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Question - Gem Ltd has the following share transactions during March:
Mar 1 Released a prospectus inviting applications for 100,000 ordinary shares of $1 each, payable in full on application.
Mar 10 Received applications for 100,000 shares.
Mar 15 Allotted 100,000 shares to applicants and transferred application money to bank account.
Required - Journalise all of these share transactions for Gem Ltd (narrations are NOT required).
Some years ago, Parent Ltd. acquired 60% of the shares of Child Ltd. On 31st December, 1962, the Balance Sheets of the two companies were as follows.
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at december 31 depaul corporation had a 16 million balance in its deferred tax asset account and a 68 million balance
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What is done to record properly a transaction involving the issuance of a non-interest-bearing long-term note in exchange for property?
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