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QUESTION 4 On September 5, Tease Corporation issued for cash 105,000 Ordinary shares at a par value of RM80 per share. On Oct

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Answer #1
Journal entries for Tease corporation
Sep 1st
Cash A/C Dr 8400000
           To Share Capital A/C 8400000
(Being ordinary shares of 105000 issued for RM80 each)
Oct 12th
Cash A/C Dr 2100000
           To 7% Preference Share Capital A/C 2100000
(Being preference shares of 21000 issued for RM100 each)
Nov 11th
Cash A/C Dr 2025000
           To 7% Preference Share Capital A/C 1500000
           To Premium on issue of preference shares A/C 525000
(Being preference shares of 15000 issued for RM100 each with premium of 35 )
Note: As the question specifically tells that shares issued for cash, Cash account is taken in above entries otherwise bank account would be debited
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