Q5 COMPANY ACCOUNTING ( 6 MARKS) A) X COMPANY has an authorized capital of Rs 1500,000 divided into 150000 shares of Rs 10 each. 80000 shares were issued to public at 12 per share (including Rs 2 premium) payable in full with application. The company's banker reported that application had been received for 95000 shares. The directors allotted 80000 shares and directed the bankers to return the excess of the application money. B) The company offered to the public 25,000 ordinary shares of Rs 10 each payable in full on application the entire issue was under-written the company received application for 17,500 shares. These shares were allotted to the public and as per agreement under-writers' subscribed the balance of the issue. Jan.6 Issued for cash 10000 shares of common stock at 15 per share. The shares were issued to Gordon and 10 other investors. June 14 To acquired land as a building site in exchange for 7500 shares of common stock. In view of the appraised value of the land and the progress for the company, the directions agreed that the common stock was t be valued for purpose of this transactions at Rs16 per share. Nov.15 Issued 5000 10%Debentures @ 100 each and repayable after 5 years 105. Nov.18 Issued 2500 10% Debentures @ 90 each and repayable after 3 years 110. Dec.20 Declared and paid the cash dividend, 5% of total shares issued. Dec 31 Make appropriation of contingency reserve 12500. REQUIRED Prepare journal entries in general journal in standard form