Question 6: The following information relates to Green Mountains Ltd for the year ended 30 June 2020: Green Mountains Lt

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Question 6: The following information
relates to Green Mountains Ltd for the year ended 30 June
2020:
Green Mountains Ltd
Trial Balance
As at 30 June 2020
Dr
$
Cr
$
Ordinary share capital
397 500
Asset revaluation reserve
40 000
Retained earnings (1 July 2019)
1 500
Cash at bank
118 700
Accounts receivable
32 800
Inventory
17 000
Accounts payable
10 500
Debentures (due Nov 2029)
50 000
Profit and loss (before taxation)
131 500
Prepayments
30 000
Term deposit
25 000
Office furniture and equipment
65 000
Accumulated depreciation, office furniture and equipment
18 500
Land
260 000
Buildings
230 000
Accumulated depreciation, buildings
62 000
Accrued expenses
10 000
Interim dividend
20 000
General reserve
80 000
$800 000
$800 000
Additional Information
Prepare all necessary General journal entries to account for the
share issue and subsequent share issue costs made during the year
including any closing entries.