On 1 July 2014 Mick pic invited Fanning plc to purchase 1,000,000 1 ordinary shares at...

 

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On 1 July 2014 Mick pic invited Fanning plc to purchase 1,000,000 1 ordinary shares at 3.00 per share. At the time of accepting the offer. Fanning plc-which is an insurance company-only had cash resources available of 2,600,000. The balance of the purchase price would be made up of insurance to be provided by Fanning plc to Mick plc. By 30 June 2015, Fanning plc had supplied 280,000 worth of insurance to Mick Plc. LO 11.3 REQUIRED Provide the accounting entries to record the issue of the Mick pic shares. On 1 July 2014 Mick pic invited Fanning plc to purchase 1,000,000 1 ordinary shares at 3.00 per share. At the time of accepting the offer. Fanning plc-which is an insurance company-only had cash resources available of 2,600,000. The balance of the purchase price would be made up of insurance to be provided by Fanning plc to Mick plc. By 30 June 2015, Fanning plc had supplied 280,000 worth of insurance to Mick Plc. LO 11.3 REQUIRED Provide the accounting entries to record the issue of the Mick pic shares.

Answer rating: 100% (QA)

The accounting entries to record the issue of the Mick pic shares woul... View the full answer