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Prepare general journal entries to record the data

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Question - ABC Ltd was registered on 30 June 2019. The next day, the directors issued a prospectus inviting applicants for 400000 ordinary shares with an issue price of $2. The shares were payable in full on application. By 31 July, the company had received 500000 applications, together with the application monies. The directors allotted 400000 shares on 1 August and returned the money for additional applications.

Required -

(a) Prepare general journal entries to record the above data.

(b) Enter the above data into ledgers.

Reference no: EM132718471

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