Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. calculate ltd was incorporated on 31 january 20

1. Calculate Ltd was incorporated on 31 January 2020 with authorised capital as: 950 000...

90.2K

Verified Solution

Question

Accounting

1. Calculate Ltd was incorporated on 31 January 2020 with authorised capital as:

950 000 ordinary shares 440 000 10% preference shares

On 1 February 2020, a motion was passed by the incorporators to take up 200 000 ordinary shares at R1 each and 40 000 10% preference shares at R10 each.

On 1 March 2020 an underwriters negotiation was entered offering 350 000 ordinary shares at R1 each and 45 000 10% preference shares at R10 each.

On 30 April 2020 applications received were: 285 000 ordinary shares were applied for. 38 000 preference shares were applied for.

Share issue costs of R17 500 were paid on 16 May 2020.

Required: Record the transactions in the general journal of Calculate Ltd

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

Chemistry
1.2K views

(a) A commercial 737 jet transporting 143 passengers and 5 crew members from Kansas City to...

Medical Sciences
1.2K views

Two infants are in NICU. One has meconium aspiration syndrome (MAS) while the other has an...

Biology
1.2K views

mtr: tryptophan-specific transport protein – transports tryptophan into the cell trpA: tryptophan synthase, a protein – synthesizes...

Biology
1.2K views

Which of the following theories agrees best with the idea that Anatomically Modern Humans AMH...

Biology
1.2K views

What part of the Human brain now makes up to 90 percent of its mass...

Biology
1.2K views

ePage s 98 100 5 3 Define the importance of ATP in a cell Rank...

Physics
1.2K views

We have noticed that some cooking pots have copper coating on bottom This is due...

Geometry
1.2K views

Find the parametric equation of the line through a parallel to b using t as...

Basic Math
1.2K views

Solve the exponential equation Express the solution set in terms of natural logarithms 2 6...

Basic Math
1.2K views

Sixty-four percent of adults in a certain country believe that life on other planets is...

Accounting
1.2K views

Refundable tax credits include the a foreign tax credit tax credit for rehabilitation expenses

Finance
1.2K views

Prokter and Gramble (PKGR) has historically maintained a debt-equity ratio of approximately 0.16 . Its...