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    ACCT6003 Financial Accounting Processes, Laureate International University

    Part A Question

    Scenario 1

    Q.1 Preparing General Journal Entries To Record The Above Transactions

    Date

     

     Particulars

    Ref.no

    Debit

          Credit

    01/09/18

    Redeemable preference share capital a/c

    Premium of redemption preference share capital

                                        to preference shareholders

    ( 40000 preference share at 6% redeemable and 5% premium from the retained earning)

     

    2400

    2000

     

     

           4400

    25/08/18

    Preference shareholders a/c

                                          to bank a/c

    (cheque issued  to preference shareholders)

     

    4400

     

           4400

    01/11/18

    Cash at bank a/c (51200*.40)

                                    to equity share application a/c

    (application money received for right share issues)                    

     

    194560

     

           194560

    30/11/2018

     

     

    Equity share application a/c

    discount on issues of share a/c

                                          to equity share capital a/c

    (ownership is given 1 share for 5 held)

     

     

    194560

    10240

     

     

     

            204800

     

    20/12/16

    Underwriters brokers a/c                                    

                                           to bank a/c

    (underwriting commission paid)

     

    4800

     

               4800

    10/01/19

    General reserve a/c

                                     Retained Earning A/c

    (director transfer $56000 from retained earning to general reserve)

     

    56000

          

       56000

    28/02/19

    Share application a/c

                                     share capital a/c

    (Class 3 shares are issued at a price of $3.60)

     

    201600

     

        201600

     

    30/04/19

    Share capital a/c

                                       share application a/c

    (Unexercised option lapse)  

     

    201600

                                     

           201600

    31/05/19   

     

       Shares final call a/c

                                        share capital a/c

    (the final call is paid up on partly paid up shares but 12000 share money due)

     

     

    364800

     

         364800

    18/06/19

     Share capital a/c

                                     Forfeited share a/c

                                      share final call a/c

    (Forfeiture of 12000 shares of $4 each due to non payment of final call of $1.60 per share)

     

    48000

            

                   28800

                   19200

    26/06/19

    Bank a/c

    Forfeited a/c

                                        share capital a/c

    (forfeited share are reissued at discount price)

     

    43200

      4800

     

     

              48000

    26/06/19

    Forfeited shares a/c

                                         capital reserve a/c

    (after reissue of share forfeiture a/c transferred to capital reserve account)

     

    4800

     

                 4800

    27/16/19

    Share holders a/c

                                                forfeited share a/c

     

    (pay refund to formal holders of forfeiture shares)

     

    4800

     

             4800

    Working note:-

    Portfolio value before right issue= 320000*4=1280000 $

    1. of right shares=  (256000 *1/5)= 51200

    cost of purchasing new share using the rights=51200*3.80= 194560

    b. Preparing The Equity Section of Chiherbals Statement of Financial Position :-

    Shareholders  Equity

      Amount (in $)

    64000 shares of ordinary class 1 shares issued at $4                            

    256000

    256000 rights shareholders of class 1 issued 3.80$

    972800

    Scenario 2

    a. Journal entries of  ChiHerbal Ltd and classifies Residential land and Factory land as different classes of assets.:-

    Date

                                       particulars

    Debit

     &n

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