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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.
Prepare the updated PPE Roll forward for Garfailed University as at and for the year ended March 31, 2020. Show supporting schedules
Stoney Curtis had a debt of $5,500 which was due 1 year ago and another debt of $2,000 due 5 years from today. How much would Stoney have to pay today
The company borrowed $10,000 in cash, What is the interest paid from Oct to the end of Dec 31st and what would be the depreciation of the baking equipment?
The only other transaction during 2016 was the purchase of $5,000 of equipment for cash near the end of the year. How much were Microtel's assets at year-end?
Discuss the accounting principles and practices as they relate to inventory, and list one or more way(s) that fraudulent activity can take place.
Analyze the four possible capacity levels that management should consider when establishing budgeted fixed manufacturing cost rates.
A company has Net Income of $20, which included $4 of depreciation expense. There were no other noncash expenses in Net Income and there were no gains or losses. Accounts receivable was $40 at the beginning of the year and $25 at the end of the year.
1. the miller company produces wiring tools. the company is presently producing well below its full capacity. the
Returns that month totaled $3500. If the company's gross profit rate is 30%, Pronghorn's will report monthly net sales revenue and cost of goods sold of
During the next seven years, from 2010 to 2016, Multigrain earned a net income of $920,000. Show the computation of Multigrain's total shareholders' equity
XYZ has made the following offer to buy Little Genius. Explain how you would value the deal today from the perspective of an Little Genius shareholder
Prepare the statement of profit or loss and other comprehensive income, statement of changes in equity, statement of financial position and the relevant notes of Hafeni Limited for the year ended 31 December 2015.
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