Question - Jumping Jack Ltd was registered on 31 March 2016. It invited the public to subscribe to the issue of 200 000 ordinary shares for $6 per share: $3 due on application, $2 due on allotment and the balance due on call.
Mar. 31 Prospectus issued.
May 1 Received applications for 200 000 shares.
May 2 Allotted 200 000 ordinary shares
May 31 All allotment money received.
Aug. 1 Remaining capital called.
Aug. 15 All money due on call received.
Required:
(a) Journalise the transactions.
(b) Post to the equity accounts. (Use T accounts.)
(c) What is the share capital of Jumping Jack Ltd at 1 September?