Calculate Ltd was incorporated on 31 January 2020 with authorised capital as: 950 000 ordinary shares 440 000 10% preference shares On 1 February 2020, a motion was passed by the incorporators to take up 200 000 ordinary shares at R1 each and 40 000 10% preference shares at R10 each. On 1 March 2020 an underwriter’s negotiation was entered offering 350 000 ordinary shares at R1 each and 45 000 10% preference shares at R10 each. On 30 April 2020 applications received were: 285 000 ordinary shares were applied for. 38 000 preference shares were applied for. Share issue costs of R17 500 were paid on 16 May 2020. Required: Record the transactions in the general journal of Calculate Ltd
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Calculate Ltd was incorporated on 31 January 2020 with authorised capital as: 950 000 ordinary shares 440 000 10%
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- JB Ltd was incorporated on 1 July 2021 and issued a prospectus inviting applications for 200,000 ordinary shares at an issue price of $10. The shares are payable as follows: $5 payable on application $2 payable on allotment ● ● ● ● $3 payable on call to be made 30th September 2021 Share issue costs were $10,500 and legahcosts were $1,500 The transactions for the period were as follows: Date Transaction 31/08/2021 Applications were received for 260,000 shares. 3/09/2021 Applications for 60,000 were rejected by the directors and the application money was refunded to the shareholders concerned. The Company allotted 200,000 shares to the remaining applicants All the allotment money s received. Share issue and legal costs were paid in cash The call was made on the shares, payable by 31 October 2021 Call money was received from the shareholders of only 180,000 shares The remaining 20,000 shares were forfeited. The forfeited shares were offered to an investment company at a price of $8 per…Calculate Ltd was incorporated on 31 January 2020 with authorised capital as: 950 000 ordinary shares 440 000 10% preference shares On 1 February 2020, a motion was passed by the incorporators to take up 200 000 ordinary shares at R1 each and 40 000 10% preference shares at R10 each. On 1 March 2020 an underwriter's negotiation was entered offering 350 000 ordinary shares at R1 each and 45 000 10% preference shares at R10 each. On 30 April 2020 applications received were: 285 000 ordinary shares were applied for. 38 000 preference shares were applied for. Share issue costs of R17 500 were paid on 16 May 2020. Required: Record the transactions in the general journal of Calculate LtdMohlaletse Ltd was incorporated with an authorised share capital of 1 000 000 NPV ordinary shares and 700 000 12% preference shares of R4.5 each. The company's financial year end is 30 June. Below is the share transactions recorded for Mohlaletse Ltd since incorporation: On 3 April 2020, 55 000 ordinary shares were issued to subscribers at R5 per share On 3 May 2020, 160 000 ordinary shares and 177 000 12% preference shares were issued to the public at R6.5 each and R4.9 each respectively. On 31 July 2022, 82 000 12% preference shares were issued at R10.50 each On 12 February 2022, the share capital: ordinary shares increased by R319 800. These shares were issued at R8.20 each. . On 31 July 2022, the directors approved a capitalisation issue of 3 shares for every 8 ordinary shares held at R3.50 per share. On 31 August 2022, the board of Mohlaletse Ltd declared an interim ordinary dividend of R2.1 per share payable during December 2022. The company met the liquidity and solvency…
- Sedunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue300,000 ordinary shares on the following terms:Application RM1 per share Allotment RM2 per shareCall as required RM1 per shareTo the end of August, applications for 350,000 shares had been received together withthe application money due on each share. One applicant for 5,000 shares had forwardedRM20,000 in full payment of the shares.On 15 September, the directors proceeded to allot 300,000 ordinary shares on thefollowing basis. Applicants for 30,000 shares were refunded their application money infull, 5,000 shares were allotted to the applicant who paid for the shares in full, and theother successful applicants were allotted the remaining shares, excess application moneybeing transferred to allotment.On 7 October, all allotment money had been received.A first and final call was made on 1 November, and all call money was received by 30November with the exception of the amount due on 6,000 shares.Required:(a)…Sedunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue300,000 ordinary shares on the following terms:Application RM1 per share Allotment RM2 per shareCall as required RM1 per shareTo the end of August, applications for 350,000 shares had been received together withthe application money due on each share. One applicant for 5,000 shares had forwardedRM20,000 in full payment of the shares.On 15 September, the directors proceeded to allot 300,000 ordinary shares on thefollowing basis. Applicants for 30,000 shares were refunded their application money infull, 5,000 shares were allotted to the applicant who paid for the shares in full, and theother successful applicants were allotted the remaining shares, excess application moneybeing transferred to allotment.On 7 October, all allotment money had been received.A first and final call was made on 1 November, and all call money was received by 30November with the exception of the amount due on 6,000 shares.Required:(a)…Sedunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue300,000 ordinary shares on the following terms:Application RM1 per share Allotment RM2 per shareCall as required RM1 per shareTo the end of August, applications for 350,000 shares had been received together withthe application money due on each share. One applicant for 5,000 shares had forwardedRM20,000 in full payment of the shares. On 15 September, the directors proceeded to allot 300,000 ordinary shares on thefollowing basis. Applicants for 30,000 shares were refunded their application money infull, 5,000 shares were allotted to the applicant who paid for the shares in full, and theother successful applicants were allotted the remaining shares, excess application moneybeing transferred to allotment. On 7 October, all allotment money had been received.A first and final call was made on 1 November, and all call money was received by 30November with the exception of the amount due on 6,000 shares.…
- Sedunia Berhad was incorporated on 1 July 2020. On 1 August, it decided to issue 300,000 ordinary shares on the following terms: Application RM1 per share Allotment RM2 per share Call as required RM1 per share To the end of August, applications for 350,000 shares had been received together with the application money due on each share. One applicant for 5,000 shares had forwarded RM20,000 in full payment of the shares. On 15 September, the directors proceeded to allot 300,000 ordinary shares on the following basis. Applicants for 30,000 shares were refunded their application money in full, 5,000 shares were allotted to the applicant who paid for the shares in full, and the other successful applicants were allotted the remaining shares, excess application money being transferred to allotment. On 7 October, all allotment money had been received. A first and final call was made on 1 November, and all call money was received by 30 November with the exception of the amount due on 6,000…n 1 July 2021, Sydney Ltd issued a prospectus inviting applications for 500,000 ordinary shares, at an issue price of $8, payable $2.00 on application, $4 on allotment, and $2 on future call(s), dates to be determined by the directors. By 1 September 2021, applications were received for 520,000 shares with $2 paid per share. On 6 September 2021, the directors allotted 500,000 shares. Refunds were made to oversubscribed applicants. Share issue costs of $12,400 were also paid on the same date. All the allotment money was received by 1 October. On 1 December 2021, a final call for $2 was made. 480,000 shares call money were received by 4 January 2022. Required: Prepare journal entries to record the above transactions (explanations are not required)1. On 1 April 2019, Magnolia Ltd was incorporated and a prospectus was issued inviting applications for 100 000 shares, at an issue price of $10, payable $5 on application, $2.50 on allotment and $1.25 on calls to be made after the date of allotment.By 30 April, applications were received for 120 000 shares. On 3 May, the directors allotted 100 000 ordinary shares to the applicants in proportion to the number of shares for which applications had been made. The surplus application money was offset against the amount payable on allotment. The balance of the allotment money was received by 10 May. Share issue costs of $800 were also paid on the same date.The calls were made on the dates stated in the prospectus, but the holders of 15 000 shares did not pay call.On 10 March 2017, as provided by the company’s constitution, the directors forfeited the 15 000 shares on which calls were unpaid. The constitution does not provide for refund of any balance in the forfeited shares account after…
- Tobias Limited received its registration certificate on 10 February 2020. The article 2 of the Memorandum of incorporation provides for an authorized share capital of R4 500 000 consisting of 3 000 000 ordinary shares and 1500 000, 8% non- redeemable preference shares. The board decided on a year end of 30 September. During March 2020, the directors entered the following transactions: • 5 March: 100 00o shares were issued to the company promoters and founders for R1 each. • 12 March: The public was invited to apply for 600 000 ordinary shares for R1.20 each and 200 000 preference shares for R1. The full issue price was payable with applications that closed on 25 April 2020. The entire issue was underwritten by FNB Securities Brokers Limited for a commission of 2% of the issue price. The company promoters and founders paid for their shares on 8 April 2020. The share applications from the public investors were as follows: 1 500 000 ordinary shares • 150 000 preference shares. On 30 April…Aalwyn Ltd was incorporated with authorized share capital consisting of 800 000 10% preference shares of $ 2 each and 2 000 000 ordinary shares of N$1.50c each. 01 October 2019: The subscribers to the memorandum took and paid for 100 000 ordinary shares at par. During the year, 80% of the remaining ordinary shares and 500 000 preference shares were offered to the public as follows: The ordinary shares were offered at a premium of 95c per share; and The preference shares were offered at N$ 5. 01 March 2020: The offer for the subscription of shares opened to the public. 25 March 2020: The offer to the public was closed. 15 April 2020: Allotment of shares offered to public took place and all transactions with the underwriter were also concluded on this date. The issue is being underwritten for a commission of 8%. A total of 400 000 preference shares and 1 700 000 ordinary shares were applied for and the available shares were allotted and the necessary refunds made. The terms of…Aalwyn Ltd was incorporated with authorized share capital consisting of 800 000 10% preference shares of $ 2 each and 2 000 000 ordinary shares of N$1.50c each. 01 October 2019: The subscribers to the memorandum took and paid for 100 000 ordinary shares at par. During the year, 80% of the remaining ordinary shares and 500 000 preference shares were offered to the public as follows: The ordinary shares were offered at a premium of 95c per share; and The preference shares were offered at N$ 5. 01 March 2020: The offer for the subscription of shares opened to the public. 25 March 2020: The offer to the public was closed. 15 April 2020: Allotment of shares offered to public took place and all transactions with the underwriter were also concluded on this date. The issue is being underwritten for a commission of 8%. A total of 400 000 preference shares and 1 700 000 ordinary shares were applied for and the available shares were allotted and the necessary refunds made. The terms of…