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Complete the general journal entry of DenPrac Ltd

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Question - The equity section of the Balance Sheet of DenPrac Ltd at the 30th June 20X2 is as follows:

EQUITY

Share Capital $10,000,000

Reserves 356,760

Retained Profits 3,243,578

TOTAL $13,600,338

The Share Capital is represented by 2,000,000 shares which are fully paid.

On the 30th September 20X2 the company offers a one-for-one rights issue to all shareholders at a discount price of $4.90 per share. All but 150,000 shareholders take up the offer. All money is received and the share issue occurs on the 30th November 20X2.

Required - Complete the general journal entry of DenPrac Ltd to record the rights issue of shares.

Reference no: EM132569202

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