Find the amount of application money

Assignment Help Financial Accounting
Reference no: EM132982146

Question - MV Ltd was registered on the first of July 2020. The company's directors issue a disclosure document inviting applicants for 2 000 000 ordinary shares for an issue price of $0.80. The share is payable 60c on application and 20c on allotment. MV Ltd reserves the right to allot to individual applicants on a pro rata basis, a lesser number of shares than the number applied for, and may apply excess application monies to the allotment and to calls in advance. The company's director must allot exactly 2 000 000 shares. Applications for 2 500 000 shares are received with the correct application money.

Required - Find the amount of application money that would be applied to application and calls (including allotment). Prepare journal entries.

Reference no: EM132982146

Questions Cloud

Why do employees need to understand legislative requirements : Why do employees need to understand legislative requirements? Include legislation applicable to your role or intended career in your answer. You might need to c
Methods that are effective for groups therapy : You are working in a community mental health center with a high number of clients with substance abuse disorders. The director is going to a conference and woul
Preparing human resource management strategies : Assess the factors to be considered when preparing human resource management strategies?
Describe the process of how a mate is chosen in america : Describe the process of how a mate is chosen in America using the Homogamy Theory. Include the concepts and precepts of of this theory.
Find the amount of application money : The company's director must allot exactly 2 000 000 shares. Find the amount of application money that would be applied to application and calls
Why is qualitative research a great choice in healthcare : Why is qualitative research a great choice in Healthcare?
Identify the industry specific cyber law : Perform requirements analysis to identify and obtain data and evidence in support of cyber law inquiries and incidents
Performance management systems : Performance management systems are important in organizations. However, there are many performance management systems that organizations can use.
What is grow management consultants : What is Grow Management Consultants

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd