Question: I need help with this Accounting questions E18 - 1 Star Finance Limited was formed with an authorised capital of 2500000 ordinary shares and 12500005%

I need help with this Accounting questions
E18 - 1 Star Finance Limited was formed with an authorised capital of 2500000 ordinary shares and 12500005% non-redeemable preference shares. On 1 October 206, the incorporators were issued 2500 ordinary shares for which they paid C1 each. On 1 November 206,1250000 ordinary shares were offered to the public at C1,50 each. The preference shares were offered at C1 each. In all, 3750000 ordinary shares and 1000000 preference shares were applied for by 30 November 206 when applications closed. On 1 December 206 the shares were allotted and unsuccessful applicants had their money returned to them. You are required to: a. Record the above transactions in the general journal of Star Finance Limited. b. Prepare the equity section of the statement of financial position of Star Finance Limited at 2 December 206. E18 - 2 Gems Limited was incorporated with a capital of 500000 ordinary shares. The incorporators took 1000 shares and paid the company C1000 for them. Some years later, the company offered the remaining shares to the public at C1,05 per share, the issue being underwritten for a commission amounting to C24 000. A total of 400000 shares were applied for and the underwriter fulfilled the terms of his contract. Preliminary costs of C5 000 and share issue costs of C10000 were paid in cash. The company's accounting policy is to set off share transaction costs against share capital. You are required to: a. Record the above transactions in the general journal of Gems Limited. b. Show how the share capital would appear in the statement of financial position of Gems Limited
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