Prepare journal entries for the following transactions

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Reference no: EM133334517

Problem: Bmc ltd has 100,000 ordinary shares issued at $5 and paid $4 on 30 June 2021. Prepare journal entries for the following transactions incurred during the year ended 30 June 2022. Show calculations.

01 jul 2021 a call of $1 was made for the 100,000 ordinary shares
31 jul 2021 all call money was received expect for 1,000 shares
01 aug 2021 the company forfeited the 1,000 shares on which calls were unpaid. According to the companys constitutio, the fund previously received from the forfeited shares will not be returned.
05 aug 2021 the company reissued the forfeited shares as fully paid to $5 on payment of $4.50 per share. $700 reissue transaction fees were paid on this day

Reference no: EM133334517

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