Provide the journal entries necessary to account for the above transactions and events.
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Question 3 Week 4
Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. The terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month of allotment.
Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15 August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the application money for 6 million shares on 15 August 2019. The amounts payable on the allotment are due by 20 September 2019.
By 20 September 2019, the holders of 5 million shares have failed to pay the amounts due on allotment. The directors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. An amount of $1.90 per share is received. The remaining balance of forfeited shares were refunded on 20 October 2019.
Required
Provide the
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- Subject: Corporate Accounting Q) Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. The terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month of allotment.Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15 August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the application money for 6 million shares on 15 August 2019. The amounts payable on the allotment are due by 20 September 2019. By 20 September 2019, the holders of 5 million shares have failed to pay the amounts due on allotment. The directors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. An amount of $1.90 per share is received. The remaining balance of forfeited shares were refunded on 20 October 2019.Required: Provide the journal entries necessary to account for the…Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. The terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month ofallotment. Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15 August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the application money for 6 million shares on 15 August 2019. The amounts payable on the allotment are due by 20 September 2019. By 20 September 2019, the holders of 5 million shares have failed to pay the amounts due on allotment. The directors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. An amount of $1.90 per share is received. The remaining balance of forfeited shares were refunded on 20 October 2019. Please answer the below: 1: Provide the journal entries necessary to account for the above transactions…Question 3 Week 4Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. Theterms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month ofallotment.Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the applicationmoney for 6 million shares on 15 August 2019. The amounts payable on the allotment are due by 20 September2019.By 20 September 2019, the holders of 5 million shares have failed to pay the amounts due on allotment. Thedirectors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. Anamount of $1.90 per share is received. The remaining balance of forfeited shares were refunded on 20 October2019.RequiredProvide the journal entries necessary to account for the above transactions and…
- Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. The terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month of allotment. Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15 August 2019. The shares were allotted on a first come, first serve basis. The directors refunded the application money for 6 million shares on 15 August, 2019. The amountspayable on allotment are due by 20 September 2019. By 20 September 2019 the holders of 5 million shares have failed to pay the amounts due onallotment. The directors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. An amount of $1.90 per share is received. The remaining balance of forfeited shares were refunded on 20 October 2019. REQUIRED Provide the journal entries necessary to account for the above transactions and events.Week 3RCK Ltd issues a prospectus inviting the public to subscribe for 90 million ordinary shares of $2.00each. The terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 withinone month of allotment.Applications are received for 108 million shares during July 2018. The directors allot 90 million shareson 15 August 2018. All applicants receive shares on a pro rata basis. The amounts payable on allotmentare due by 20 September 2018. By 20 September 2018 the holders of 18 million shares have failed topay the amounts due on allotment. The directors forfeit the shares on 30 September 2018.The shares are resold on 15 October 2018 as fully paid. An amount of $2.00 per share is received. Thebalance of forfeited shares is refunded on 20 October 2018.Required:Provide the journal entries necessary to account for the above transactions and eventsCentral Land Ltd. issues prospectus inviting the public to subscribe for 1 million ordinary shares of $1.80 each. The terms of the issue are that $1.00 is to be paid on application and the remaining $0.80 within one month of allotment. Applications are received for 1.2 million shares during July 2021. The directors allot 1 million shares on 5 August 2021. All applicants receive shares on a pro rata basis. The amounts payable on allotment are due by 5 September 2021. By 5 September 2021 the holders of the 100 000 shares failed to pay the amount due on allotment. The directors forfeit the shares on 10 September 2021. Required: Prepare the journal entries which are necessary to account for the above transactions and events.
- Summer Ltd issues a prospectus inviting the public to subscribe for 10 million ordinary shares of $2.00 each. The terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month of allotment. Applications are received for 12 million shares during July 2019. The directors allot 10 million shares on 5 August 2019. All applicants receive shares on a pro rata basis. The amounts payable on allotment are due by 5 September 2019. By 5 September 2019 the holders of 2 million shares have failed to pay the amounts due on allotment. The directors forfeit the shares on 10 September 2019. The shares are resold on 15 September 2019 as fully paid. An amount of $1.80 per share is received. REQUIRED Provide the journal entries necessary to account for the above transactions and eventsAqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. Theterms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month ofallotment.Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the applicationmoney for 6 million shares on 15 August 2019. The amounts payable on the allotment are due by 20 September2019.By 20 September 2019, the holders of 5 million shares have failed to pay the amounts due on allotment. Thedirectors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. Anamount of $1.90 per share is received. The remaining balance of forfeited shares were refunded on 20 October2019.RequiredProvide the journal entries necessary to account for the above transactions and events. please solve it…Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. Theterms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month ofallotment.Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the applicationmoney for 6 million shares on 15 August 2019. The amounts payable on the allotment are due by 20 September2019.By 20 September 2019, the holders of 5 million shares have failed to pay the amounts due on allotment. Thedirectors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. Anamount of $1.90 per share is received. The remaining balance of forfeited shares were refunded on 20 October2019. Provide all the journal entries necessary to account for the above transactions and events as per the dates of…
- Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. Theterms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month ofallotment.Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the applicationmoney for 6 million shares on 15 August 2019. The amounts payable on the allotment are due by 20 September2019.By 20 September 2019, the holders of 5 million shares have failed to pay the amounts due on allotment. Thedirectors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. Anamount of $1.90 per share is received. The remaining balance of forfeited shares were refunded on 20 October2019.RequiredProvide the journal entries necessary to account for the above transactions and eventAqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. Theterms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month ofallotment.Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the applicationmoney for 6 million shares on 15 August 2019. The amounts payable on the allotment are due by 20 September2019.By 20 September 2019, the holders of 5 million shares have failed to pay the amounts due on allotment. Thedirectors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. Anamount of $1.90 per share is received. The remaining balance of forfeeited shares were refunded on 20 October 2019 Provide the journal entries necessary to account for the above transactions and events