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ACCTN202-25A (HAM) - Intermediate Financial Accounting

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Which one of the following statements is true regarding share issue by a company?

Where future date has been specified for calling up the unpaid portion of shares issued, an asset

is not recognised

Where

shares have been issued on an instalment basis, with an amount to be paid on

issue and with further amounts payable at specified future dates, a receivable

must be recognised

Where

shares issued by a company are partly paid, the paid portion of the shares is accounted for in

the same

manner as fully paid shares, while the balance, the deferred consideration, is

shown as a liability.

100%

When

a company makes an issue of shares to the public the subscriptions for the

shares should be held in the company's bank account until such time as the shares are

allotted.

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Under subscription of shares is where:

the

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

the

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

the

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

the

number of shares applied for exceeds the number of shares issued

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The following ledger account indicates that the amount payable on application is:

Application A/C

Date	Details	Debit	Date	Details	Credit
	Contributed Equity	2,000,000		Trust Bank	3,000,000
	Call Paid In Adv	1,000,000
		3,000,000			3,000,000

$1,000,000

$2,000,000

100%

$5,000,000

$3,000,000

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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

call in arrears of $800,000

reissue of forfeited shares of $14,200,000

over subscription money received of $1,800,000

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

100%

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Costs

indirectly associated with share issue are:

classified as prepayments

charged to the contributed equity account

classified as liability

charged to the profit and loss account

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Calls in Advance is classified as:

income

contributed equity

liability

asset

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Shareholder Equity represents:

claims

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

liabilities

100%

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 before deducting all its

liabilities

claims

on the residual interest in the capital of an entity

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A company’s

equity consists of:

contributed equity and reserves

contributed equity, reserves and retained earnings

100%

contributed equity only

contributed equity and retained earnings

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Costs directly associated with the issue

of shares is

classified as prepayment

classified as asset

charged to the profit and loss account

charged to the contributed equity

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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

$9,800,000

$18,200,000

$17,800,000

$8,000,000

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