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SHOW ALL WORKINGS QUESTION 2 Malagwane Ltd issued 1000 shares to the public at $ 10 each payable as follow: $ 2.5 on application, $
SHOW ALL WORKINGS
QUESTION 2 Malagwane Ltd issued 1000 shares to the public at $ 10 each payable as follow: $ 2.5 on application, $ 5 on allotment and $ 2.5 on first and final call. The company received applications for 2000 shares of which they returned one half and then proceeded to allot the rest. Required: i) Show the journal entries to record the issue (15 marks) ii) Show the accounts as they would appear in Malagwane Ltd's books. (10 marks) (Total: 25 marks)Step by Step Solution
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
13th Canadian Edition
1119740460, 978-1119740469
