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problem1. The following given information is available from a corporation:
                                           2003          2004                                    2003         2004
Share capital                        70,000         74,000              Cash           9,000          7,800
Debentures                          12,000         6,000                Debtors      14,900         17,700
Reserve for doubtful debts       700           800                   Stock          49,200         42,700
Trade creditors                    10,360        11,840                Land           20,000         30,000
P/L a/c                              10,040        10,560               Goodwill        10,000          5,000

                                       103,100       103,200                                       103,100

                                       103,200 

Extra information:

i) Dividend paid totalled to cash. 3,500.

ii) Land was purchased for cash. 10,000.

iii) An amount provided for amortisation of goodwill was cash 5, 000.

iv) Debentures paid off amounted to cash. 6,000.

Required; make cash flow statement from the above.

problem2. A company has an authorized share capital of 250 million divided in 1,500,000 ordinary shares of sh.100 each and 1,000,000preference shares of sh.100 each. 1,000,000 ordinary shares were offered for subscription at sh.150 each payable as shown below: on application sh.40, on allotment sh.70 (comprising premium), on first call sh.30, on final call sh.10.

Applications were received for 1,500,000 shares. The management refused application for 100,000 shares for that they returned the money.
The successful applicants were issued with 5 shares for every 7 applied for and the balance of the application money was transferred to allotment.

The first call was made in November and the amounts received except for 50,000 shares.

The amount because of final call was also received except for 100,000 shares.

It was resolved that the shares be forfeited and be re-issued to Mr. Rich for sh. 60.

Required: Journal entries to record the above.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M9551

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