enture ppti (Protected View View sore details. Enable Editing Question 1 Addo Ltd was formed on 1" January 2019 with 200,000 equity shares of no par value. The directors offered 100,000 shares for sale to the public under the following terms: February March GH¢1.50 payable on application GH¢0.75 payable on allotment GH¢0.25 payable on call April Applications were received for 180,000 shares and the directors made the issues as follows: Applications for the first 40,000 shares were allotted in full; - Next applicants for the 60,000 shares received two-thirds of application; - Next 20,000 shares applicants had 60% of application; - Next 20,000 shares applicants were allotted 40% of application; - The remaining applications were rejected All monies were duly received. Overpayments and payments by unsuccessful applications were duly dealt with (i.e. e application monies were refunded to unsuccessful applicants or set off against allotme partially successful applicants. Required: Prepare a statement showing over/under payment; e ledger entries to give effect to the above transaction; and yant statement of financial position extract. SERVICE

enture ppti (Protected View View sore details. Enable Editing Question 1 Addo Ltd was formed on 1" January 2019 with 200,000 equity shares of no par value. The directors offered 100,000 shares for sale to the public under the following terms: February March GH¢1.50 payable on application GH¢0.75 payable on allotment GH¢0.25 payable on call April Applications were received for 180,000 shares and the directors made the issues as follows: Applications for the first 40,000 shares were allotted in full; - Next applicants for the 60,000 shares received two-thirds of application; - Next 20,000 shares applicants had 60% of application; - Next 20,000 shares applicants were allotted 40% of application; - The remaining applications were rejected All monies were duly received. Overpayments and payments by unsuccessful applications were duly dealt with (i.e. e application monies were refunded to unsuccessful applicants or set off against allotme partially successful applicants. Required: Prepare a statement showing over/under payment; e ledger entries to give effect to the above transaction; and yant statement of financial position extract. SERVICE

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 1P: Subscriptions On August 3, 2019, the date of incorporation, Quinn Company accepts separate...

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