What the share capital of blue ltd on june was

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Reference no: EM132785030

Problem 1: The share capital of Blue Ltd on 30 June 2019 was

Share capital: 130 000 'A' ordinary shares issued at $3.30, paid to $2.00 $260,000 40,000 'B' ordinary shares issued at $3, fully paid $120,000 $380,000

Required

Problem 2: Prepare journal entries to record the following transactions in the records of Blue Ltd. (Show all workings)

01 Nov 2019 The company makes a 1-for-8 rights offer to its 'B' ordinary shareholders. The rights are renounceable and allow holders to obtain 'B' ordinary shares for $2.50 per share, payable in full on application. 30 Nov 2019 The holders of 24 000 'B' ordinary shares accept the rights offer by the expiry date. The shares are duly allotted and all money is received. 16 Jan 2020 To assist with cashflow difficulties the company issued a prospectus inviting offers for 70 000 options to acquire A ordinary share at a issue price of $2 per option, payable in full on application.Each option exercisable on 31 Dec 2020 allowed the holder to acquire one A ordinary share for $3 31 2020 Offers were received for 50 000 options and these were duly allotted. The holders of 40 000 options exercised their options and 40 000 A ordinary shares were allotted. The remaining options lapsed. All money was received. Costs of issuing the shares $3100 were paid on 31 January 2021.

Reference no: EM132785030

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