September.
Q: York Ltd. was registered on 1 July 2020. The next day, the directors issued a disclosure document…
A: Stockholders’ equity is the measure of assets staying in a business after the sum total of the…
Q: ABC Ltd was registered as a corporation on 1 July 2012. On 4 July 2012, ABC Ltd issued a prospectus…
A: Issue of shares is one of the sources from where funds can be arranged by the company or business.…
Q: On April 01, 2020 a limited company was incorporated with an authorised of a 40000 $ capital of…
A: SOLUTION- A JOURNAL IS THE COMPANY'S OFFICIAL BOOK IN WHICH ALL TRANSACTIONS ARE RECORDED IN…
Q: Alpha Ltd was registered as a corporation on 1 July 2016. On this day a prospectus was issued…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Aalwyn Ltd was incorporated with authorized share capital consisting of 800 000 10% preference…
A: Preference shares are those share on which the dividend are issued on priority basis and before…
Q: The Nonono Corporation is authorized to issue 100,000 ordinary shares, P17 par value. At the…
A: Calculation of Total share premium Particulars Amount Jan 16, issued 1300 ordinary share…
Q: On 1 April 2019, Magnolia Ltd was incorporated and a prospectus was issued inviting applications for…
A: The journal entries to record the issuance and receipt of money are prepared as follows:
Q: “The N” Corporation is authorized to issue 100,000 ordinary shares, P17 par value. At the beginning…
A: The total paid-in capital refers to the total amount of capital invested in the enterprise by the…
Q: On 1/5/2021, Al-Saada Company obtained approval from the Securities Commission giving it the right…
A:
Q: ledger entries in the books
A: Application money received (50,000 shares @Ghc200) = Ghc10,000,000 Allotment money received (50,000…
Q: 1. The following list of balances appears, amongst others, in the accounting records of VanDerZon…
A: The capitalization of shares is done by VanDerZon to issue new ordinary shares to their existing…
Q: The company's financial year end is 30 June. Below is the share transactions recorded for Mohlaletse…
A: Answer:- Preference dividend meaning:- A preferred is a payment made on a company' preferred shares…
Q: Sedunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue 300,000 ordinary…
A: Equity Share Capital is a term which refers to the process wherein company in order to raise funds…
Q: ABC Ltd was registered as a corporation on 1 July 2012. On 4 July 2012, ABC Ltd issued a prospectus…
A: option c. $100,000 15 Aug 2012 share allotment Dr…
Q: First Point Ltd commences operations by issuing 1 million shares at a price of $1.40 per share,…
A: When sahres are issued to public then company record the transaction as & when amount received.…
Q: The following list of balances appears, amongst others, in the accounting records of VanDerZon Ltd…
A: Capitalisation means recording of cost or the expense on the balance sheet for the motive of…
Q: ra may issue further shares if the Authorized capital is 10,000,000/- with reference to the…
A: Authorized capital is the maximum amount of capital that can be issued by a company during its…
Q: Aalwyn Ltd was incorporated with authorized share capital consisting of 800 000 10% preference…
A: Preference shares are those share on which the dividend are issued on priority basis and before…
Q: Sedunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue 300,000 ordinary…
A: Share allotment: It is the issue of new shares to either new or existing shareholders.
Q: Southern Cross Ltd issued a prospectus for the issue of 150,000, $6 shares on 1 January 2022. The…
A: Journal Entry :— It is an act of recording transaction in book of account when it is occured for…
Q: Select Ltd is registered with an authorised share capital of 300,000 ordinary shares of Ksh.1. The…
A: Answer - Part 1 -
Q: Select Ltd is registered with an authorised share capital of 300,000 ordinary shares of Ksh.1. The…
A: Balance sheet and profit and loss(p/l) account are prepared to interpret the financial position of…
Q: The following transactions relate to the shareholders' equity of Telecom Corporation for 2021, its…
A: Authorized capital represents the limit of capital set at the time of incorporation where the…
Q: JB Ltd was incorporated on 1 July 2021 and issued a prospectus inviting applications for 200,000…
A: Working notes 1) assuming that all forfeited amount must be refunded as per Constitution without…
Q: Blue Corp., a private corporation, received its articles of incorporation on January 3, 2021. It is…
A: Common stock means to stock in a business owned by individuals who have the ability to vote at…
Q: On 1 April 2019, Toronto Berhad was incorporated and a prospectus was issued inviting applications…
A: Various transactions for issuance of shares are given. We have to provide journal entries for the…
Q: ABC Ltd was registered as a corporation on 1 July 2012. On 4 July 2012, ABC Ltd issued a prospectus…
A: Jounral entries Aug 1st, 2012 Bank(110000 * 1.5) Dr. $165000 Share application account Cr. $165000…
Q: Southwestern Exposure Ltd. began operations on January 2, 2020. During the year, the following…
A: Shareholders' equity on the balance sheet is affected by the on the k issue, preference stock…
Q: How to prepare the general ledger for retained earnings and ordinary share capital?
A:
Q: On 1 April 2019, Magnolia Ltd was incorporated and a prospectus was issued inviting applications for…
A: Common stock is the most preferred source of finance by most of the companies. A company issue…
Q: edunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue 300,000 ordinary sha
A: (a) Analysis Table Category Shares Applied Shares Allotted Money Received on Application…
Q: Select Ltd is registered with an authorised share capital of 300,000 ordinary shares of Ksh.1. The…
A: 1. Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the…
Q: XYZ is an Omani Joint stock company (SAOG). On 1st April 2019, the company issued 9000 shares for…
A: Minimum Subscription-:Minimum subscription is the duration that is utilized to illustrate the amount…
Step by step
Solved in 3 steps
- Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock. During the year, the corporation had the following transactions: Journalize the transactions.Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.Juniper Company is authorized to issue 5,000,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Mar. 1, issued 4,000 shares of stock in exchange for equipment worth $250,000. Journalize the transaction.
- Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par value common stock at 15 per share (400,000 shares were authorized). During the period January 1, 2014, through December 31, 2019, Kent reported net income of 750,000 and paid cash dividends of 380,000. On January 5, 2019, Kent purchased 12,000 shares of its common stock at 12 per share. On December 28, 2019, 8,000 treasury shares were sold at 8 per share. Kent used the cost method of accounting for treasury shares. What is Kents total shareholders equity as of December 31, 2019? a. 3,290,000 b. 3,306,000 c. 3,338,000 d. 3,370,000James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.JB Ltd was incorporated on 1 July 2021 and issued a prospectus inviting applications for 200,000 ordinary shares at an issue price of $10. The shares are payable as follows: $5 payable on application $2 payable on allotment ● ● ● ● $3 payable on call to be made 30th September 2021 Share issue costs were $10,500 and legahcosts were $1,500 The transactions for the period were as follows: Date Transaction 31/08/2021 Applications were received for 260,000 shares. 3/09/2021 Applications for 60,000 were rejected by the directors and the application money was refunded to the shareholders concerned. The Company allotted 200,000 shares to the remaining applicants All the allotment money s received. Share issue and legal costs were paid in cash The call was made on the shares, payable by 31 October 2021 Call money was received from the shareholders of only 180,000 shares The remaining 20,000 shares were forfeited. The forfeited shares were offered to an investment company at a price of $8 per…
- Mohlaletse Ltd was incorporated with an authorised share capital of 1 000 000 NPV ordinary shares and 700 000 12% preference shares of R4.5 each. The company's financial year end is 30 June. Below is the share transactions recorded for Mohlaletse Ltd since incorporation: On 3 April 2020, 55 000 ordinary shares were issued to subscribers at R5 per share On 3 May 2020, 160 000 ordinary shares and 177 000 12% preference shares were issued to the public at R6.5 each and R4.9 each respectively. On 31 July 2022, 82 000 12% preference shares were issued at R10.50 each On 12 February 2022, the share capital: ordinary shares increased by R319 800. These shares were issued at R8.20 each. . On 31 July 2022, the directors approved a capitalisation issue of 3 shares for every 8 ordinary shares held at R3.50 per share. On 31 August 2022, the board of Mohlaletse Ltd declared an interim ordinary dividend of R2.1 per share payable during December 2022. The company met the liquidity and solvency…1. The following list of balances appears, amongst others, in the accounting records of VanDerZon Ltd on 31 December 2020: R Ordinary share capital (shares issued at R0,50 each) Proceeds of 1 500 000 ordinary shares issued on 31 October 2020 5 000 000 1 125 000 The following decision that must still be recorded was ratified by the directors, on 31 December 2020: Capitalisation shares must be issued to the ordinary shareholders that are registered in the share register on 31 December 2020, in the ratio of one ordinary share for every five ordinary shares held at R0,65 per share. Which one of the following options represents the Rand-value of the shares that must be capitalised? 1. R520 000 2. R1 150 000 3. R1 495 000 4. R2 550 000Select Ltd is registered with an authorised share capital of 300,000 ordinary shares of Ksh.1. The following trial balance was extracted from the books of the company on 31 March 2020, afterthe preparation of the tra ding асcount: Dr Kshs Kshs 200.000 Ordinary share capital, fully paid Land and buildings at cost Sundry debtors Fumiture and fittings at cost General expenses Sundry Creditors Stock at 31 March 2020 Bank Trading account: gross profit Office salaries and expenses Accumulated provision for depreciation on fumiture and fittings Share premium account Advertising and selling expenses Bad debts Provision for doubtful debts Profit andloss account Directors' fees 170.000 38.300 80.000 3.800 25.000 42.000 12.000 98.050 25.000 32.000 20.000 5.000 250 600 12.000 11.300 387,650 387,650 The following information is given: The provision for doubtful debtors is to be adjusted to Kshs 700. i. i. Depreciation is to be provided in respect of fumiture and fittings at 10% per annum on cost.…
- Prepare Jornal Entry and Ledger account. Attached Question and format of ledgerFirst Point Ltd commences operations by issuing 1 million shares at a price of $1.40 per share, payable in full on application. Application monies are received on 31 July 2023 and the shares are allotted on 4 August 2023. The share issue is made as a result of an offer being made to the public. Provide the journal entries to account for the receipt of the application monies and the subsequent allotment of the shares.1. On 1 April 2019, Magnolia Ltd was incorporated and a prospectus was issued inviting applications for 100 000 shares, at an issue price of $10, payable $5 on application, $2.50 on allotment and $1.25 on calls to be made after the date of allotment.By 30 April, applications were received for 120 000 shares. On 3 May, the directors allotted 100 000 ordinary shares to the applicants in proportion to the number of shares for which applications had been made. The surplus application money was offset against the amount payable on allotment. The balance of the allotment money was received by 10 May. Share issue costs of $800 were also paid on the same date.The calls were made on the dates stated in the prospectus, but the holders of 15 000 shares did not pay call.On 10 March 2017, as provided by the company’s constitution, the directors forfeited the 15 000 shares on which calls were unpaid. The constitution does not provide for refund of any balance in the forfeited shares account after…