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Faida Commercial Bank Ltd. offered 200,000 ordinary shares for sale to the public at a par value of Sh.25 each on 1 April 2004, payable as...

      

Faida Commercial Bank Ltd. offered 200,000 ordinary shares for sale to the public at a par value
of Sh.25 each on 1 April 2004, payable as follows:
- On application, Sh.5 due on 15 April 2004
- On allotment, Sh.5 due on 30 April 2004
- On first call, Sh.7.50 due three months after allotment
- On second and final call, Sh.7.50 due three months after the first call.
Additional information:
1. The company received applications for 530,000 shares on the due dates. Applications for
30,000 shares were rejected and the application money refunded. The rest of the applicants
were allotted shares on a prorate basis.
2. One month after allotment, one shareholder of 2,000 shares remitted Sh.25,000 as calls in
advance. The rest of the calls were received on the due dates except for money due on
second and final call for Sh.8,000 shares which was paid three months late.
3. The surplus application monies were treated as calls in advance.
4. The company‟s articles of association provided for charging of interest on calls in arrears at
10% per annum.
Required:
Ledger accounts to record the above transactions.

  

Answers


Mutiso
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Mutiso answered the question on November 19, 2018 at 05:08


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    wasomajimembersclub11743.png
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    malimingi310b.png
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    mezaltd253.png
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    maendeleo245.png
    maendeleo245b.png
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