Reference no: EM132663459
1. Issuance of Shares and Debentures: ABC Limited was registered with an authorized ordinary share capital of Rs. 20,000,000 divided into 2000,000 ordinary shares of Rs. 10 each.
The following are the selected transactions which were performed during 2019:
Jan. 15 500,000 ordinary shares were offered to the general public at Rs. 18 each.
Feb. 18 It was informed by the banker that applications for 600,000 ordinary shares had been received.
Feb. 25 Through balloting the share applicants were selected and the allotment of ordinary shares to them was made and the excess application money was refunded by cheques.
May 22 20,000 ordinary shares were issued at Rs. 24 each to the promoters for their services rendered.
Jun. 5 Office equipment costing Rs. 80,000 was purchased by issuing 3200 ordinary shares.
Jul. 25 Cash and stock dividend of Rs. 500,000 and Rs. 480,000 were declared.
Aug. 21 Cash dividend was fully paid by cheques.
Aug. 26 20,000 ordinary shares were issued for the full settlement of stock dividend which was declared on Jul. 25.
Aug. 27 Rs. 100,000 were transferred from Retained Earnings to Reserve for Plant extension account.
Nov. 28 Furniture was purchase by issuing 10,000 ordinary shares at par.
Required:
Problem 1: Record the above transactions in General Journal.
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