Holly Ltd decide to issue 100 000 ordinary shares at $2 each and require applicants to pay 50 cents for each share applied for on application.Applications are received for 120 000 shares.The journal entry to record the receipt of the application money is:
A) Bank trust 200 000 Application 200 000
B) Bank trust 60 000 Application 60 000
C) Application 60 000 Bank trust 60 000
D) Bank trust 50 000 Application 50 000
Correct Answer:
Verified
Q12: The journal entry used to record money
Q13: When there are applications for more shares
Q14: What is a rights issue?
Q15: The acronym ACN stands for:
A)Annual Classification Number
B)Australian
Q16: Company prospectuses must be lodged with:
A)ASX
B)FRC
C)AASB
D)ASIC
Q18: Calls in advance are classified in the
Q19: Describe the purpose and benefits of companies
Q20: Any contract that evidences a residual interest
Q21: Discuss the differences between ordinary and preference
Q22: What are debentures and explain their accounting
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents