Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. madina corporation was formed on 1 april 2016 with

Madina Corporation was formed on 1 April 2016 with an authorized capital of OMR 8,000,000...

80.2K

Verified Solution

Question

Accounting

Madina Corporation was formed on 1 April 2016 with an authorized capital of OMR 8,000,000 divided into common stock of OMR 0.500 each. During the year, the business came up with an Initial Public Offer of issuing 4,000,000 equity shares at OMR 0.500 each. How would you record this par value issue as a journal entry in the books of Madina corporation?
a.
Bank Dr 2,000,000 OMR / Equity share capital Cr 2,000,000 OMR
b.
Equity share capital Dr 2,000,000 OMR/ Bank Cr 2,000,000 OMR
c.
Equity share capital Dr 4,000,000 OMR/ Bank Cr 4,000,000 OMR
d.
Bank Dr 4,000,000 OMR / Equity share capital Cr 4,000,000 OMR

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

Biology
1.2K views

Alfa Systems Dash Page 1 1 Applying Developmental Principles Chapters Time Limit 1 30 00...

Biology
1.2K views

To which of the following classes does the leech belong Cestoda Hirudinea Trematoda Polychaeta Oligochaeta

Physics
1.2K views

View In English A coil of inductance 300 mH and resistance 20 is connected to...

Geometry
1.2K views

In the figure mzCBD 80 What is the measure of CAD A OB 40 O...

Basic Math
1.2K views

A modified bingo card is shown in the figure The numbers 1 14 are found...

Calculus
1.2K views

Graph the equation using the slope and y inte y x 2

Algebra
1.2K views

1 Sam Clark purchased a four unit apartment for 845 300 He made a down...

Accounting
1.2K views

Aleena and lke are employed by HO, incomorated, which...

Accounting
1.2K views

Use the financial statements of Heifer Sports Inc. to find the information below for Heifer....

Accounting
1.2K views

Shamrock, Inc. closes its books on its July 31 year-end. The company does not make...

Accounting
1.2K views

A company is considering investing in a new machine that requires an initial investment of...

Accounting
1.2K views

I need worksheets and t accounts for each quarter but quarter 4 just needs journal...