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2102AFE Financial Accounting - Topic 7 Weekly Workshop Homework Solution Financial Accounting Weekly Workshop Homework Solution Topic 7 - Share Capital and Reserves (Chapter 13) Additional Practical Question On 30 June 2015, the equity accounts of Moray Ltd consisted of: 175,000 'A' ordinary shares, issued at $2.50 each, fully paid 50,000 6% cumulative preference shares, issued at $3 and paid to $2 $437,500 100,000 The following transactions and events occurred during the year ended 30 June 2016. 2015 July 25 The directors made the final call of $1 on the preference shares. Aug 31 All call monies were received except those owing on 7,500 preference shares. Sept 7 The directors resolved to forfeit 7,500 preference shares for nonpayment of the call. The constitution of the company directs that forfeited amounts are not to be refunded to shareholders. The shares will not be reissued. The company issued a prospectus offering 30,000 'B' ordinary shares Nov 1 payable in two instalments: $3 on application and $2 on 30 November 2016. The offer closed on 30 November. 30 Applications for 40,000 'B' ordinary shares were received. Dec 1 The directors resolved to issue the 'B' ordinary shares pro rata with all applicants receiving 75% of the shares applied for. Excess application monies were allowed to be held. The shares were duly issued. 5 Share issue costs of $5,200 were paid. Required Prepare general journal entries to record the above transactions. 1