Q1. Pearl Bhd issued 120,000 units of ordinary shares at a price of RM3 per...
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Q1. Pearl Bhd issued 120,000 units of ordinary shares at a price of RM3 per share at the following terms: Per Share (RM) On application 1.00 On allotment 0.50 On the first call 0.70 On the second and final call 0.80 Applications are received for 180,000 shares. A refund of the money is made in respect of 20,000 shares while the remaining 160,000 applied for, an allotment is to be made on the basis of 3 shares for every 4 applied for (assume that this will not involve any fractions of shares). The excess application monies are set off against the allotment monies asked for. The remaining instalments are all paid in full. Required: Record the above transactions in the ledger accounts below: a) Bank b) Application c) Allotment d) First call e) Second and final call f) Ordinary share capital (12 marks)
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