Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please answer asap. part b forest hill ltd's eq

Please answer asap. PART B Forest Hill Ltd's equity at 30th June...

90.2K

Verified Solution

Question

Accounting

Please answer asap.

image

PART B Forest Hill Ltd's equity at 30th June 2020 was as follows: 200 000 ordinary shares issued at $3.20 full paid 640 000 General Reserve 60 000 Retained Earnings 200 000 The following events occurred during the year ended 30th June, 2021. 2021 Jan 3 Jan 31 Feb 16 Mar 7 A prospectus was issued, inviting applications for 160 000 ordinary shares at an issue price of $2.50 payable $1.25 on application and $1.00 on allotment and 25c on final call. The issue was fully subscribed and all application money received. The shares were allotted. All allotment money had been received. A final call was made All money has been received except for that on 10 000 shares. May 15 June 5 a. Prepare Journal entries (in general journal form) to record the above transactions. 9 Marks b. Prepare a Statement of Changes in Equity for the year ended 30th June 2021 assuming profit for the year to be transferred to Retained Earnings was $36000. 4 Marks

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