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Prepare General Journal Entries To Record The Above Transactions Of NBS Ltd. Narrations Are Not Required. - Premium Quality Essay Journal Entries To Record The Above Transactions.
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PACC6004 – On 1 August 2016, NBS Ltd was incorporated including a prospectus was issued
Question (Part 1):
On 1 August 2016, NBS Ltd was incorporated including a prospectus was issued inviting applications for 250 000 usual shares to the public at an issue price about $12, payable as follows:
$4 on application (due by closing date about 1 October)
$5 on allotment (due 1 November)
$3 on final call/calls (to be present resolute by the directors)
By 1 October, applications had been received for 350 000 usual shares about which applicants for 50 000 shares forwarded the full $12 per share, applicants for 100 000 shares forwarded $9 per share including the remainder forwarded only the application money.
At to directors’ meeting on 7 October, it was decided to allot shares in full to applicants who had salaried the either $12 or $9 on application, to reject applications for 20 000 shares including to proportionally allocate shares to all remaining applicants. According to the company’s constitution, all surplus cash from application can be present transferred to Allotment and/or Call accounts. All outstanding allotment cash was received by the due date. Legal costs about forming the company were $1300 including were salaried on 11 October. Share issue costs about $10 000 were also salaried on the same date.
Required
Prepare widespread journal entries to record the above transactions about NBS Ltd. Narrations are not required.
Question (Part 2):
At 30 June 2018, the fairness about NBS Ltd consisted about the following:
50 000 preference shares issued at S10, salaried to $5 250 000
250 000 usual shares issued at $12, salaried to $9 2 250 000
Share issue costs (10 000)
Call in advance 150 000
Retained earnings 1 600000
Total fairness $ 1 040 000
After a number about years about uneconomic trading, the company decided to experience some restructure to enhance its financial position. The following transactions occurred in 2018-2019 financial year:
1) A final entitle for $3 was made on all usual shares on 1 July 2018 with cash due by 31 July. All cash was received by the due date except that the holders about 15 000 shams did not pay.
2) On 10 August 2018, as provided by the company’s constitution, the directors forfeited the 15 000 shares on which calls were unpaid.
3) On 1 September 2018, the forfeited shares were reissued as fully salaried for a consideration about $10 per share. Costs about forfeiture including relaunch amounted to 800. The constitution does not provide for refund about a bit of balance in the forfeited shares account after relaunch to former shareholders.
4) On 1 October, A entitle about $5 per share was made on the issued preference shares. All entitle cash was received by 31 October.
5) On 1 November 2018, a 1-for-10 rights issue was made to all existing usual shareholders at an issue price about $10 per share. All rights were exercised by the expiry date 30 November.
6) On 1 December 2018, an offer was made to all existing usual shareholders to apply for only $100 7% debenture for every 100 shares held. Applications including cash were received from holders about 100 000 share by 20 December.
7) On 28 June 2019, the directors resolute that a final dividend about $125 000 from retained earnings would be present salaried following the AGM.
Required:
Prepare widespread journal entries to record the above transactions about NBS Ltd. Narrations are not required.
Assuming that there were no other transactions, complete the fairness section as at 30 June 2019 by filling in the blanks.
At 30 June 2019, the fairness about NBS Ltd consisted about the following:
50 000 preference shares issued at $ 10, $_________
250 000 usual shares issued at $ 12, $_________
ordinary shares issued at $___,________ $_________
Share issue costs $_________
Call in advance $_________
Forfeited share reserve $_________
Retained earnings (1 600 000)
Total fairness $_______ __
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