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Accounting Assignment | Pro forma Schedule for Journal Entries

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Added on  2020-04-07

Accounting Assignment | Pro forma Schedule for Journal Entries

   Added on 2020-04-07

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Running Head: Accounting AssignmentStudent’s nameCourseInstitutionPro forma Schedule for Journal Entries1S.noDateParticularsDebitCredit101/08/16ShareApplicationA/c(5million*0.5)25,00,000.00$ShareCapitalA/c25,00,000.00$(ShareApplicationamountreceivedon25millionshares)201/09/16ShareApplicationA/c75,00,000.00$ShareAllotmentA/c(5million*1.5)75,00,000.00$(Shareallotmentmoneyalreadyreceivedduringapplicationastheratiois1:5)301/09/16Thereisnooffsetofexcessfundsasthemoneywasadjustedtowardallotmentandsharefirstcall401/09/16BankA/c(25million*0.5)1,25,00,000.00$ShareApplicationA/c1,25,00,000.00$(Transferofapplicationmoneytobank'saccount)501/09/17Sharefirstcall(5million*1)50,00,000.00$ShareCapitalA/c50,00,000.00$(Beingcallforfirstcallmade)01/09/17ShareApplicationA/c25,00,000.00$ShareFirstCallA/c25,00,000.00$(Firstcallmoneyalreadyreceivedduringapplication)01/09/17BankA/c22,00,000.00$ShareFirstcall22,00,000.00$(Remainingfirstcallmponeyreceivedexcludingthemoneyfor60000shares)601/09/17ShareCapitalA/c(600000*3)18,00,000.00$ShareForfeitureA/c15,00,000.00$ShareFinalCallA/c3,00,000.00$(Shareforfeitiedentrypassed)701/03/17BankA/c4,00,000.00$SharecapitalA/c4,00,000.00$(Moneyreceivedforauctionedshares)815/05/17ShareForfeitedA/c15,00,000.00$ToBankA/c15,00,000.00$(Beingpaidmoneymoneyrefunded)1
Accounting Assignment | Pro forma Schedule for Journal Entries_1
Running Head: Accounting AssignmentANALYSE (30 – 50 words)Identify the issue and why it matters. Determine what you need to find out. RESEARCH (300 words)S.noDateParticularsDebitCredit101/08/16ShareApplicationA/c(5million*0.5)25,00,000.00$ShareCapitalA/c25,00,000.00$(ShareApplicationamountreceivedon25millionshares)201/09/16ShareApplicationA/c75,00,000.00$ShareAllotmentA/c(5million*1.5)75,00,000.00$(Shareallotmentmoneyalreadyreceivedduringapplicationastheratiois1:5)301/09/16Thereisnooffsetofexcessfundsasthemoneywasadjustedtowardallotmentandsharefirstcall401/09/16BankA/c(25million*0.5)1,25,00,000.00$ShareApplicationA/c1,25,00,000.00$(Transferofapplicationmoneytobank'saccount)501/09/17Sharefirstcall(5million*1)50,00,000.00$ShareCapitalA/c50,00,000.00$(Beingcallforfirstcallmade)01/09/17ShareApplicationA/c25,00,000.00$ShareFirstCallA/c25,00,000.00$(Firstcallmoneyalreadyreceivedduringapplication)01/09/17BankA/c22,00,000.00$ShareFirstcall22,00,000.00$(Remainingfirstcallmponeyreceivedexcludingthemoneyfor60000shares)601/09/17ShareCapitalA/c(600000*3)18,00,000.00$ShareForfeitureA/c15,00,000.00$ShareFinalCallA/c3,00,000.00$(Shareforfeitiedentrypassed)701/03/17BankA/c4,00,000.00$SharecapitalA/c4,00,000.00$(Moneyreceivedforauctionedshares)815/05/17ShareForfeitedA/c15,00,000.00$ToBankA/c15,00,000.00$(Beingpaidmoneymoneyrefunded)Here, the main issue that needs to be identified is that whether the Class A common shareswhich were accepted by the previous suppliers of Extua company against the payment for the acquisition of their company is either to be listed under equity or the liabilities head. Presentation under the correct head is very imperative ss balance sheet is one of the tools to analyse a company’s performanceAccording to AASB 132, an issuer needs to identify whether the issued instrument s a financial liability an asset or an equity instrument based on the definition and the existence of contractual obligation. An equity instrument can be defined as any contract, which after the deduction of all the liabilities shows a residual interest of another entity. Afinancial liability as per AASB 132 can be defined as any liability, which is a contractual obligation to deliver financial asset or cash to another equity or to exchange financial assetor liabilities with another entity under unfavourable conditions. A financial instrument can2
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