Answered step by step
Verified Expert Solution
Question
1 Approved Answer
As at 1 July 2013 Benjamin Ltd had 100 000 fully paid ordinary shares. The company had the following issues and purchases subsequently made during
As at 1 July 2013 Benjamin Ltd had 100 000 fully paid ordinary shares. The company had the following issues and purchases subsequently made during the year:
- 200 000 fully paid ordinary shares issued on 1 September 2013 at the prevailing market price
- 20 000 fully paid ordinary shares purchased back on 1 February 2014 at the prevailing market price
- 50 000 partly paid ordinary shares issued on 1 April 2014 at an issue price of $2.00. The shares were partly paid to $1.50. The partly paid shares carry the right to participate in dividends in proportion to the amount paid as a fraction of the issue price.
The weighted average number of ordinary shares outstanding during the period will be:
Select one:
a. 267,157 shares
b. 287,157 shares
c. 284,084 shares
d. 304,084 shares
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started