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Question 2

Sugar Ltd was incorporated on 1 July 2014. The following transactions and events occurred during the year ended 30 June 2015:

1 Aug 2014: Sugar Ltd makes an offer to the public for investors to subscribe for 10,000,000 shares, at an issue price of $3.00 per share, with $1.50 payable on application, $1.00 being payable within one month of allotment, and $0.50 payable on a call to be made at a later date. The issue is underwritten at a commission of $2,000.

31 Aug 2014: Applications close, with applications received for 9,500,000 shares.

2 Sep 2014: Shares are allotted, and the underwriter forwarded the application and allotment money due on the 500,000 shares less their commission.

2 Oct 2014: All allotment money is received.

30 Nov 2014: The call is made, with money due by 31 December 2014.

31 Dec 2014: All call money is received except for holders of 20,000 shares who fail to meet the call.

20 Jan 2015: The shares on which call money was not received are forfeited and sold as fully paid. An amount of $2.60 is received for each share sold. Costs of the forfeiture and reissue amount to $6,000, and are paid. The constitution does allow the refund of any balance in the forfeited shares account after reissue to former shareholders.

Required:

Prepare the journal entries to record the transactions of Sugar Ltd up to and including that which took place on 20 January 2015. Show all relevant dates, narrations and workings.

Compétences : Comptabilité

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