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Group Assignment 5, Due Date: 29 Sep 2019 Problem 16.8 Share issues and statement of changes in equity Gundagai Ltd was incorporated on 30 June 2016. On 1 July 2016, the company issued a prospectus o

Group Assignment 5, Due Date: 29 Sep 2019
Problem 16.8
Share issues and statement of changes in equity
Gundagai Ltd was incorporated on 30 June 2016. On 1 July 2016, the company issued a prospectus
offering 300 000 ordinary shares at an issue price of $10, payable
on the following terms:
application
$3 on allotment
$3 on
$2 on first call
$2 on second call
A summary of the applications and allotments register follows:
Number of shares
applied for
200 000
Number of shares
allotted
Amount paid per share
on application
$ 3
150 000
100 000
100 000
$6
50 000
50 000
$10
on 1 September 2016. All money received in excess of
applied to amounts due on allotment and calls. Where appropriate,
Shares were allotted to all applicants
application was
refunds of application money were made. All allotment money was received by 30 September
2016.
атоиnts duе оn
On 1 November 2016, Gundagai Ltd's directors made a call of 42c per share, payable by
30 November 2016. By 31 December, call money had not been received from holders of 25 000
shares.
Required
Prepare the ledger accounts (running balance format) for the period 1 July to 31 December
В.
А.
Prepare journal entries to record the above events.
2016.
Prepare the statement of changes in equity for the period ending 31 December 2016
C.

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