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) Instruction: Complete TWO ( 2 ) questions from this section. Question 1 ABC Ltd issued 7 0 0 0 0 0 ordinary shares of
Instruction: Complete TWO questions from this section.
Question
ABC Ltd issued ordinary shares of $ each at a premium of cents. The terms of issue
were that cents on application and $ on allotment including the premium and the balance
was payable on the first and final called. Application was received for shares. The
directors allotted shares to successful applicants and returned application money to the
unsuccessful applicants. The money due on the first and final call was received from allottees of
shares; the remaining shares were forfeited and later reissued to another application as
fully paid on payment of $ per share.
Required:
A Prepare the following ledger accounts:
i Ordinary Share Capital
ii Application & Allotment
iii. Share Premium
iv First and Final call
v Investments: own shares
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