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ACCTN202-25A (HAM) - Intermediate Financial Accounting

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Under subscription of shares is where:

the

number of shares applied for is the same as the number of shares issued

the

number of shares applied for is less than the number of shares issued

100%

the

number of shares applied for exceeds the number of shares issued

the

number of shares allotted is the same as the number of shares issued to applicants of the shares

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A company’s

equity consists of:

contributed equity and reserves

contributed equity and retained earnings

contributed equity, reserves and retained earnings

100%

contributed equity only

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Shareholder Equity represents:

claims

on the residual interest in the capital of an entity

claims

on the residual interest in the reserves and retained earnings of an entity

claims

on the residual interest in the assets of an entity after deducting all its

liabilities

100%

claims

on the residual interest in the assets of an entity before deducting all its

liabilities

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Calls in Advance is classified as:

income

contributed equity

liability

100%

asset

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Costs directly associated with the issue

of shares is

charged to the profit and loss account

classified as prepayment

classified as asset

charged to the contributed equity

100%

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The following ledger accounts indicate:

Bank A/C

Date	Details	Debit	Date	Details	Credit
	Trust Bank	5,000,000		Balance c/d	19,200,000
	Equity Receivable	8,000,000
	Equity Receivable	6,200,000
		19,200,000			19,200,000

Contributed Equity A/C

Date	Details	Debit	Date	Details	Credit
	Balance c/d	20,000,000		Application	5,000,000
				Equity Receivable	15,000,000

		20,000,000			20,000,000

total equity contributed by shareholders of $19,200,000

100%

over subscription money received of $1,800,000

reissue of forfeited shares of $14,200,000

call in arrears of $800,000

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Costs

indirectly associated with share issue are:

charged to the contributed equity account

100%

classified as liability

charged to the profit and loss account

classified as prepayments

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One of the following is not a characteristic of ordinary shares:

Entitled

to distribution of surplus in the form of dividends

Not

assured of dividends

Have voting

rights

winding up rank before preference shares in any distribution of assets or surpluses

100%

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Call in Arrears

happens

when some subscribers of shares fail to pay the money due

100%

happens

when some subscribers pay the money due on calls

is the

portion of called-up capital that has not been called

is a liability

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The following ledger accounts indicate that the total equity contributed by the shareholders is:

Application A/C

Date	Details	Debit	Date	Details	Credit
	Contributed Equity	8,000,00		Trust Bank	8,400,000
	Equity receivable	400,000
		8,400,000			8,400,000

Equity Receivable A/C

Date	Details	Debit	Date	Details	Credit
	Contributed Equity	9,800,000		Application	400,000
				Bank	4,400,000
				Bank	5,000,000
		9,800,000			9,800,000

$18,200,000

$8,000,000

$9,800,000

100%

$17,800,000

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