E12.3 (LO 2) During its first year of operations, Punjab Limited had the following transactions pertaining to its ordina

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answerhappygod
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E12.3 (LO 2) During its first year of operations, Punjab Limited had the following transactions pertaining to its ordina

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E12.3 (LO 2) During its first year of operations,
Punjab Limited had the following transactions pertaining to its
ordinary shares.
Jan. 10 Issued 70,000 shares for cash at Rs50 per share.
July 1 Issued 30,000 shares for cash at Rs70 per share.
Instructions
Journalize the transactions, assuming that the ordinary shares
have a par value of Rs50 per share.
Journalize the transactions, assuming that the ordinary shares
are no-par with a stated value of Rs10 per share.
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