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QUESTION FOUR [15 Marks] Bling Ltd was registered on 1 March 2021 with the following authorised share capital: - 900 000 Ordinary shares (Class A)
QUESTION FOUR [15 Marks]
Bling Ltd was registered on 1 March 2021 with the following authorised share capital: - 900 000 Ordinary shares (Class A) - 400 000 9% preference shares of R5 each (Class B) The following transactions took place for the financial year ended 28 February 2022
2021 3 March | The company offered 100 000 ordinary shares at R2,00 each and 20 000 9% preference shares to the subscribers to the memorandum (founders of the company) . The founders took up the offer in full and paid for the shares immediately. |
11 March | The company offered 200 000 ordinary shares at R2,00 each to the public. The closing date for applications was 10 May 2021. |
10 May | Applications for 210 000 shares were received from the public with application monies and the regulatory application documents. |
1 June | Shares were allotted to successful applicants. |
8 June | Unsuccessful applicants were repaid. |
2022 21January | Directors presented a proposal to declare a dividend of 10 cents per share payable on 28 February 2022. Shareholders approved the proposal at the annual general meeting on 21 January 2022. |
28 February | The dividends were paid as approved. |
Required: Record the above transactions in the general journal of Bling Ltd for the financial year ended 28 February 2022.
NB: Record the date and a brief narration for each journal entry.
This is a 15 Marks question can u please assist...
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