Question Three A. Convertible preference shares are those shares which can be converted into equity shares. Explain at least five (5) reasons why a convertible preference shareholder will decide to convert the shares into equity shares. (AP: 10 marks)

B. Asuoba Plc has issued 500,000 equity shares at GHc5.80 per share. All shares were subscribed and paid for. As indicated in the prospectus of the company, the subscribed shares are to be paid as follows: GHc2.30 on application, GHc1.10 on allotment, GHc 0.70 on first call, GHc0.90 on second call, GHc0.50 on third call and Ghc0.30 on final call. Required i. Pass the journal entries for the above transactions (AP: 10 marks)

ii. Prepare the relevant ledgers

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Question Three A. Convertible preference shares are those shares which can be converted into equity shares. Explain at least five (5) reasons why a convertible preference shareholder will decide to convert the shares into equity shares. (AP: 10 marks) B. Asuoba Plc has issued 500,000 equity shares at GHc5.80 per share. All shares were subscribed and paid for. As indicated in the prospectus of the company, the subscribed shares are to be paid as follows: GHc2.30 on application, GHc1.10 on allotment, GHc 0.70 on first call, GHc0.90 on second call, GHc0.50 on third call and Ghc0.30 on final call. 3/5 Required i. Pass the journal entries for the above transactions (AP: 10 marks) ii. Prepare the relevant ledgers (AP: 5 marks) (Total: 25 marks)