Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Urgent help please. Record the date and narration for each journal entry. You may omit the folio number for the journal entries. Thank you so

image text in transcribed

Urgent help please. Record the date and narration for each journal entry. You may omit the folio number for the journal entries. Thank you so much for your time and effort.

QUESTION FIVE [15] It was registered on 1 March 2018 with the following authorised share capital: - 800 000 Ordinary shares - 350 000 9% preference shares The following transactions took place for the financial year ended 28 February 2019: 2018 3 March The company offered 150 000 ordinary shares at R2,00 each to the subscribers to the memorandum (founders of the company). The founders took up the offer in full and paid for the shares immediately. 15 March The company offered 100 000 ordinary shares at R3,00 each to the public. The closing date for applications was 10 May 2018. 10 May Applications for 110 000 shares were received from the public with application monies and the regulatory application documents. 15 May Shares were allotted to successful applicants. 18 May Unsuccessful applicants were repaid. The company paid R4 500 in respect of share issue expenses. 2019 30 January As the company performed better than expected, the directors presented a proposal to declare a dividend of 10 cents per share payable on 28 February 2019. Shareholders approved the proposal at the annual general meeting on 30 January 2019. 28 February The dividends were paid as approved. Required: Record the above transactions in the general journal for the financial year ended 28 February 2019. (14) Explain the difference between a company's "authorised share capital" and the "Issued share capital". Record the date and narration for each journal entry. You may omit the folio number for the journal entries. 5.2 (1)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

GCP Auditing Methods And Experiences

Authors: Editio

1st Edition

3871932841, 978-3871932847

More Books

Students also viewed these Accounting questions

Question

If ( A^2 - A + I = 0 ), then inverse of matrix ( A ) is?

Answered: 1 week ago

Question

What is computer neworking ?

Answered: 1 week ago