What is the journal entry for the given

Reference no: EM132719521

Question: The FML Board of Directors had been working on the acquisition of a rival business and on the 16th January 20X4 received advice of acceptance of a purchase price. To help fund the acquisition FML decided to raise some capital through a rights issue of ordinary shares. They formalised the rights issue at their meeting on the 28th January 20X4 where they decided to offer ordinary shareholders the rights issue on a 1:12 basis. Shareholders who accept the offer pay 85% of the share price on the day of the Board decision. Acceptance and payment by shareholders needs to be made on the 18th February 20X4. The amount paid is based on the rounded down number of shares issued. The following shareholders took up the offer and paid the appropriate amounts on the required date what is the journal entry for this?

Reference no: EM132719521

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