On 2 March, Makayla Ltd invited the public to subscribe for 5000 shares at $1.50 each, $1.00
Question:
On 2 March, Makayla Ltd invited the public to subscribe for 5000 shares at $1.50 each, $1.00 payable on application and $0.50 payable on allotment. By 31 March, applications were received for 5000 shares, and these were allotted on 1 April. All amounts owing on allotment were received by 30 April. Prepare the journal entries required to record the issue of the shares and proceeds of the share issue.
Step by Step Answer:
To journalize the issue of shares and the proceeds of the share issue we need to record several tran...View the full answer
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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