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Prepare journal and ledger account to record transaction

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Mango Ltd was registered on 1 March 2020. The directors decided to issue 500 000 ordinary shares on 31 March 2020, at an issue price of $5 payable $3 on application, $2 on allotment. The company received applications for 510 000 shares on 30 April 2020 and sent letters of regret and refunds to unsuccessful applicants of 10 000 shares. Legal costs of issuing the shares, $12 000, were paid.

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Question 1: Prepare journal entries and ledger accounts to record the above transactions.

Reference no: EM132611698

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