Make the journal entries to record the above

Assignment Help Managerial Accounting
Reference no: EM132990574

Question - Pheonix Limited made an offer to the public via a prospectus of 1,000,000 shares with an issue price of $1.00 per share. The shares were payable as $0.50 on application and a further $0.20 on allotment and $0.30 on call. Applications closed on 1 March 2020 and 1,500,000 applications were received (an oversubscription of 500,000 shares). Allotment was made on 20 March 2020. The company allotted 1,000,000 shares and the excess application monies were retained against allotment and call amounts. The call money was due on 1 October 2020. All monies to be paid have been received on time except 100,000 shareholders who could not pay the call money. These 100,000 shares were forfeited by the management on 20 November 2020. Make the journal entries to record the above.

Reference no: EM132990574

Questions Cloud

How can you ensure that cash flow is accurately : How can you ensure that cash flow is accurately accounted for in accordance with organisational requirements?
Identify one expense of a mutual fund : Identify one expense of a mutual fund and briefly explain why management charges this fee. Why might investors be concerned with this fee?
Manager mad or making the customers mad : Read through this scenario and answer the following questions. Every time the phone rings, your stomach clenches and your palms start to sweat. And it's no wond
Differentiate an exchange-traded fund from a mutual fund : Briefly differentiate an exchange-traded fund from a mutual fund. Which would you select and why? Would you favor a mutual fund of mutual funds or not? Why?
Make the journal entries to record the above : These 100,000 shares were forfeited by the management on 20 November 2020. Make the journal entries to record the above
How do individual personality differences impact behavior : Description of how Scripture address personality differences. How do individual personality differences impact behavior?
Determine the reorder point : A construction company uses 5,000 bags of cement per year. The ordering cost is RM10 per order and the annual carrying cost is RM0.10 per unit. The lead time is
Identify and critically analyse taxation issues : Calculate her Total Assessable Income - Identify and critically analyse taxation issues and Apply taxation principles to real life problems.
What is the cost of a dozen chocolate chip cookies : The CEO of the company wants to determine the cost of one dozen chocolate chip cookies. What is the cost of a dozen chocolate chip cookies

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Show the required journal entry to record the incurrence

Show the required journal entry to record the incurrence of DL costs. Actual wage rate $11.20 per DLH. standard wage rate $12.20 per DLH

  Assume that the company uses the weighted average method

Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in June

  What is the maximum purchase price that martell products

What is the maximum purchase price that Martell Products should be willing to pay for the copier if the company's required rate of return is: Ten percent? Sixteen percent?

  How do discuss any four performance measurement systems

How do discuss any four performance measurement systems that can be usefully developed and used by multinational corporations.

  What is this stock expected total rate of return

What is this stock's expected total rate of return (assume market is in equilibrium with the required rate of return equal to the expected return)

  What versus attainable levels of productivity and costing

What is meant by ideal versus attainable levels of productivity, costing, and efficiency? What factors impact these areas? Can an organization be successful

  Calculate the total costs of the special order

ACC00724 Accounting for Managers Assignment. Calculate the overhead allocation rate: note that the process is labour-intensive and Calculate the total costs of the special order

  What are the accounting issues related to adam request

What are the accounting issues related to Adam's request? You are the controller for Pro Clean Services, a company that provides janitorial services

  Explain the difference between variable costing

Explain the difference between variable costing and absorption costing net operating income in year 1. Also, explain why the two net operating incomes differ in year 2.

  Is charlie advice a violation of the ima standards of ethics

Is Charlie's advice a violation of the IMA Standards of Ethics? Did Loren violate any of those standards herself? What should Loren do

  How much estimated tax must Marc send to the IRS

Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $301,000 this year. How much estimated tax must Marc send to the IRS

  Information reported about gazelle corporation

1.Refer to the information reported about Gazelle Corporation in Problem 16- 1B. In Problem 16- 1B, Gazelle Corporation,

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