Question: Style PART C Your final task is to prepare closing balances for equity accounts and a Balance Sheet as at 30 June, 2020 using the
Style PART C Your final task is to prepare closing balances for equity accounts and a Balance Sheet as at 30 June, 2020 using the following information & with reference to the General Journal adjustments in Part A; The Share Capital account of Senaratne Ltd. represents: January 2019 - 200 000 $1 shares issued and fully paid on application. September, 2019 - 900 000 $1 shares were issued on subseription with applications payable as follows: Oct. 2019 25c per share payable on Application 250 per share payable on Allotment The remaining amount payable under Two Calls of_25c each Nov. 2019 The share issue is fully subscribed & directors proceed with allotments Share issue costs of sio 000 were paid on November 15 Dec. 2019 All Application & Allotment money owing was fully paid Feb, 2020 Call #1 of 25c per share was made in March on these 900 000 shares, but 40 000 shareholders had failed to pay the call by 30 June 2020. An interim dividend of $15 000 has been paid during the year out of retained earnings. Required: Using the templates provided complete the balances to be carried down in the following Equity accounts: i. Share Capital ii. Call #1 iii. Retained Earnings
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