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Provide the journal entries to account for the events

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Eclipse Ltd made an offer to the public for investors to subscribe for 1,000,000 shares. The shares were issued at $10.00 per share. Applications for shares closed on 10 April 20X0, with $5.00 being paid on application and a further $5.00 being payable within one month of allotment.

  • By 10 April 20X0 applications had been received for 1,100,000 shares, and it is decided that all subscribers will receive shares on a pro rata basis, with any excess paid on application to be offset against the amount due on allotment. The shares were allotted on 25 April 20X0.

Required:

Problem a) Provide the journal entries to account for the above events. What are share splits? What accounting entries are necessary when a share split is undertaken?

Reference no: EM132916659

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