ABC issued a prospectus for 100,000 $5 shares on 1 January 2017. The prospectus required...
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ABC issued a prospectus for 100,000 $5 shares on 1 January 2017.
The prospectus required payment of $3 on application and $2 in one years time. The company received applications for a total of 125,000 shares these applications were received throughout the month of January.
On 31 January 2017 ABC issued 100,000 shares.
Required:
Prepare the journal entries to account for the issue of shares assuming the excess money was offset against the call due in one years time.
ABC issued a prospectus for 100,000 $5 shares on 1 January 2017.
The prospectus required payment of $3 on application and $2 in one years time. The company received applications for a total of 125,000 shares these applications were received throughout the month of January.
On 31 January 2017 ABC issued 100,000 shares.
Required:
Prepare the journal entries to account for the issue of shares assuming the excess money was offset against the call due in one years time.
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