During its first year of operations, Moon Ltd invited the public to subscribe to the...
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Accounting
| During its first year of operations, Moon Ltd invited the public to subscribe to the issue of 20,400 shares | |||||||||||
| for $10 per share: | |||||||||||
| $4.50 | payable on application | ||||||||||
| $3.00 | on allotment | ||||||||||
| Applications closed and shares were allotted on 1 July. All allotment money was received by 31 July. | |||||||||||
| The remaining capital of $2.50 per share is called on 1 December and all call money was received by 31 December. | |||||||||||
| Required | |||||||||||
| Journalise the transactions to record: | |||||||||||
| a) the application by investors | |||||||||||
| b) the allotment of shares on 1 July and the receipt of allotment money received by 31 July. | |||||||||||
| (Enter debit entries first followed by credit entries.Please include Dr and Cr as appropriate. Narrations are not required). | |||||||||||
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