Reference no: EM133122864
Question - KBG Ltd's equity at 30th June 2022 was as follows: 800,000 ordinary shares issued at $2.40, fully paid 1,920,000
40,000 10% non-participating preference shares issued at $1, fully paid 40,000
General Reserve 35,000
Retained Earnings 696,000
The following events occurred during the year ended 30th June, 2023.
Oct. 1 Final dividends out of retained earnings, as recommended in June (but not declared), were paid in cash. This included the 10% preference dividend for the year ended 30 June 2022 and a final ordinary dividend of 5c per share.
Nov. 15 A prospectus was issued inviting subscriptions for 200,000 ordinary shares at an issue price of $2.80, payable $1.80 on application and $1 on allotment.
Dec. 18 Applications closed, with applications having been received for 100,000 shares.
Dec. 20 Shares applied for were allotted.
Jan. 11 The balance of allotment money due was received.
Required -
a. Prepare Journal entries (in general journal form) to record the above transactions.
b. Prepare a Statement of Changes in Equity for the year ended 30th June 2023 assuming profit for the year to be transferred to Retained Earnings was $450,000.
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