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Question - Mellisa Ltd was listed on the Australian stock exchange ten years ago. During this financial crisis they've decided to raise additional capital of $10 million at a price of $1.00 per share in a private placement.
The terms are as follows:
Payment on application - $0.50 per share
The final balance is to be paid in the future at the direction of Mellisa Ltd.
Payment of the balance was announced one month later by Mellisa Lid. 1% of the shareholders did not pay their balance due and Mellisa Ltd decided to forfeit the shares.
a) What would be the entries to record the above transactions (ignore dates).
b) How much would be refunded to the shareholders who forfeited their shares.
c) Would the accountant be dealing with a receivable (asset) or payable (liability) when finalising the forfeiture?
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