Answer to Question #51695 in Accounting for Tatenda
The ordinary shares were offered at premium at $4.50 each. The debentures were offered at par, payable $90 on application.
Applications were received for 290 000 ordinary shares and 3 100 debentures. All ordinary shares and debentures offered were allotted and excess money was refunded
1. Record the above issue in a journal and General Ledger respectively.
The records will be:
Shares 1,035,000 1,305,000
Debentures 9,000 279,000
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