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(Solved by Expert Tutors) Athifal Bhd with an authoresed capital of 500,000 ordinary shares of RM


300,000 ordinary shares of RM1 on the following terms:

On application 20 sen

On allotment 20 sen

On 1st call 30 sen

On 2nd and final call 30 sen

Applications were received for 500,000 ordinary shares and the directors resolved that the shares be allotted on a pro-rata basis of 3 shares for every 5 shares applied for. Any surplus application monies were transferred to allotment account to reduce the money due on allotment.

You are required to show journal entries to record the above transaction.

 


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DATE ANSWERED

Apr 19, 2020

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