Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on 1 july 2020, albany ltd issued a prospectus inv

On 1 July 2020, Albany Ltd issued a prospectus inviting applications for 600,000 ordinary shares,...

70.2K

Verified Solution

Question

Accounting

On 1 July 2020, Albany Ltd issued a prospectus inviting applications for 600,000 ordinary shares, at an issue price of $7, payable $2.00 on application, $3 on allotment, and $2 on future call(s), dates to be determined by the directors.

By 1 September 2020, applications were received for 620,000 shares with $2 paid per share.

On 6 September 2021, the directors allotted 600,000 shares. Refunds were made to oversubscribed applicants. Share issue costs of $12,400 were also paid on the same date.

All the allotment money was received by 1 October.

On 1 February 2021, a final call for $2 was made. 580,000 shares call money were received by 1 March 2021.

Required:

Prepare journal entries to record the above transactions.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In 500 word essay talk about the reasons for investing in the stock market with an emphasis...

Finance
Q

Find the general solution of this ODE: d^2y/dt^2+7 dy/dt+10y=5t^2−3t+6 The solution will be of the form: y(t)=Cy1(t)+Dy2(t)+yp(t) so use...

Basic Math
Q

What happened that caused the popes to move to Avignon? What was the Great Schism? How...

Psychology
Q

When the rms voltages VL Vc and VR are measured respectively across the inductor L...

Physics
Q

Tutorial Exercise Use the power series 1 1 x 1 n 0 1 x Xx...

Calculus
Q

Which of the following graphs is the correct plot of y = - 3 cos(x)?

Algebra
Q

x r coso 2 A y r sino A Prove That J J 1 Jocobian

Algebra
Q

what are major weakness ministry of health in fiji faced before performance based budgeting system...

Accounting
Q

1a) Explain two (2) non-financial factors a company needs to consider before deciding to approve...

Accounting
Q

8. If a firm's beginning inventory is $35,000, goods purchased during the period cost $130,000,...

Accounting
Q

Anderson Publishing has two divisions: Book Publishing and Magazine Publishing. The Magazine division has been...

Accounting
Q

b) Thapelo and Gorata are legally separated. Thapelo insured their vacation home for P280 000....

Finance