Question
Wolfgang issue shares via installment. On 1st June they issue a prospectus to potential investors advertising that they will sell $1,000,000 shares at $1 each.
Wolfgang issue shares via installment.
On 1st June they issue a prospectus to potential investors advertising that they will sell $1,000,000 shares at $1 each. Payable $0.50 on application, $0.30 on allotment, and $0.20 on call.
By 15th September, the applications are all received, and 1,800,000 share applications were received. On 30th September, Wolfgang decide to refund excess applications.
What journal entry should be entered on 30th September?
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Financial Accounting And Reporting
Authors: John McKeith, Bill Collins
2nd Edition
0077138368, 978-0077138363
