Chukwu Ple has an authorized share capital of 1,000,000 Ordinary shares of 20 per share....

Chukwu Ple has an authorized share capital of 1,000,000 Ordinary shares of 20 per share. On 1st July 1997, it issued 800,000 shares at a price of 20 per share payable as follows:

On Application 10
On Allotment 6
On 1st call 2
On final call 2

Applications were received for 1,000,000 shares, of these, 100,000 were rejected and the money refunded to the applicants. The remaining shares were allotted pro-rata and the surplus application money was carried forward to allotment on account. The calls were duly made and the sums received. You are required to prepare ledger accounts to record the share issued. (WAEC 1999).?

In Accounting
2 Answers Available
Asked by Bright on 18th October, 2024