Reference no: EM132603477
Question - The following selected balances are taken from the general ledger of Growth Realty Ltd at 30 June 2019:
Share Capital (150 000 ordinary shares) $300 000
General Reserve $110 000
Retained Profits $285 000
Final Dividend Payable $15 000
The following selected transactions took place during the financial year ended 30 June 2020.
01 Aug Paid the final dividend declared at the end of the previous financial year.
Declared and immediately issued a 1 for 5 bonus share issue, valued at $2.00 per share and issued from the general reserve.
01 Sept Transferred $85 000 to the general reserve from the retained profits account.
01 Oct Growth Realty Ltd issued a prospectus offering 200 000 shares at $2.50 per share, all payable at the time of application.
01 Nov $655,000 received in relation to the share offer. The directors issued the 200 000 shares on a 'first-come first-serve' basis.
01 Dec The directors refunded the balance due to unsuccessful applicants.
30 June A final cash dividend of 10 cents per share was declared, payable on all shares issued by the company as at 30 June 2020.
After adjusting and closing entries, the credit balance in the profit and loss summary was $132 000. This amount represents the final profit after taxation.
Prepare the general journal entries to record these events for the year ended 30 June 2020.
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