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This document records various transactions made by a company between January 1st and December 31st. It records the debit and credit of transactions including receiving cash from issuing shares, purchasing land and buildings, organizational expenses, issuing preference shares, and receiving subscriptions. It also includes year-end income and retained earnings entries. The balances are shown for share capital, share premium, treasury shares, and retained earnings accounts at the end.

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Myco Paque
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53 views5 pages

Answers To Assessment

This document records various transactions made by a company between January 1st and December 31st. It records the debit and credit of transactions including receiving cash from issuing shares, purchasing land and buildings, organizational expenses, issuing preference shares, and receiving subscriptions. It also includes year-end income and retained earnings entries. The balances are shown for share capital, share premium, treasury shares, and retained earnings accounts at the end.

Uploaded by

Myco Paque
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Date Debit Credit

1-Jan Cash 300,000


OSC 200,000
Share Premium - OSC 100,000

10-Jan Land 1,120,000 8000 x 140


OSC 800,000 8000 x 100 par
Share Premium - OSC 320,000 8000 x 40

11-Jan Organizational Expenses 500,000


OSC 200,000
Share Premium - OSC 300,000

20-Feb Cash 1,800,000


PSC 1,500,000
SP - Pref 300,000

SP - Pref 75,000
Cash 75,000

10-Mar Cash 2,750,000


OSC 2,500,000
SP - OSC 250,000

SP - OSC 300,000
Cash 300,000

1-Apr Subscriptions Receivabl 7,000,000


Subscribed Share Capital - Ordin 2,000,000
SP - OSC 5,000,000

15-Jul Building 7,000,000


OSC 1,200,000
SP - Ordinary 2,400,000
PSC 2,000,000
SP - Pref 1,400,000

Cash 3,000,000
OSC 1,000,000
SP - Ordinary 2,000,000

1-Aug Cash 120,000


PSC - Callable 100,000
SP - PSC Callable 20,000

3-Aug Cash 4,500,000


Subscription Receivble 4,500,000

Subscribed Share Capital 1,000,000


OSC 1,000,000

18-Aug PSC 750,000


SP - PSC 150,000
RE 600,000
OSC 1,500,000

31-Aug Subscribed Share Capital 500,000


SP - OSC 1,250,000
Subsctiption Receivable 1,500,000
Share Premium - forfeited subscr 250,000

15-Sep PSC - Callable 100,000


SP - PSC Callable 20,000
RE 30,000
Cash 100,000
Note payable 50,000

31-Dec Income Summary 3,000,000


Retained Earnings 3,000,000
15-Jan Cash 52,000
SP - TS 26,000
TS 78,000

1-Feb Cash 185400 ISSUE PRICE 185,400.00


Bond discount 9000 MV OF SHARE W/OUT
Share warrants outst 14400 WARRANTS 171,000.00
Bonds Payable 180,000 14,400.00

6-Mar Subscriptions Receiva 123200


Subscribed Ordinary 5600
Share Premium Issua 117600

Cash 49,280
Subscriptions Receiva 49280

20-Mar Cash 63360


Subscription Receivab 63360

20-Mar SUBSCRIBED ORDINAR 4,800


OSC 4800

1-Nov Cash 44000


Share Warrants Outst 8800
OSC 2200
SP - Issuance 50600

Income Summary 950,000


RE 950,000

OSC BALANCE 360000


20-Mar 4800
1-Nov 2200
367000

SP - ISSUA Balance 3,640,000


6-Mar 117600
1-Nov 50600
3,808,200

SP - TREASBalance 45000
15-Jan -26000
19000
re balance 649378
net income 950,000
balance 1599378

ts balance 145200
15-Jan -78000
67200

SHE osc 367000


sp 3,808,200
sp - ts 19000
re 1599378
ts -67200
swo 5600
subscribed ordinary 800
subscription receivabl -10560
5722218

7 Treasury Shares 145,200


Cash 145,200

8 OSC 2,240
SP 64960
TS 67,200
MP BONDS 171000
BP 180,000
PREMIUM/ -9,000
1 Share Capital 500,000
Donated Capital 500,000

Donated Capital 500,000


Retained Earnings 500,000

2 Share Capital 2,500,000


Share Premium 2,500,000

Share Premium 500,000


Retained Earnings 500,000

3 Share Capital 5,000,000


Share Premium 1,000,000
Share Capital 5,500,000
Retained Earnings 500,000

4 Share Capital 5,000,000


Share Premium 1,000,000
Share Capital 3,000,000
Share Premium 3,000,000

Share Premium 500,000


Retained Earnings 500,000

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