Pass the journal entries in the books of the company

Assignment Help Financial Accounting
Reference no: EM133132298

Question - Salman Ltd. was registered with an authorized capital of Rs. 1000,000 divided into  100,000 ordinary shares of Rs.10 each. On June 1, 2015 Salman Ltd. issued 20, 000 ordinary shares @ Rs. 10 par value per share. Out of these 20,000 shares, 3,000 shares were issued to the directors and remaining to the general public. On 15th June (the subscription date) applications were received for 15,000 shares. On 30th June, the company allotted the shares to the public and the remaining shares were taken up by the underwriters as per agreement.

Required - Pass the journal entries in the books of the company and prepare statement of financial position as at June 30th.

Reference no: EM133132298

Questions Cloud

What is turntabling : What is "turntabling" and talk about how it forces a description of structure in music?
How much is the provision to be recognized : Other entities have incurred around Php60M for similar cleanup; however, How much is the provision to be recognized
How much is the gross receipts tax due : On June 30, 2021, the client pre-terminated the loan by repaying the principal in full. How much is the gross receipts tax due in 2021
Design a network, research and source appropriate devices : Design a network, research and source appropriate devices justifying choices (feasibility, efficiency, etc.), subnet the network, and assign IP addresses
Pass the journal entries in the books of the company : Salman Ltd. was registered with an authorized capital of Rs. 1000,000 divided into 100,000 ordinary shares of Rs.10 each. Pass the journal entries in the books
Describe the technology : Describe the technology. What were the political effects of this technology? Describe at least one negative political outcome.
How much was allocated to Amos in total : Julie's ending capital balances were $100,000, $50,000, and $150,000 respectively. If there was a partnership net profit of $400,000, how much was allocated
Prepare the income statement and classified balance sheet : Prepare the income statement and classified balance sheet (in report format) for Copy Central Company for the quarter ended December 31, 2020
Do you plan to use quantitative methods-qualitative methods : Do you plan to use quantitative, methods, qualitative methods, or both? On what did you base this choice? What process measures will you use?

Reviews

Write a Review

Financial Accounting Questions & Answers

  How many units should the firm produce

he sales budget for the final six months of the year is as? follows: September: 50,619 units. How many units should the firm produce

  Calculate the percentage loss for the share

You fully use the margin allowed to purchase 100 shares of YTL Berhad at RM25. If the price drops to RM22, calculate the percentage loss for this share.

  Describe the three important facets of blockchain

Describe the three important facets of Blockchain. How does Blockchain impact Audit? How does Artificial Intelligence and Machine Learning impact Accounting?

  Prepare the assets section of nasda balance sheet

Prepare the assets section of Nasda's balance sheet for the calendar year of December 31, 2019, ignoring any other accounts the company may have.

  Prepare necessary journal entries for twin digital on july

Prepare necessary journal entries for Twin Digital on July 1, 2021. The long-term liability section of Twin Digital Corporation's balance sheet as of December.

  Prepare the journal entry to record the transaction

Westcoast used the straight-line method to depreciate the old press. Prepare the journal entry to record the above-noted transaction

  Calculate his net wages

The first £110 per week is free of income tax, on the next £60 he pays tax at the 20 per cent rate and above that he pays at the 25 per cent rate. National Insurance amounted to £32. Calculate his net wages.

  What amount should Milan report as Accumulated Profits

Total value of property dividends distributed 30,000. In its December 31, 2014 financial position, what amount should Milan report as Accumulated Profits

  Describe why the interest rate for the loan

Describe why the interest rate for the loan that needs a review report is lower than that for the loan that did not require a review. Describe why the interest rate for the loan that needs an audit report is lower than the interest rate for the ot..

  Calculate margin of safety in units and value

Advise JBSB's management on whether they should implement the proposal outlined above for the year 2019. (Show profit comparison).

  Compute the present values of all the payments need

Compute the present values of all the payments you need to make to the mortgage company for each of the two mortgages. Which mortgage should you choose

  Compute annual depreciation and carrying value

Compute the annual depreciation and carrying value for the new crane for each of the six years (round to the nearest dollar where necessary) under the double declining method. Round all intermediate percentage calculations to two decimal places.

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