Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

8.2, 4.15. 20.1. 11., conting for Share Capital Hope ad makes an are to be issued a first payment, to makes an offer of shares

image text in transcribed

8.2, 4.15. 20.1. 11., conting for Share Capital Hope ad makes an are to be issued a first payment, to makes an offer of shares to the public. In its prospectus it notes issued at $10 per share. The shares are to be paid in three instalmers payment to be made on application, is $ 2. A second amount of $4 will be due Within one month of allotment, and the third amount of $ 4 will be due within one month of the first and final call. Hope Ltd will expect to issue 2.000 shares. The closing date for applications is 30 November 2018. By the closing date, applications have been received for 2200 shares. To deal with the oversubscription, Hope Ltd has decided to issue shares to all subscribers on a pro rata basis. All amounts due on allotment are paid by the due date. The first $ 4 is made on 28 February 2019, with the amounts being de 28 February 2019, with the amounts being due by 31 March 2019. Holders of 1000 shares fail to pay the amount due on the call by the due date, and on shares fail to pay the amount due on the 15 June 2019 these holders have their shares forfeited. The forfeite olders have their shares forfeited. The forfeited shares are auctioned on 10 July 2020. An amount of $ 9 per share is received. The cost of boldina tha auction is $ 100 The shares are sold as 'fully paid'. REQUIRED: Provide the accounting journal entries necessary to account for the above transactions and events. 8.2, 4.15. 20.1. 11., conting for Share Capital Hope ad makes an are to be issued a first payment, to makes an offer of shares to the public. In its prospectus it notes issued at $10 per share. The shares are to be paid in three instalmers payment to be made on application, is $ 2. A second amount of $4 will be due Within one month of allotment, and the third amount of $ 4 will be due within one month of the first and final call. Hope Ltd will expect to issue 2.000 shares. The closing date for applications is 30 November 2018. By the closing date, applications have been received for 2200 shares. To deal with the oversubscription, Hope Ltd has decided to issue shares to all subscribers on a pro rata basis. All amounts due on allotment are paid by the due date. The first $ 4 is made on 28 February 2019, with the amounts being de 28 February 2019, with the amounts being due by 31 March 2019. Holders of 1000 shares fail to pay the amount due on the call by the due date, and on shares fail to pay the amount due on the 15 June 2019 these holders have their shares forfeited. The forfeite olders have their shares forfeited. The forfeited shares are auctioned on 10 July 2020. An amount of $ 9 per share is received. The cost of boldina tha auction is $ 100 The shares are sold as 'fully paid'. REQUIRED: Provide the accounting journal entries necessary to account for the above transactions and events

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Skill Management Ref PPAP ISO 9000 And ISO 14000 Series

Authors: FULBODH CHAUDHARY

1st Edition

1520470843, 978-1520470849

More Books

Students also viewed these Accounting questions

Question

c. Between 1 and 2 SDs from its mean value?

Answered: 1 week ago