Homework Answers
Please Find Solution Below:-
| Journal Entry Worksheet | |||
| Transaction | Journal | Debit | Credit |
| A | No Entry Required | ||
| B | Bank Account | 2,24,000.00 | |
| Share Application Account | 2,24,000.00 | ||
| Share Application Money Received for 4000 share @ 56 rs, rate is after adjustment of share issue exp. | |||
| Share Application Account | 2,24,000.00 | ||
| To Share Capital A/c | 2,24,000.00 | ||
| Being Share application Money transferred to Share Capital | |||
| C | Bank Account Dr | 67,20,000.00 | |
| Share Application Money | 67,20,000.00 | ||
| (Share Application Money received ,60% of Subscription price ie Rs 80 and recorded) | |||
| D | Legal fees A/c | 16,000.00 | |
| Share Capital A/c | 16,000.00 | ||
| Being Share issued for the legal fee of trade mark registration | |||
| E | Mortgage Loan A/c | 4,48,000.00 | |
| Share Capital | 4,48,000.00 | ||
| Being Share issued for mortgage amount | |||
| F | Bank A/c | 44,80,000.00 | |
| To share application Money | 44,80,000.00 | ||
| Being Balance application money received of C | |||
| Share application Money A/c | 1,12,00,000.00 | ||
| To share Capital A/c | 1,12,00,000.00 | ||
| (Being Share Application Money transferred to Share Capital Account) | |||
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Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: To record authorization of shares by board of directors (memorandum). Issued 90,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $46,000. Treat this amount as a reduction of the common share account. Received subscriptions for 45,000 shares at $70 per share; collected 80% of the subscription price. The shares will not be issued until...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 260,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $51,000. Treat this amount as a reduction of the common share account. c. Received subscriptions for 130,000 shares at $70 per share; collected 70% of the subscription price. The shares will not...
Riverbed Corporation had the following shareholders’ equity on December 31, 2019: Common shares, 1,320,000 shares authorized,...
Riverbed Corporation had the following shareholders’ equity on December 31, 2019: Common shares, 1,320,000 shares authorized, issued and outstanding $7,920,000 Contributed surplus (Common Shares) 81,000 Retained earnings 10,500,000 Total shareholders’ equity $18,501,000 The following transactions occurred, in the order given, during 2020: (a) 1,210 subscriptions were sold for common shares. Each subscription entitled the purchaser to purchase 10 shares in the company at a price of $8 per share. According to the subscriptions contracts, a payment of $17 per subscription...
Splish Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for the...
Splish Ltd. offered to sell common shares on a subscription
basis. Each subscription allowed for the purchase of 20 shares at a
price of $80 per share. Terms of the subscription stated that
subscribers were to pay 40% of the price as a down payment, with
the remainder due in six months. On June 1, 2020, 210 subscriptions
were sold. Six months later, on December 1, only 105 of the
subscriptions were fully paid for. According to the subscription
contract,...
View Policies Current Attempt in Progress Marigold Ltd. offered to sell common shares on a subscription...
View Policies Current Attempt in Progress Marigold Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for the purchase of 10 shares at a price of 548 per share. Terms of the subscription stated that subscribers were to pay 50% of the price as a down payment, with the remainder due in six months. On June 1, 2020. 150 subscriptions were sold. Six months later, on December 1, only 75 of the subscriptions were fully paid...
Sage Ltd. showed the following information on its September 30, 2021 year-end financial statements: Preferred Shares,...
Sage Ltd. showed the following information on its September 30,
2021 year-end financial statements:
Preferred Shares, $8 cumulative, 500,000 shares
authorized,
214,000 shares
issued and outstanding
$3,424,000
Common Shares, no par value, unlimited shares authorized,
559,000 shares
issued and outstanding
$5,590,000
The following transactions occurred, in the order given, during
2022:
(a)
October 10, 2021: Received subscriptions and down payments for
81,000 common shares at $11 per share. The subscription contracts
calls for 40% of the subscription to be paid...
Stellar Corp. had the following shareholders' equity on January 1, 2020: Common shares, unlimited number authorized,...
Stellar Corp. had the following shareholders' equity on January 1, 2020: Common shares, unlimited number authorized, 100,000 shares issued and outstanding $ 280,000 Contributed surplus 302,000 Retained earnings 2,430,000 Total shareholders' equity $3,012,000 The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Stellar prepares financial statements in accordance with ASPE. The following transactions occurred, in the order given, during 2020. 1. Subscriptions were sold for 12,200 common shares at $22 per...
Monty Corporation’s charter authorized 1 million shares of $13 par value common shares, and 400,000 shares...
Monty Corporation’s charter authorized 1 million shares of $13 par value common shares, and 400,000 shares of 6% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31, 2020: 270,000 common shares were issued for $3.78 million and 10,000 preferred shares were issued for machinery valued at $1,411,000. Subscriptions for 10,500 common shares have been taken, and 25% of the subscription price of $19 per share has...
Exercise 15-15 Marigold Corporation’s charter authorized 1 million shares of $11 par value common shares, and...
Exercise 15-15
Marigold Corporation’s charter authorized 1 million shares of
$11 par value common shares, and 400,000 shares of 8% cumulative
and non-participating preferred shares, with a par value of $100
per share. The corporation made the following share transactions
through December 31, 2020: 270,000 common shares were issued for
$3.24 million and 9,000 preferred shares were issued for machinery
valued at $1,287,000. Subscriptions for 10,000 common shares have
been taken, and 40% of the subscription price of $15 per...
Lodi Company is authorized to issue 100,000 shares of no-par, $6 stated-value common stock and 10,000...
Lodi Company is authorized to issue 100,000 shares of no-par, $6 stated-value common stock and 10,000 shares of 9%, $100 par preferred stock. It enters into the following transactions on December 31: 1. Accepts a subscription contract to 7,000 shares of common stock at $42 per share and receives a 30% down payment. 2. Collects the remaining balance of the subscription contract and issues the common stock. 3. Acquires a building by paying $3,000 cash and issuing 3,000 shares of...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 260,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $51,000. Treat this amount as a reduction of the common share account. c. Received subscriptions for 130,000 shares at $70 per share; collected 70% of the subscription price. The shares will not...
Splish Ltd. offered to sell common shares on a subscription
basis. Each subscription allowed for the purchase of 20 shares at a
price of $80 per share. Terms of the subscription stated that
subscribers were to pay 40% of the price as a down payment, with
the remainder due in six months. On June 1, 2020, 210 subscriptions
were sold. Six months later, on December 1, only 105 of the
subscriptions were fully paid for. According to the subscription
contract,...
View Policies Current Attempt in Progress Marigold Ltd. offered to sell common shares on a subscription basis. Each subscription allowed for the purchase of 10 shares at a price of 548 per share. Terms of the subscription stated that subscribers were to pay 50% of the price as a down payment, with the remainder due in six months. On June 1, 2020. 150 subscriptions were sold. Six months later, on December 1, only 75 of the subscriptions were fully paid...
Sage Ltd. showed the following information on its September 30,
2021 year-end financial statements:
Preferred Shares, $8 cumulative, 500,000 shares
authorized,
214,000 shares
issued and outstanding
$3,424,000
Common Shares, no par value, unlimited shares authorized,
559,000 shares
issued and outstanding
$5,590,000
The following transactions occurred, in the order given, during
2022:
(a)
October 10, 2021: Received subscriptions and down payments for
81,000 common shares at $11 per share. The subscription contracts
calls for 40% of the subscription to be paid...
Stellar Corp. had the following shareholders' equity on January 1, 2020: Common shares, unlimited number authorized, 100,000 shares issued and outstanding $ 280,000 Contributed surplus 302,000 Retained earnings 2,430,000 Total shareholders' equity $3,012,000 The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Stellar prepares financial statements in accordance with ASPE. The following transactions occurred, in the order given, during 2020. 1. Subscriptions were sold for 12,200 common shares at $22 per...
Exercise 15-15
Marigold Corporation’s charter authorized 1 million shares of
$11 par value common shares, and 400,000 shares of 8% cumulative
and non-participating preferred shares, with a par value of $100
per share. The corporation made the following share transactions
through December 31, 2020: 270,000 common shares were issued for
$3.24 million and 9,000 preferred shares were issued for machinery
valued at $1,287,000. Subscriptions for 10,000 common shares have
been taken, and 40% of the subscription price of $15 per...
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