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Durian Bhd has an authorized capital of RM1500,000 comprising ordinary share of RM1.00 each. Out of these the company decided to issue 7500,000 shares of RM 1 each to the public. The shares were issued at premium, payment being made as follows:
RM 1 Jan Payable on application 0.40 (Incl. share premium of RM0.30)20 Feb Payable on allotment 0.4515 Mar First call 0.2510 April Last call 0.20
The call were made and paid in full by the members, with the exception of one who failed to pay the last call on the 7,000 shares allotted to him. The shares were forfeited and reissued to Ibrahim at RM0.60 each.
Required:
Problem (a) Prepare the journal entries to record the issue of shares.
Problem (b) Prepare the relevant extracts from a statement of financial position after the transactions has been completed.
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