A company has issued 50,000 ordinary shares of 25c each at a premium of 50c per share. The cash received was correctly recorded but the full amount was credited to the ordinary share capital account.Which of the following journal entries is needed to correct this error?
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4 .Which of the following items must be disclosed in a company’s published financial statements? (1) Authorised share capital(2) Movements in reserves(3) Finance costs(4) Movements in non-current assets
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5 .Which of the following must be disclosed in the financial statements of a limited company, if material, in accordance with IAS 1? (1) Aggregate amount of research and development expenditure.(2) Authorised share capital.(3) Finance costs.
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7 .Which of the following statements about a limited liability company’s accounting is true?
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A (1) and (2) B (1) and (3) C (2) and (3)
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