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Shareholder Quiz Solution Essay

972 words - 4 pages

Workshop 2

Exercise 2.11 RIGHTS ISSUE, CALL ON SHARES, ISSUE OF OPTIONS

Prepare journal entries to record the above transactions in the records of Syria Ltd.

SYRIA LTD
General Journal
2014
Nov 30 Cash Dr 18 000
Share capital - B Ordinary Cr 18 000
(Allotment of 8 000 B ordinary
shares at a price of $2.25 under a 1
for 5 rights issue)
2015
Jan 16 Call -A Ordinary Dr 90 000
Share capital - A Ordinary Cr 90 000
(Call of 75c per share on 120 000
A Ordinary shares)

Jan 31 Cash Dr 82 500
Call - A Ordinary Cr 82 500
(Cash received on call: 110 000 x 75c)

Feb 5 Share Capital - A Ordinary Dr 15 000
Call - A Ordinary Cr 7 500
Forfeited shares ...view middle of the document...

(Narrations are not required, but show all workings.)
(b) Prepare a statement of changes in equity for the year ended 30 June 2014.
(c) Taiwan Ltd has recognised a ‘Forfeited shares reserve’ as part of equity. Explain how and why such a reserve would be created.

TAIWAN LTD

(a) – General Journal Entries
DATE DETAILS

20/09/13 Dividend declared
Dividend payable
Dr
Cr 7 200
7 200
27/09/13 Dividend payable
Cash
(120 000 x 6c = $7 200)
Dr
Cr 7 200
7 200

31/10/13 Cash trust
Application
(50 000 x $2.00)
Dr
Cr 100 000
100 000

05/11/13 Application
Share capital
(40 000 x $2.00)
Dr
Cr

80 000
80 000

Application
Calls in advance
(10 000 x $2) Dr
Cr 20 000
20 000

Cash
Cash trust
Dr
Cr 100 000
100 000

15/11/13 Share capital
Cash
(Share issue costs)
Dr
Cr 2 500

2500

31/12/13 Dividend declared
Dividend payable
([120 000 + 40 000 x 2.00/2.80] x 3c)
Dr
Cr 4 457
4 457

01/02/14 Dividend payable
Cash
Dr
Cr 4 457
4 457

28/04/14 Cash
Share capital
(80 000 x $2.90)
Dr
Cr 232 000
232 000

02/06/14 Application
Share capital
(65 000 x $3.00)
Dr
Cr 195 000
195 000

02/06/14 Options
Share capital (65 000 x 0.50)
Options reserve (15 000 x 0.50)
Dr
Cr 40 000
32 500
7 500

21/06/14 Cash
Application
Dr
Cr 195 000
195 000

30/06/14 Transfer to general reserve
General reserve
Dr
Cr
30 000
30 000

30/06/14 Profit and loss summary
Dividend declared
Transfer to general reserve
Retained earnings
(Closing entry)
Dr
Cr
Cr
Cr 69 420
11 657
30 000
27 763


(b)
Taiwan Ltd
Statement of Changes in Equity
for the year ended 30 June 2014

Comprehensive income for the period $69 420

...

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