During its first year of operations, Punjab Limited had the following transactions pertaining to its ordinary shares.

Question:

Jan. 10 Issued 70,000 shares for cash at Rs50 per share.

July 1 Issued 30,000 shares for cash at Rs70 per share.

Instructions

a. Journalize the transactions, assuming that the ordinary shares have a par value of Rs50 per share.

b. Journalize the transactions, assuming that the ordinary shares are no-par with a stated value of Rs10 per share.

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Financial Accounting With International Financial Reporting Standards

ISBN: 9781119787051

5th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Apr 05, 2024 01:40 AM

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During its first year of operations, Punjab Limited had the following transactions pertaining to its ordinary shares.

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Financial Accounting With International Financial Reporting Standards

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