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QUESTION 2 [35 MARKS / 52.5 MINUTES] Plasto-Mould Lid is a company that is based in Johannesburg and is listed on the JSE. The company manufactures plastic and synthetic goods. It began operations in 2016 with the following capital structure: Authorised Share capital Number of Shares Class A (Ordinary no-par value shares) 4 000 000 Class B (9% R10 Preference Shares) 900 000 The company has a 28 February financial year end. From the date of incorporation until 1 March 2019, Plasto-Mould Lid has issued 2 200 000 Class A (Ordinary no-par value shares) to the public. No Class B (9% R10 Preference Shares) have ever been in issue. The balance on the Class A (ordinary stated capital) account as at 1 March 2019 amounted to R 15 400 000. In heeding to the call from the President for support in fighting the Covid-19 pandemic, Plasto-Mould Ltd decided to expand their manufacturing capacity by extending their factory buildings and acquiring specialised plant and machinery for the production of Personal Protective Equipment (PPEs). To accomplish this, they decided to offer shares to the public as follows: Class A (Ordinary no-par value shares) On 5 April 2020, management decided to offer 1 500 000 Class A (Ordinary no-par value shares) at R 11 per share. The closing date for the application of shares was on 31 May 2020. To protect against an underwritten share offer, Plasto-Mould Lid engaged the services of Safeinvest Lid, an underwriter with a proven track record. The underwriting agreement was reached on 12 April 2020 for an 8% commission of the total share offer. This amount was paid on 15 June 2020 via EFT. Plasto-Mould Lid received applications for 1 600 000 shares by the closing date on 31 May 2020. The directors allotted the shares of successful applicants on 10 June 2020, with the unsuccessful applicants refunded on the same date. Class B (9% R10 Preference Shares) Plasto-Mould Ltd's directors felt confident that they would raise the required funds based on the Ordinary Class A share offer and elected not to issue any Class B (9% R10 Preference Shares) to the public. 5 |Page 2020 YOU ARE REQUIRED TO: MARKS a Write a mini essay titled "Company Share Transactions discussing the following [20] concepts: Different types of companies; Rights of an ordinary shareholder; Authorised, issued and unissued shares; and the concept of Oversubscription, normal subscription offer and undersubscription. The essay should have an introduction and a conclusion. Discuss each concept in a separate paragraph. Do not use bullet points as this is an essay. b) Prepare all the journal entries as they would appear in the books of Plasto-Mould [15] Lid to account for the Class A Ordinary no-par value share offer and issue for the year ended 30 June 2020. Note: Show all calculations, dates and narrations