Sdn Bhd was re corded with an authorized capital of 200,000 1%preference shares of RMI.00 each and 1,000,000 ordinary shares ofKM2.00 each. On 30 October 2016, Board of Directors decided to offerand issue 250,00o ordinary shares f RM 2.00 cach at the price ofRM2-30 . The payment for the issuance of shares were as follows :1.EnergyOn applicationon allotmentRM 0.60AmmO-70 Cincludlng premium)on 1t callRMO T0On and callRMo.30On the last day of application, 400,006 shares application were recetved andBoard of Directors decided to regect 100,000 msuccessful shares and themoney will be refunded - The surplus money on application will be tranferred tothe allotment account.All monies were duly collected upon application except for a sharehaldername Ammar with 10,000 shares has paid the 2ndcall during the1st call, and another shareholder name Amyra who has 3,000 sharesfailed topaythe 2nd cllmoney.You are required to prepare the journal entries to record al the transactions

Share capital refers to the capital which is raised by the issue of shares. it is an amount that is…

Answered: You are reguired to prepare the journal…

Business

Accounting

You are reguired to prepare the journal entries to record all the transactione

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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Question

Sdn Bhd was re corded with an authorized capital of 200,000 1%
preference shares of RMI.00 each and 1,000,000 ordinary shares of
KM2.00 each. On 30 October 2016, Board of Directors decided to offer
and issue 250,00o ordinary shares f RM 2.00 cach at the price of
RM2-30 . The payment for the issuance of shares were as follows :
1.
Energy
On application
on allotment
RM 0.60
AmmO-70 Cincludlng premium)
on 1t call
RMO T0
On and call
RMo.30
On the last day of application, 400,006 shares application were recetved and
Board of Directors decided to regect 100,000 msuccessful shares and the
money will be refunded - The surplus money on application will be tranferred to
the allotment account.
All monies were duly collected upon application except for a sharehalder
name Ammar with 10,000 shares has paid the 2nd
call during the
1st call, and another shareholder name Amyra who has 3,000 shares
failed to
pay
the 2nd cll
money.
You are required to prepare the journal entries to record al the transactions

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