Reference no: EM132527309
Question - On 1 March 2020, ABC Ltd was registered and a prospectus was issued inviting applications for 1,000,000 ordinary shares at an issue price of $5. The shares were payable $2 on application, $2 on allotment (due 30 April), and $1 on a final call (expected to be made after 2 years).
By 31 March 2020, applications had been received for 1,400,000 ordinary shares. On 1 April 2020, 1,000,000 ordinary shares were issued. The constitution allows the directors to apply excess application money to the allotment account. All outstanding allotment money was received by the due date, and share issue costs of $10,000 were paid on this date.
On 30 June 2020, ABC Ltd offered additional ordinary shares to all ordinary shareholders through a 1 for 10 rights issue. The terms of the rights issue included an issue price of $4.50 per share. All ordinary shareholders took up the offer.
On 1 October 2020, ABC Ltd issued to existing ordinary shareholders 100,000 options to buy 100,000 ordinary shares. Each option costs 50 cents and entitles the holder to buy one ordinary share at a price of $2.50, exercisable on 31 October 2020. All options were exercised on that date.
On 30 November 2020, ABC Ltd paid interim dividend of 10 cents per share for ordinary shares.
Required - Prepare the journal entries to record the transactions of ABC Ltd for the events outlined above.
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