Provide the journal entries necessary to account

Assignment Help Accounting Basics
Reference no: EM132680562

Question - Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. The terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month of allotment. Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15 August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the application money for 6 million shares on 15 August 2019. The amounts payable on the allotment are due by 20 September 2019. By 20 September 2019, the holders of 5 million shares have failed to pay the amounts due on allotment. The directors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. An amount of $1.90 per share is received. The remaining balance of forfeited shares were refunded on 20 October 2019.

Required - Provide the journal entries necessary to account for the above transactions and events.

Reference no: EM132680562

Questions Cloud

Calculate the blending departments cost of units : Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June.
What are the biggest hurdles impeding transition : In your opinion, would a principles-based approach to standard setting, What are the biggest hurdles impeding transition to IFRS in the United States
Where is big tobacco today : Where is Big Tobacco today? Look at advertising and rise or decline in tobacco use. Is there still litigation or legislation attempting to control tobacco use?
How would you define existential threat : In the context of homeland security, how would you define existential threat, and what type of threats would fall within that definition? Why?
Provide the journal entries necessary to account : Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. Provide the journal entries necessary to account
Integrate the concepts of healthcare marketing and promotion : The Chief Executive Officer of Healthy Dynamics and your internal team had the opportunity to review the memo, the workflow analysis, objectives, vision.
Evaluate what would become the new break-even point : If the company's fixed expenses increase by $600, what would become the new break-even point in unit sales? In dollar sales.?
Compute John income subject to real property gains tax : John purchased a house in Tropicana from the developer on 4 July 2017 for RM245,000. Compute John income subject to real property gains tax
Determine the amount of materials to backflushed : The Mezcal Manufacturing Company has a mature JIT, Determine the amount of materials to backflushed from Finished Goods to Cost of Goods sold.

Reviews

Write a Review

Accounting Basics Questions & Answers

  There were 10000 of wages earned by employees in 2009 and

the 2009 and 2010 financial statements of daffney company contain the following errors1.the ending inventory was

  Chang corp had 500000 shares of common stock outstanding

chang corp. had 500000 shares of common stock outstanding. during 2012 it had the following transactions that affected

  Question regarding the market risk premium

Preferred stock price: $60 Common Stock growth rate: 4% Common stock price: $45 Bond price: 104% of par Market risk premium: 12% Corporate tax rate: 35% Preferred stock dividend: $9 Risk Free rate: 6% Bond Price: 104% of par

  Calculate the varialbe overhead spending variance

Actual Variable overhead was $140,000 in December. Calculate the varialbe overhead spending variance and variable overhead efficiencly variance.

  Indicate the type of sales promotion

Indicate the type of sales promotion that a producer might use in each of the following situations and briefly explain your reasons: (1) A firm has developed an improved razor blade, but customers are not motivated to buy it.

  Prepare a journal entry showing the completion of the

vista landscaping uses a job order costing system to track the costs of its landscaping projects. the company provides

  Minor landscaping company is preparing its budget for the

minor landscaping company is preparing its budget for the first quarter of 2013. the next step in the budgeting process

  What are the Federal income tax aspects to consider

Bob believes that his stock basis in the entity is $50,000, but he has lost some of the records to substantiate this amount. What are the Federal income tax

  Standard using traditional costing by direct labor

Overhead applied to Standard using traditional costing using direct labor hours is:

  Reagen wholesale corp uses the lifo cost flow method in the

reagen wholesale corp. uses the lifo cost flow method. in the current year profit at reagen is running unusually high.

  How much income is subject to tax in State A and State B

Legend has rented 25% of its State A facility to an unaffiliated corporation. How much income is subject to tax in State A and State B

  Write the Income Statement for the First Day of Operations

David bought 20 packets of lemonade mix for L.L 2 per packet, 200 plastic cups for L.L 10, Write the Income Statement for the First Day of Operations

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd