North Point Ltd was incorporated on 1 June 2015 and five (5) subscribers undertook to...
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Accounting
North Point Ltd was incorporated on 1 June 2015 and five (5) subscribers undertook to purchase 10,000 $1 ordinary shares each in the company and paid for the shares on 1 June 2015. The directors made a call of 50 cent for ordinary shares on 1 October 2015 and all call money was received except 10,000 shares
Record the 1 October 2015 transaction in the appropriate journals.
(Posting to the ledger is not required.)
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