!~~~~~Oversubscriptions 1 Prepare journal entries for each of the following transactions: a XYZ Ltd issues 200 000...
Question:
!~~~~~Oversubscriptions 1 Prepare journal entries for each of the following transactions: a XYZ Ltd issues 200 000 shares to an institutional investor on 10 October 2022 for $2.90 a share. b In September 2022, ABC Ltd issued a prospectus offering 500 000 shares at $3.00 per share, all payable at the time of application. On 15 October, $1 800 000 had been received, and the directors allotted the 500 000 shares to subscribers in proportion to their applications and refunded the balance of the application monies. c Assume that in part
(b) $2.00 was payable on application, $0.50 on allotment and $0.50 on call, and there was no oversubscription. 2 Prepare the shareholders’ equity section of the balance sheet for ABC Ltd after the transactions in question 1, part
(c) have occurred, assuming that retained profits were $100 000 and that there were no other reserves.
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