Question
on 1st february 2020,sunshine ltd was registered and offered 50,000 ordinary shares to the public at an issue price of $6,payble as follows $4.50 On
on 1st february 2020,sunshine ltd was registered and offered 50,000 ordinary shares to the public at an issue price of $6,payble as follows
$4.50 On application(due 15 march)
$1.50 on final call
by 15 march,applications had been received for 60,000 ordinary shares
at a directors' meeting on 2 april,the company decided to issue 50,000 shares and allot shares proportionately to all applicants.according to the company constituton,all surplus money from apllication was refunfef to the shareholders on the same date.
the final call was made on 7 may with money due by 30 may.all money was received on the due date exept for the holder of 5000 shares who failed to meet the final call.on 10 june,as provided for in the constitution,the directors decided to forfeit these shares.they were reissued,on 15 june,as paid to $6 for $5 in cash.Further issue cost is $6000 paid in cash on 18 june.the balance of the forfeited shares account was returned to the former shareholder on 25 june
prepare the jurnal entries to record the trasactions of sunshine LTD since the call was made on 7 may until 25 june 2020(show all workings,narrations are not requied)
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