Fresh Poultry Ltd was organized on 05 July, 2019 with the following authorized capital:- a) Common...

  

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Fresh Poultry Ltd was organized on 05 July, 2019 with the following authorized capital:- a) Common Stock 50,000 of Rs. 100 each. b) 12% Cumulative Preferred Stock 50,000 of Rs. 50 each. The Company issued 50% of each category of shares upon receipt of Cash on 15 August, 2019 at par value. The 20% shares of each category were issued upon receipt of cash with premium of 15% on each share on 20 December, 2019. The Company also issued 10,000 Common Stock against the acquisition of some machinery valuing Rs. 1,200,000. Required A) Pass necessary accounting entries B) Prepare a Balance Sheet as at 30 June, 2020. Fresh Poultry Ltd was organized on 05 July, 2019 with the following authorized capital:- a) Common Stock 50,000 of Rs. 100 each. b) 12% Cumulative Preferred Stock 50,000 of Rs. 50 each. The Company issued 50% of each category of shares upon receipt of Cash on 15 August, 2019 at par value. The 20% shares of each category were issued upon receipt of cash with premium of 15% on each share on 20 December, 2019. The Company also issued 10,000 Common Stock against the acquisition of some machinery valuing Rs. 1,200,000. Required A) Pass necessary accounting entries B) Prepare a Balance Sheet as at 30 June, 2020.

Answer rating: 100% (QA)

A PASSSING NECESSARY ACCOUNTING ENTRIES a COMMON STOCK 05 July 20... View the full answer