ACCT6003 Financial Accounting Processes
Added on 2020-04-15
13 Pages1672 Words113 Views
Finance
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Financial accounting Scenario – 1Part -aDateParticularsAmount($)Amount($)20.10.2018Redeemable Preference Share Capital A/c Dr.1,20,000 Premium on Redemption of Preference SharesDr.6,000 Preference Shareholders A/cCr.1,26,000 (Redemption amount of preference shares payable to preference shareholders)20.10.2018Retained Earnings A/cDr.1,26,000 Capital Redemption Reserve A/cCr.1,26,000 (Provision made for redemption from retained earnings)25.10.2018Preference Shareholders A/cDr.1,26,000 Bank A/cCr.1,26,000 30.11.2018Cash A/c Dr.1,94,560 Receivable- UnderwriterDr.48,640 Share Capital-Ordinary Class 1Cr.2,43,200 (Issue of 51200 right shares @ 3.80 $ each and the balance shares underwritten by Underwriter)Note :1 for 5 shares were to be issued .hence no of shares issued = 320000*1/5= 64000shares availed= 256000*1/5= 51200 shares only20.12.2018Receivable -undewriterDr.4,800 CashCr.4,800 (Underwriting Costs paid)10.01.2019Retained Earnings Dr.56,000 General Reserve A/cCr.2
Financial accounting 56,000 (amount transferred from retained earnings to General Reserve A/c)28.02.2019Cash A/cDr.2,01,600 Share Capital- Ordinary Class 3Cr.2,01,600 (56000 shares issued against the options exercised- @ 3.60 $ per share)31.05.2019Bank A/c (228000 shares @ $ 1.60)Dr3,64,800 Calls in Arrear (12000 shares @ $1.60)Dr19,200 Share Allotment A/cCr3,84,000 (allotment money received except for 12000 shares)18.06.2019Share Capital A/c (12000 shares @ $4)Dr48,000 Final Call on Shares (12000 shares @ $ 1.6)Cr19,200 Share Forfeiture A/c (12000 shares @ $ 2.4)Cr28,800 (being 12000 shares forfeited for non payment of final call)26.06.2019Cash A/c (12000 * 3.60 $)Dr.43,200 Share Forfeiture A/c (12000* $ 0.40)Dr.4,800 Share Capital A/cCr.48,000 (Re-issue of forfeited shares )26.06.2019Share Forfeiture A/cDr.24,000 Payable to Shareholders of forfeited sharesCr24,000 (balance remaining in share forfeiture a/c to be paid to former holders of forfeited shares)($ 28800- $ 4800)27.06.2019Payable to Shareholders of forfeited sharesDr24,000 Bank/ Cash A/cCr24,000 (amount paid)3
Financial accounting Part – bEquity section of ChiHerbal's statement of Financial Position as at 30th june 2019Particulars Amount ($) Ordinary Class 1 Shares320000 shares @ $ 4 fully paid 12,80,000 51200 shares @ 3.80 $ fully paid 1,94,560 14,74,560 Ordinary Class 2 Shares228000 shares @ $ 4 fully paid9,12,000 Ordinary Class 3 Shares12000 shares @ $ 4 fully paid48,000 Retained Earnings4,52,800 General Reserve56,000 4
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