QUESTION $1$:

ClipTech Bhd was incorporated with share capital of RM$2,000,000$ in $2020.$ The following

balances were extracted from the book of ClipTech Bhd as at $30$ June $2021$:

The following transaction took place during the year ended $30$ June $2022$ and $2023$:

$($i$)$ On $1$ August $2021,$ the company issued $2,000,000$ ordinary shares at a price of RM$1\mathrm{.}50$

each fully paid upon application. The ordinary shares were oversubscribed by $600,000.$

Any oversubscribed shares were refunded immediately.

$($ii$)$ On $10$ January $2022,$ the directors offered to the public $1,500,0002\%$ preference shares

at RM$2$ per shares. The issued shares were fully subscribed and paid.

$($iii$)$ On $1$ July $2023,$ the company decided made a rights issue of share on the basis of one

new ordinary share for every twenty existing ordinary shares held at the share price of

RM$1\mathrm{.}20.$

$($iv$)$ On $1$ February $2023,$ the company decided to redeem all the $5\%$ redeemable preference

share. This amount will be redeem partly by issue $300,000$ ordinary shares at RM$1\mathrm{.}30$ and

partly out of profits.

$($iv$)$ On $1$ June $2023,,$ the company decided to issue a bonus share on the basis of one new

ordinary share for every ten existing ordinary shares held in the year $2023.$ The share

price of the equity share was RM$1\mathrm{.}50.$

$($v$)$ The current year net profit and loss for year ended $2022$ and $2023$ was RM$240,000($debit

balance$)$ and RM$1,600,000($credit balance$)$ respectively.

You are required to prepare:

$($a$)$ Journal entry to record the above transactions

$($b$)$ Record the above transactions in the ledger accounts of Cold Bhd as follow:

i$.$ Bank account.

ii$.$ Ordinary shares account

iii. Preference shares account

iii. Retained profit account

iv$.$ Asset revaluation account

$($c$)$ Prepare an Extract of Statement of Financial Position as at $30$ June $2022$ and $2023$