Diamond issues 250,000 ordinary shares with a nominal value of USD2 each at a price of USD3.55 each for cash.Which of the following sets of entries would be made to record this transaction?
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1 .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?
A Debit Share premium account USD25,000; Credit Share capital account USD25,000 B Debit Share capital account USD25,000; Credit Share premium account USD25,000 C Debit Share capital account USD12,500; Debit Share premium USD25,000Credit Cash USD37,500 D Debit Share capital account USD37,500; Credit ...
2 .Which of the following journal entries could correctly record a bonus (capitalisation) issue of shares?
A Debit Cash USD100,000; Credit Ordinary share capital USD100,000 B Debit Ordinary share capital USD100,000; Credit Share premium USD100,000 C Debit Share premium USD100,000; Credit Ordinary share capital USD100,000 D Debit Retained earnings USD100,000; Credit Ordinary share capital USD60,000; Credi...
3 .Evon issued 1,000,000 ordinary shares of 25c each at a price of USD1?10 per share, all received in cash.What should be the accounting entries to record this issue?
A Debit: Cash USD1,100,000Credit: Share capital USD250,000; Credit: Share premium USD850,000 B Debit: Share capital USD250,000; Debit: Share premium USD850,000Credit: Cash USD1,100,000 C Debit: Cash USD1,100,000Credit: Share capital USD1,100,000 D Debit: Cash USD1,100,000Credit: Share capital USD250...
4 .At 1 July 2015 a limited liability company’s capital structure was as follows: USD Share capital 1,000,000 shares of 50c each 500,000 Share premium account 400,000 In the year ended 30 June 2016 the company made the following share issues:1 January 2016: A bonus issue of one share for every four in issue at that date, using the share premium account.1 April 2016: A rights issue of one share for every ten in issue at that date, at USD1.50 per share.What will be the balances on the company’s share capital and share premium accounts at 30 June 2016 as a result of these issues?
A Share capital USD687,500; Share premium USD650,000 B Share capital USD675,000; Share premium USD375,000 C Share capital USD687,500; Share premium USD400,000 D Share capital USD687,500; Share premium USD150,000
5 .Which of the following statements are correct?(1) A company might make a rights issue if it wished to raise more equity capital.(2) A rights issue might increase the share premium account whereas a bonus issue is likely to reduce it.(3) A rights issue will always increase the number of shareholders in a company whereas a bonus issue will not.
A 1 and 2 only B 1 and 3 only C 2 and 3 only D All three statements
7 .The following balances have been extracted from Saracen’s trial balance at 31 December 2015: Debit Credit USD USD Retained earnings at 1 January 2015 4,695,600 10% Loan notes issued in 2012 1,300,000 Loan note interest paid 65,000 Profit for the year ended 31 December 2015 is USD520,000. Income tax for the year has been estimated at USD156,000.What is the figure for retained earnings in Saracen’s statement of financial position as at 31 December 2015?
A USD4,929,600 B USD4,994,600 C USD5,059,600D USD5,215,600
8 .Floyd made a rights issue of 150,000 USD1 ordinary shares at price of USD1.20 per share.What is the correct journal to record this?
A Dr Bank USD 180,000Cr Share capital USD150,000; Cr Share premium USD30,000 B Dr Bank USD 180,000Cr Share premium USD180,000 C Dr Bank USD 180,000Cr Share capital USD180,000 D Dr Bank USD 150,000Cr Share capital USD120,000; Cr Share premium USD30,000
9 .Where should dividends paid to ordinary shareholders be shown in a company’s published financial statements?
A In other comprehensive income B In the statement of financial position C In the statement of changes in equity D In the statement of profit or loss
10 .At 30 June 2015 a company had USD1m 8% loan notes in issue. Interest is paid half-yearly on 30 June and 31 December.On 30 September 2015 the company redeemed USD250,000 of these loan notes at par, and paid the interest due to that date.On 1 April 2016 the company issued USD500,000 7% loan notes at par. Interest is payable halfyearly on 31 March and 30 September.What figure should appear in the company’s statement of profit or loss for finance costs for the year ended 30 June 2016?
A USD88,750 B USD82,500 C USD73,750 D USD65,000
