Reference no: EM132992077
Question - Initia Corporation was organized on January 1, 2018. It is authorized to issue 2,00,000 shares of 12%, Tk 500 par value preference shares, and 8,00,000 shares of ordinary shares par value of Tk 100 per share. The following share transactions were completed during the first year.
Jan. 10 Issued 50,000 ordinary shares for cash at Tk 130 per share.
Mar. 1 Issued 20,000 preference shares for cash at Tk 580 per share.
Apr. 1 Issued 2500 ordinary shares for land. The asking price of the land was Tk 4,00,000; the fair value of the land was Tk 3,80,000.
May 1 Issued 30,000 ordinary shares for cash at Tk 110 per share.
Aug. 1 Issued 5,000 ordinary shares to suppliers in payment of their bill of Tk 7,00,000 for inventory.
Sept. 1 Issued 1,000 ordinary shares for cash at Tk 108 per share.
Nov. 1 Issued 800 preference shares and 1,500 ordinary shares at a lump sum amount of Tk 6,50,000 where ordinary shares have a market value of Tk 125. Use appropriate method for calculation.
Required - Prepare the journal entries to record the above transactions.
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