User Account

All Pages

Prepare journal entries to record the transactions

Assignment Help Accounting Basics
Reference no: EM13513250

Desco Ltd issued 100,000 ordinary shares of N1.00 each at N1.40 per share payable as follows:

(i) 35 kobo on application

(ii) 65 kobo on allotment (including premium)

(iii) 40 kobo on first call.

All the monies were received on due dates except for 10,000 shares not paid on first call. The holders of 10,000 shares failed to pay up and after some reminders, the shares were forfeited. The shares were re-issued at 75 kobo per share and all the monies were received.

Required:

(a) Prepare Journal entries to record the above transactions.

(b) State the purposes for which the share premium account may be applied.

Reference no: EM13513250

Questions Cloud

Determine the cost of goods sold during the period : Determine the cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and (c) the average-cost method.
Estimate the acceleration of the hanging mass : A 240g air track glider is connected to a string hanging over a frictionless pulley. find the acceleration of the hanging mass
Discuss how this information affects the reported cost : Discuss how this information affects the reported cost of inventory.
Define nitroglycerin decomposes rapidly upon ignition : The explosive nitroglycerin decomposes rapidly upon ignition or sudden impact according to the following balanced equation: 4C3H5N3O9 (l) --> 12 CO2 (g) + 10H2O (g) + 6N2 (g) + O2 (g)
Prepare journal entries to record the transactions : Prepare Journal entries to record the transactions and state the purposes for which the share premium account may be applied.
How much is the stand compressed by the statue : A 3440 kg statue is supported by a glass stand. The cross-section of the stand is square, 0.15 m to a side. Before the statue was placed on the stand, How much is the stand compressed by the statue
How many women-children were working with the constructor : A contractor had employed 100 labourers for a flyover construction task. He did not allow any woman to work without her husband. Also, atleast half the men working came with their wives. He paid five rupees per day to each man, four ruppes to each wo..
What is the angular frequency of the motion : A person goes up and down in simple harmonic motion while standing on a trampoline. The amplitude is 0.125 m and it takes 1.3 s to complete one oscillation. What is the angular frequency of the motion
Discuss four methods of valuing stock : Discuss FOUR methods of valuing stock and distinguish between „Cost? and „Net realizable value?.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd