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ACCT6003 Financial Accounting Processes, Laureate International University
Part A Question
Scenario 1
Q.1 Preparing General Journal Entries To Record The Above Transactions
Date
|
Particulars |
Ref.no |
Debit |
Credit |
01/09/18
Redeemable preference share capital a/c
Premium of redemption preference share capital
to preference shareholders
( 40000 preference share at 6% redeemable and 5% premium from the retained earning)
2400
2000
4400
25/08/18
Preference shareholders a/c
to bank a/c
(cheque issued to preference shareholders)
4400
4400
01/11/18
Cash at bank a/c (51200*.40)
to equity share application a/c
(application money received for right share issues)
194560
194560
30/11/2018
Equity share application a/c
discount on issues of share a/c
to equity share capital a/c
(ownership is given 1 share for 5 held)
194560
10240
204800
20/12/16
Underwriters brokers a/c
to bank a/c
(underwriting commission paid)
4800
4800
10/01/19
General reserve a/c
Retained Earning A/c
(director transfer $56000 from retained earning to general reserve)
56000
56000
28/02/19
Share application a/c
share capital a/c
(Class 3 shares are issued at a price of $3.60)
201600
201600
30/04/19
Share capital a/c
share application a/c
(Unexercised option lapse)
201600
201600
31/05/19
Shares final call a/c
share capital a/c
(the final call is paid up on partly paid up shares but 12000 share money due)
364800
364800
18/06/19
Share capital a/c
Forfeited share a/c
share final call a/c
(Forfeiture of 12000 shares of $4 each due to non payment of final call of $1.60 per share)
48000
28800
19200
26/06/19
Bank a/c
Forfeited a/c
share capital a/c
(forfeited share are reissued at discount price)
43200
4800
48000
26/06/19
Forfeited shares a/c
capital reserve a/c
(after reissue of share forfeiture a/c transferred to capital reserve account)
4800
4800
27/16/19
Share holders a/c
forfeited share a/c
(pay refund to formal holders of forfeiture shares)
4800
4800
Working note:-
Portfolio value before right issue= 320000*4=1280000 $
- of right shares= (256000 *1/5)= 51200
cost of purchasing new share using the rights=51200*3.80= 194560
b. Preparing The Equity Section of Chiherbals Statement of Financial Position :-
Shareholders Equity |
Amount (in $) |
64000 shares of ordinary class 1 shares issued at $4 |
256000 |
256000 rights shareholders of class 1 issued 3.80$ |
972800 |
Scenario 2
a. Journal entries of ChiHerbal Ltd and classifies Residential land and Factory land as different classes of assets.:-
Date |
particulars |
Debit |
&n |
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