Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help please Christchurch Ltd was registered on January 31, 2020. The company invited the public to subscribe to the issue of 70,000 ordinary shares for
help please
Christchurch Ltd was registered on January 31, 2020. The company invited the public to subscribe to the issue of 70,000 ordinary shares for $2.00 per share: $1.20 due on application $0.60 due on allotment and the balance due on call. January 10 March 1 March 2 March 31 November 1 November 10 Prospectus issued Received applications for 70,000 shares Allotted 70.000 ordinary shares All allotment money received Remaining capital called All money due on the call is received Required: Record the above economic transactions in the general journal below. Date all journals' transactions Date Mavicha March ft March 200 Christchurch Ltd General Journal Particulars Debit Credit Cash twist 89.000 Application $4,000 To record receipt of application monies. Application 44,00 Share Capib! 8.1,000 To record allotment of ordinary shares. Cash at bank 'Cash tust 44000 To record the transfer of application monies to the company. Allotment 42,000 Application 12,000 To record allotment monies due. Cash at bank. 42,000 Allotment 54,000 March sist March 31st 42, Nov 11 To record receipt of allotment monies. Call Share Capital Nov 18th To record call monies due. Cash at bank Call To record receipt of call monies Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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