User Account

All Pages

Prepare the journal entries

Assignment Help Accounting Basics
Reference no: EM133000503

Question - Pheonix Limited made an offer to the public via a prospectus of 1,000,000 shares with an issue price of $1.00 per share. The shares were payable as $0.50 on application and a further $0.20 on allotment and $0.30 on call.  Applications closed on 1 March 2020 and 1,500,000 applications were received (an oversubscription of 500,000 shares). Allotment was made on 20 March 2020. The company allotted 1,000,000 shares and the excess application monies were retained against allotment and call amounts. The call money was due on 1 October 2020. All monies to be paid have been received on time except 100,000 shareholders who could not pay the call money. These 100,000 shares were forfeited by the management on 20 November 2020. Prepare the journal entries to record the above.

Reference no: EM133000503

Questions Cloud

What is forecasting risk : What is forecasting risk? Why is it a concern for the financial manager? What is a scenario as an example that can illustrate this
What amount of goodwill will be shown : What amount of goodwill will be shown in the consolidated statement of financial position pursuant to AASB 3 assuming that any non-controlling interest
Calculate the cash payments to suppliers during the year : Stock write-offs owing to water damage caused by melting ice in the Antarctic $5,000. Calculate the cash payments to suppliers during the year
Describe the impact on retained earnings : Describe the impact on (a) Retained Earnings and (b) Inventory after the adjustments for inventory gain and inventory write-down have been recorded
Prepare the journal entries : These 100,000 shares were forfeited by the management on 20 November 2020. Prepare the journal entries to record the above
What are the relevant factors in the decision : What are the relevant factors in the decision? Which alternative is in the best interest of the company over the next two years? Show your calculations
Calculate operating cash flow : Calculate operating cash flow if a firm has sales of $1,000,000, depreciation of $220,000 operating profit (EBIT) of $280,000, interest expense of $50,000
What value should be included in the initial cash flow : If company decides to assign this warehouse to a new project, what value, if any, should be included in the initial cash flow of the project for this building
What is the effect of this transaction on this year : What is the effect of this transaction on this year's and next year's income statement and income tax expense

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the journal entry to account for any impairment

Patent rights 200 Machinery 1,000 Buildings 1,500 Land 2,300 5,000 Less: Prepare the journal entry to account for any impairment

  Which is the weighted average cost of the fuses

Which is the weighted average cost of the fuses and air filters being sold if Troy implements the weighted average method to inventory these supplies?

  Define substantive procedures to obtain sufficient evidence

Pineapple Beach Hotel Co. (Pineapple) operates a hotel providing accommodation, leisure facilities, and restaurants. Its year end was April 30, 2016.

  Compute the amount of the deferred tax liability

Compute the amount of the Deferred Tax Liability as of 12f31f18 under the following three independent assumptions

  Determine the amount of cash received by the club

The following data are taken from the comparative balance sheets of Girard Billiards Club, which prepares its financial statements using the accrual basis of accounting.

  Accounts payable 184400 150000 160000 accounts receivable

accounts payable 184400 150000 160000 accounts receivable net 206000 194000 220000 interest income 15000 14000 26000

  While departmental supervisors have been happy with the

several years ago shipley corporation developed a comprehensive budgeting system for profit planning and control

  Companys estimate of useful life more closely reflects

business provide any information as to why its estimates were so substantially different from those of financially sound Airline

  Data for amsterdam company are presented below

Data for Amsterdam Company are presented below. Compute the April 30 inventory and the April cost of goods sold using the FIFO method.

  Weston is preparing the companys statement of cash flows

weston is preparing the companys statement of cash flows for the fiscal year just ended. using the following

  Journals and ledger processing transactions

How are journals and ledger used in processing transactions? If a manufacturing company were to maintain special journals for purchases, sales, cash receipts, and cash disbursements, describe five journal entries that an AIS might make directly to..

  Make the adjustment for prepaid insurance

At the beginning of the year, the balance in prepaid insurance is $900. The balance at the end of the year is $300. Make the adjustment for prepaid insurance

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